Corgenix Medical Corporation (CONX) Reports Loss for Year
Corgenix Medical Corporation reported a net loss of $1.57 million, or $0.05 per share, for fiscal year 2009. Revenues were $8.06 million for the year, down from $8.35 million reported last year.
Despite the loss, the results were a slight improvement over the fiscal 2008 when Corgenix Medical Corporation lost $2.1 million, or $0.06 per share. The company ended the fiscal year with $785,000 in cash, against long term debt of $744,000.
The company blamed the results on the impact of the recession on its customers. “We were obviously disappointed with the decline in revenue,” said Douglass Simpson, the CEO of Corgenix. “In addition to the reduction of revenues from our contract manufacturing sector as previously reported, much of this was due to the impact of the overall global economy on our customers around the world as they tightened their expenditures and reduced their inventories.”
Corgenix Medical Corporation manufactures and sells diagnostic tests for use in the medical field, specializing in the homeostasis, autoimmune and vascular areas. The company has more than 140 diagnostic products, and sells to hospitals, clinical and commercial laboratories, and research institutions.