Corgenix sales, losses rise in FY 2007

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Corgenix Medical, a cardiovascular diagnostic test kit developer, posted an upturn in sales accompanied by an increase in net losses for the year-end of its fiscal 2007.
For the period ending June 30, the Denver-based firm reported record sales of $7.4 million, a double-digit uptick compared with the $6.6 million in sales recorded for fiscal 2006 – an increase of 11 percent.

Net losses for the year rose to $2.4 million, compared with a net loss of $1.6 million for the prior fiscal year.

Corgenix said the net loss incurred during the 2007 fiscal year included a substantial increase in operating expenses, much of which were non-recurring expenditures due to its headquarter relocation in July 2006, in addition to significant non-operating and non-cash charges to interest expense attributable to its two 2005 convertible debt financings.