Corgenix reports improved revenue, profit

BROOMFIELD – Corgenix Medical Corp. reported a 9.4 percent increase in revenue for the quarter ended Dec. 31, an uptick attributed to improved sales of blood-coagulation tests and in the contract-manufacturing sector.

Broomfield-based Corgenix (OTC BB: CONX), said revenue for the quarter ended Dec. 31 was $233,452, compared with $185,493 in revenue reported for the same quarter  a year earlier. Net profit was $178,497, or less than 1 cent per share, for the quarter. The company’s net profit was $50,372, or less than 1 cent per share, for the same quarter a year earlier.

The company plans to expand its cardiovascular-tests sales and its contract-service sales in the future, Douglass Simpson, Corgenix’s president and chief executive officer, said in a press statement. Corgenix also plans to tighten up its inventory management and expense control to improve margins going forward, Simpson said.

Annual revenue is expected to exceed $11 million, Simpson said in the press statement.

Corgenix may be best known for its AspirinWorks test – a diagnostic test that helps doctors determine aspirin’s effectiveness in patients. The company was founded in 1990. It sells 52 diagnostic products to hospitals and research institutions around the world.

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