Exhibit 99.1
Slide 1
Annual Meeting of the Shareholders, January 17, 2012
Slide 2
Agenda — Business Update
· Chairman’s Report
· Business Update
· Review of Corporate Goals
· Fiscal Year 2011
· Financial Review
· Key Events, Achievements and Disappointments
· Fiscal Year 2012
· Objectives
· Year-to-Date Results
· Financials
· Key Events, Achievements and Disappointments
· Plan for Fiscal Years 2013-2016
Slide 3
Annual Report to the Shareholders
Stephen P. Gouze
Chairman of the Board
Slide 4
Corporate Goals
· Improved Financial Strength
· Demonstrate Consistent Growth in Revenues and Profitability
· Broaden Product Base
· Improvement in Shareholder Liquidity
· Enhance Product Quality and Regulatory Compliance
· Secure New Customers and Strategic Partners
Slide 5
Summary Statements of Operations ($000)
| | 3-mo ended
9/30/11
Unaudited | | 3-mo ended
9/30/10
Unaudited | | FY ended
6/30/11
Audited | | FY ended
6/30/10
Audited | |
Sales | | $ | 2,178 | | $ | 1,978 | | $ | 7,942 | | $ | 8,258 | |
Gross Profit | | $ | 1,047 | | $ | 1,061 | | $ | 3,929 | | $ | 4,227 | |
Op Exp | | $ | 1,042 | | $ | 1,301 | | $ | 4,065 | | $ | 3,898 | |
Op Inc (Loss) | | $ | 6 | | $ | (240 | ) | $ | (136 | ) | $ | 328 | |
Net Inc (Loss) | | $ | (50 | ) | $ | (348 | ) | $ | (393 | ) | $ | 2 | |
Slide 6
Summary Balance Sheets ($000)
| | At Sept 30, 2011
(Unaudited) | | At June 30, 2011
(Audited) | | At June 30, 2010
(Audited) | |
Cash | | $ | 1,430 | | $ | 1,095 | | $ | 494 | |
Working Capital | | $ | 3,874 | | $ | 3,317 | | $ | 2,146 | |
Long Term Debt | | $ | 546 | | $ | 600 | | $ | 485 | |
Shareholder’s Equity | | $ | 4,748 | | $ | 4,194 | | $ | 3,157 | |
Slide 7
FY 2011- Key events of the year
· ELITech Group makes strategic investment in Corgenix
· Corgenix UK closed, reducing annual operating expense by $750,000
· International business responsibility transferred to ELITech positioning Corgenix for meaningful future growth
· Joint Product Development Program initiated, resulting in expansion of delivery platform capability
· CMS grants 28% reimbursement rate increase for AspirinWorks testing in US assisting in the doubling of our product sales
· Debt restructured, significantly reducing interest expense
Slide 8
FY 2011 Accomplishments
· Sales of AspirinWorks doubled over the prior year; positioned for doubling again in Fiscal 2012
· 8% reduction in Operating Expenses (excluding one-time exit costs for the UK subsidiary)
· 20% reduction in Interest Expense
· Successfully transferred international distribution responsibility to ELITech
· Strengthened US sales organization to manage expected growth
· Major advancement in several important strategic programs
Slide 9
FY 2011 Disappointments
· Failed to achieve goal of holding revenues flat for the year
· Net Loss for the year
Slide 10
FY 2011 Performance versus Goals
Corporate Goal | | FY 2011 Performance |
Improved Financial Strength | | · Cash increased 120% · Working capital increased 55% |
Demonstrate Consistent Growth in Revenues and Profitability | | · Revenue and profit down from previous year due to conversion of international business |
Broaden Product Base | | · Advanced new delivery technologies and several products in pipeline |
Improvement in Shareholder Liquidity | | · Shareholder equity increased 33% |
Enhance Product Quality and Regulatory Compliance | | · ISO recertified |
Secure New Customers and Strategic Partners | | · Secured several new Contract Manufacturing projects which will contribute significantly in Fiscal 2012 |
Slide 11
FY 2012 Objectives
· Achieve significant revenue growth, with sales approaching $10 million
· Significantly increase operating income, EBITDA and overall financial strength
· Continue building foundation of market for AspirinWorks and generate meaningful revenue growth; launch 2nd version product
· Launch of first immunoturbidimetric (IT) products
· Continue progress of viral program and launch first commercial products in Africa
· Expand contract development programs with additional projects and grants
· Enhance contract manufacturing business with new strategic alliances
Slide 12
FY 2012 Key Events — YTD
· Demonstration of positive revenue growth
· Joint Product Development Agreement with ELITech
· Corgenix partners with AXA Diagnostics for distribution of SkyLab system in US
· New corporate website goes live www.Corgenix.com
Slide 13
FY 2012 YTD Accomplishments
· 1st Quarter results
· Revenues increase 10% over prior year
· North American revenues increase 29% over prior year
· Decrease in operating expenses and interest expense compared to prior year
· Strengthened balance sheet
· AspirinWorks doubling
Slide 14
FY 2012 YTD Disappointments
· YTD financial results significant improvement over prior year but not yet at goal levels
Slide 15
Plan for FY 2013 — 2016
· Return to double digit annual revenue growth via accelerated growth rate from new products and new distribution program with ELITech
· Expand contract manufacturing business with new strategic partners
· Achieve positive and continuously improving operating income and EBITDA
· Enhance shareholder value
· Build on existing strategic partnerships
· Maintain superior quality system to ensure full regulatory compliance
· Expand delivery technology capabilities
Slide 16
Next Shareholder Meeting
December 18, 2012
