Corgenix posts loss for fiscal 2011

BROOMFIELD – Corgenix Medical Corp., a maker of medical diagnostic kits, reported a decline in sales and recorded a loss for its fiscal year ending June 30.

Sales were $7.9 million for the year compared with $8.3 million for its fiscal year ending June 30, 2010. It lost $393,000 in fiscal year 2011 compared with a profit of $2,391 for 2010.

Broomfield-based Corgenix develops and manufactures diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world’s only nonblood-based test for aspirin effect.

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On Sept. 16, the company reported that it received $500,000 from Wescor, a wholly owned subsidiary of the ELITech Group.

“The fiscal year results were generally in line with our expectations due to the transitional nature of the year,´ said Doug Simpson, Corgenix’s president and chief executive. “On the revenue side we anticipated a drop-off in international sales as most of that business shifted from retail to wholesale due to the new ELITech relationship, and we made up most of that shortfall in the other revenue segments.”

Simpson said Corgenix has “significantly improved our distribution network, restructured our debt, reduced operating expenses, and expanded our contract manufacturing and contract research and development sectors, all of which should result in much stronger financials going forward.”