CDEX, Inc., a developer of chemical detection products based on patented technologies for use in healthcare and security markets, today provided a business update and reported its financial results for the second quarter ended April 30, 2011.
Total revenues for the second quarter ended April 30, 2011, were approximately $96,000, a 47 percent increase compared to $65,000 for the second quarter of 2010.
The company reported net loss for the quarter ended April 30, 2011, at approximately $366,000, or $(0.01) per share, compared with a net loss of $403,000, or $(0.01) per share, for the same period in 2010.
The company’s cash position decreased in the first half of 2011 to approximately $117,000 compared with $313,000 for the year ended October 31, 2010. At April 30, 2011, the company reported $491,000 in total assets compared to $717,000 at year end October 31, 2010.
Jeff Brumfield, chairman and CEO of CDEX, detailed the company’s strategy to increase its distribution and finances.
“During the first half of the year we made tremendous progress strengthening our distribution pipeline and reinforcing our financial position in the market. We continued to focus on building market awareness for our ValiMed system by attending the Amerinet Niche Technology and Supplier Fair. We shipped our first Pocket ID2™ devices and signed additional distribution agreements with key channel partners. Recently we attained CE Certification for the ID2 line, gaining clearance for sales and distribution in European Union countries,” Brumfield stated in the press release.
The company also noted its developments for the second quarter, including successful testing of its ID2 product line, and subsequent CE certification that enables the company to commercially distribute its products in Europe.
During the second quarter, CDEX signed a distribution agreement with Decatur Electronics; signed a distribution agreement with HealthContrax LLC to ship CDEX’s drug detection scanners; and shipped its first order of Pocked ID2 device that detects methamphetamine.
“We believe CDEX is well positioned to support increased demand for our ID2 product line and the full launch of the new ValiMed™ G4 Medication Validation System later this year. The G4 will be used as an end-of-line defense to increase patient protection while providing a safety net for the ever increasing problem of narcotics diversion in the clinical and hospital environments. We are very pleased with our progress year to date. Our recent developments coupled with the continued support of our shareholders should allow us to execute business plan and growth strategy for the foreseeable future,” Brumfield stated.
For more information visit www.cdex-inc.com