SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: September 23, 2005
Corgenix Medical Corporation
(Exact Name of registrant as specified in its charter)
Nevada 000-24541 93-1223466
(State or other ommission File Number) I.R.S. Employer
jurisdiction Identification No.)
of incorporation) C
12061 Tejon Street
Westminster, Colorado 80234
(Address, including zip code, of principal executive offices)
(303) 457-4345 (Registrant's telephone number
including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
? Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
? Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
? Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
? Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
[GRAPHIC OMITTED]
ITEM 2.02 Results of Operations and Financial Condition
On September 22, 2005, the Registrant issued a press release announcing
its financial results for the fiscal years ended June 30, 2005 and 2004. A copy
of the press release is furnished as Exhibit 99 to this report and is
incorporated herein by reference. This release contains no non-GAAP financial
measures.
ITEM 9.01 Financial Statements and Exhibits
a) Not applicable.
b) Not applicable.
c) Exhibits:
99 Press release dated September 22, 2005.
Safe Harbor Statement
Statements in this report 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, bus 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 report 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORGENIX MEDICAL CORPORATION
Date: September 23, 2005 By: /s/ Douglass T. Simpson
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Douglass T. Simpson, President and Chief
Executive Officer
CORGENIX REPORTS RECORD SALES FOR FISCAL 2005
Performance of Core Diagnostic Business Combined with Lucrative Strategic
Partnerships Provide Boost in 2005 Sales
DENVER, COLORADO - September 22, 2005 -- Corgenix Medical Corporation (OTC BB:
CONX), a worldwide marketer of diagnostic test kits, reported sales of
$5,564,835 for the fiscal year ended June 30, 2005 compared to $5,270,553
million in the year ended June 30, 2004, an increase of 5.6 %.
Fiscal 2005 represents the second consecutive year of operating income, with
$123,830 reported for the year ended June 30, 2005 compared to operating income
of $43,325 for the year ended June 30, 2004.
Corgenix reported a net loss of $582,458 or (0.12) per share for the year ended
June 30, 2005 compared to a net loss of $124,915 or (0.04) per share for the
year ended June 30, 2004. The net loss is primarily attributed to significant
non-operating and non-cash charges attributable to the recent convertible debt
financing, which resulted in a significant loss on extinguishment of debt and
substantially increased interest expense relating to the beneficial conversion
features of the notes.
During fiscal 2005, Corgenix announced its collaboration with McMaster
University and Creative Clinical Concepts, Inc. for the licensing of exclusive
rights to technology for the development, manufacturing, and marketing of
diagnostic tests that measure an individual's degree of aspirin resistance when
taken to prevent heart attack and stroke.
In addition to cultivating this strategic relationship, the Company announced
the commercial launch of its AtherOX (TM) product group, a next generation
predictive cardiovascular diagnostic line. This line represents the next step in
the Company's strategic expansion within the significant market of individuals
at risk for cardiovascular disease, including those with diabetes and autoimmune
diseases.
"We are pleased with the results of fiscal 2005," commented Douglass Simpson,
President and CEO of Corgenix. "Our core diagnostic business in niche markets,
and expanded strategic partnerships continued to drive sales in 2005. We remain
optimistic that our ongoing product development will continue to compliment our
existing product portfolio and drive future growth."
In June, 2005 Corgenix also successfully completed a private placement
financing, resulting in initial proceeds to the company of $2.7 million. With
this funding, the Company refinanced approximately $1,023,000 of existing debt
and is applying the balance of the net proceeds to strategic initiatives.
Simpson continued, "We welcome the recent financial commitment to Corgenix from
two highly regarded funds. Their support is a validation of our current product
pipeline, business progress, and long-term prospects."
About Corgenix Medical Corporation
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Corgenix is a leader in the development and manufacturing of specialized
diagnostic kits for immunology disorders, vascular diseases and bone and joint
disorders. 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 and has significant
experience advancing products through the FDA process. More information is
available at www.corgenix.com.
Company Contact:
Corgenix Medical Corp
William Critchfield, Senior VP and CFO
(303) 453-8903 Email: wcritchfield@corgenix.com
Investor Contact:
The Investor Relations Group
Kathryn McNeil / John Nesbett
Phone: (212) 825-3210
Fax: (212) 825-3229
Condensed Statements of Operations
(in thousands, except per share amounts)
Fiscal Year Ended
June 30, June 30,
2005 2004
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(audited) (audited)
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Net $ 5,565 $ 5,271
sales
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Gross profit 3,520 3,397
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Operating income (loss) 124 43
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Net loss $ (582) $ (125)
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Accretion of discount on
common stock redeemable 65 87
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Net loss attributable to
common shareholders $ (647) $ (211)
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Basic and diluted (loss)
per share $ (0.12) $ (0.04)
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Diluted shares outstanding 5,537,242 5,305,425
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SUMMARY BALANCE SHEET DATA
(in thousands)
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June 30, June 30,
2005 2004
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Cash
$ 1,282 $ 469
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Working capital 2,407 739
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Total assets 4,992 2,848
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Total liabilities 2,033 1,824
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Total stockholders' equity 2,459 588
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