Corgenix enjoys growth in contract R&D revenues

Growing contract research and development services helped Corgenix post record revenues for the year ended June 30th.

Diagnostic testing kit manufacturer and distributer Corgenix Medical Corporation has published the results of its latest financial report, highlighting a positive year for the company.

In the 12 months to June 30th, the firm enjoyed record total revenues of $9.3 million, an increase of 17 per cent on the previous year.

The fiscal report also revealed that sales of AspirinWorks had more than doubled when compared to the prior financial year, while contract manufacturing and contract research and development sectors enjoyed significant growth.
Douglass Simpson, president of Corgenix, said: "Our fiscal year results reflect our successful efforts to expand our business by increasing market demand for our unique ApsirinWorks product."

He added that demand for contract services had been boosted thanks in part to the expansion of its international customer base following a transition to the ELITech Group in 2010.

"Fiscal 2012 showed higher operating and net losses, resulting from planned increase in operating increases along with a shift in product mix," he added, noting that the company is confident of maintaining double-digit growth in the upcoming year.