Revenues up 48.6% for third quarter, on pace for record revenue year; margins shrink—resulting in a net loss

DENVER – May 14, 2012 – Corgenix Medical Corporation(OTCBB:CONX.OB),a worldwide developer and marketer of diagnostic test kits, today filed its third quarter Form 10-Q and reported its financial results. The report disclosed that the company’s revenues increased substantially, both for the quarter and year to date. However, due to the current product mix, gross margins decreased resulting in a slightly larger net loss for the quarter. Some of the results highlighted by the report are as follows: 

• Revenues for the quarter increased $888,409 or 48.6% vs. the prior year’s comparable quarter
• Revenues for the nine months increased $1,368,084 or 24.5%  vs. the prior year’s comparable nine months
• Interest expense decreased $38,955 or 71.8% vs. the prior year’s comparable quarter 

“Our dramatic sales growth in the third quarter has now assured us of a record revenue year,” said Douglass Simpson, Corgenix President and CEO. “Our efforts going forward will be to maintain this growth rate but with an increased focus on margin contribution to move us to net profitability.” Corgenix further noted that although the company realized record revenues for the quarter, its bottom line worsened due to decreased margins on the product mix. The company continues to expect that Fiscal Year 2012 revenues will set a record for the Company’s annual revenues, currently expected to be approximately $9.1 million. However, given the decreased margins, the company is not currently forecasting positive net income for the current year. As is always the case, there can be no such assurance that these results will be realized. 

Third Quarter 2012 Conference Call Details

Corgenix invites all those interested in hearing management’s discussion of third quarter results to join a shareholders conference call on Monday, May 14, 2012, at 4:00 p.m. EDT (2:00 p.m. MDT). Interested parties can join the call by dialing (800) 895-0231. International participants may access the call by dialing +1 785 424 1054. The conference code is “CORGENIX.” A replay will be available for 30 days following the call by dialing (800) 283-4642 for U.S. participants and +1 402 220 0857 for international participants.   

About Corgenix Medical Corporation 

Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world’s only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.

Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued  acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements. 

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Company Contact:

Corgenix Medical Corp

William Critchfield, Senior VP
Operations and Finance and CFO

Phone: (303)
453-8903

Email: WCritchfield@corgenix.com

Media Contact:

Armada Medical Marketing

Dan Snyders, Vice President, Public Relations
Supervisor

Phone: (303) 623-1190 x 230

Email: Dan@ArmadaMedical.com