[PG NUMBER]
DGS-150328.1
November 13, 2000 8:34 AM
[PG NUMBER]
DGS-150328.1
November 13, 2000 8:34 AM
                                        1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

      X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
      AND EXCHANGE ACT OF 1934

               For the quarterly period ended September 30, 2000

      _    TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  ACT
      OF 1934
                        For the transition period from to
                        Commission File Number 000-24541

                         CORGENIX MEDICAL CORPORATION
                (Name of Small Business Issuer in its Charter)

              Nevada                           93-1223466
  (State or other jurisdiction of    (I.R.S. Employer Identification
  incorporation or organization)                  No.)


                12061 Tejon Street, Westminster, Colorado 80234

         (Address of principal executive offices, including zip code)

                                 (303) 457-4345

               (Issuer's telephone number, including area code)

      (Former  name,  former  address and former  fiscal year, if changed since
      last report)

Check  whether  the  issuer:  (1) filed  all  reports  required  to be filed by
Section  13 or 15(d) of the  Exchange  Act  during  the past 12 months  (or for
such shorter  period that the  registrant  was required to file such  reports),
and  (2)  has  been  subject  to  such  filing  requirements  for  the  past 90
days.     Yes X   No  ___
              -

The number of shares of Common Stock  outstanding  was 17,424,584 as of November
1, 2000.

Transitional Small Business Disclosure Format.     Yes _     No X_

<PAGE>





                          CORGENIX MEDICAL CORPORATION


                               September 30, 2000





                                TABLE OF CONTENTS


                                                                            Page


                                     Part I


                              Financial Information


      Item 1.   Financial Statements                                          3


      Item 2.   Management's  Discussion  and Analysis of
                Financial  Condition and Results of Operations                8




                                     Part II


                                Other Information


      Item 1.   Legal Proceedings                                            15


      Item 2.   Changes in Securities and Use of Proceeds                    15


      Item 3.   Defaults Upon Senior Securities                              15


      Item 4.   Submission of Matters to a Vote of Security Holders          15


      Item 5.   Other Information                                            15


      Item 6.   Exhibits and Reports on Form 8-K                             15




<PAGE>





                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
Consolidated Balance Sheets

-------------------------------------------------------------------------------


                                     September 30, 2000      June 30, 2000
                                     -----------------------------------
                                                  (Unaudited)
Assets

Current assets:
  Cash and cash equivalents            $   11,531                46,698
  Accounts receivable, less allowance
  for doubtful accounts of $7,000         542,474               610,591

  Inventories                             531,711               551,082
  Prepaid expenses                           -                      511
                                        ----------            -----------
    Total current assets                 1,085,716            1,208,882
Equipment:
  Machinery and laboratory equipment       302,949              302,949
  Furniture, fixtures and                  391,155              385,088
  office equipment                     ------------          ------------
                                           694,104              688,037

  Accumulated depreciation and            (485,343)            (469,772)
  amortization                         ------------          -------------

      Net equipment                        208,761              218,265

Intangible assets:
  Patents, net of accumulated
    amortization of $740,114 and
    $721,490, respectively                 377,430              396,054

  Goodwill, net of accumulated
     amortization of $41,065 and
     $40,087, respectively                  20,523               21,501
  Software development costs               510,018              414,967
  Due from officer                          12,000               12,000
  Other assets                              18,673               18,718
                                        -----------          -------------

  Total assets                         $ 2,233,121            2,290,387
                                   =================       =================

Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
  Current portion of notes payable     $   209,200              213,816
  Current portion of capital                51,042               19,667
  lease obligation
  Accounts payable                         861,674              890,907
  Accrued payroll and related liabilities  135,741              125,163
  Other liabilities                        147,434              289,982
  Employee stock purchase plan payable       4,683                2,656
                                        ------------        ---------------

   Total current liabilities             1,409,774            1,542,191

Notes payable, excluding current portion   710,057              735,479
Capital lease obligation, excluding         47,325               56,189
 current portion
                                        ------------        ----------------

   Total liabilities                     2,167,156            2,333,859
                                       -------------        ----------------


Stockholders' equity (deficit):
  Preferred stock, $0.001 par value.
   Authorized 5,000,000 shares,
   none issued or outstanding                 -                     -
  Common stock, $0.001 par value.
   Authorized 20,000,000 shares;
   issued  and outstanding 17,424,584
   in September and 17,416,562 in June      17,425               17,417
Additional paid-in capital               3,960,660            3,958,898
Accumulated deficit                     (3,917,050)          (4,032,648)
Accumulated other comprehensive income       4,930               12,861

   Total stockholders' equity (deficit)     65,965              (43,472)
                                        ------------         ---------------
Total liabilities and stockholders'
 equity (deficit)                      $ 2,233,121            2,290,387
                                      =============          =============


See accompanying notes to consolidated financial statements.


<PAGE>



                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES

Consolidated Statements of Operations
-------------------------------------------------------------------------------

                                    Three Months Ended
                             September 30,      September 30,
                                 2000               1999
                           --------------------------------------
                             (Unaudited)        (Unaudited)


Net sales                      $908,731           $805,870
Cost of sales                   338,330            304,666
                           --------------------------------

          Gross profit          570,401            501,204

Operating expenses:
  Selling and marketing         187,234            151,686
  Research and development       88,677             99,165
  General and                   162,738            181,110
administrative
                           --------------------------------
  Total expense                 438,649            431,961

          Operating income      131,752             69,243


Interest expense, net            29,014             27,859
                           --------------------------------

          Net income           $102,738            $41,384
                               ========            =======


Net income per share basic      $  0.01             $ 0.00

Net income per share            $  0.01             $ 0.00
diluted

Weighted average shares      17,423,538         16,866,345
outstanding basic

Weighted average shares      17,425,114         16,866,345
outstanding diluted

Net income                    $ 102,738           $ 41,384

Other comprehensive               4,930               -
income - foreign currency
translation gain

Total comprehensive income    $ 107,668           $ 41,384



See accompanying notes to consolidated financial statements.



<PAGE>


                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES



Consolidated Statements of Cash Flows
-------------------------------------------------------------------------------

                                                    Three Months
                                                       Ended
                                               September    September
                                               30, 2000     30, 1999
                                               ---------------------
                                                    (Unaudited)


Cash flows from operating activities:
  Net income                                   $102,738     41,384
  Adjustments to reconcile
net income to net cash
provide by (used by)
operating
activities
   Depreciation and amortization                 35,173     32,416

   Changes in operating assets and liabilities:
     Accounts receivable                         68,117    (14,023)
     Inventories                                 19,371      5,750
     Prepaid expenses and other assets         (509,463)      (207)
     Accounts payable                           (29,233)      (207)
     Accrued payroll and related liabilities     10,578     (4,432)
     Other liabilities                         (142,548)    (3,982)
     Employee stock purchase plan payable         2,027         (8)
                                               ---------------------

         Net cash provided by (used by)        (443,240)    30,734
         operating activities                  ---------------------

Cash flows provided by (used                    436,758         -
by)investing activities - purchase of
equipment and software
development costs

Cash flows from financing activities:
  Payments on notes payable                     (30,038)   (49,319)
  Payments on leases payable                     (5,347)      (853)

Cash receipts from Employee                       1,770      3,582
stock purchase plan
                                               ---------------------

        Net cash used                           (33,615)  (46,590)
        by financing activities                ---------------------

       Net decrease in                          (40,097)  (15,856)
       cash and cash equivalents

Impact of foreign currency                        4,930       -
translation adjustment on cash

Cash and cash equivalents at                    $46,698    15,963
beginning of period                           ---------------------

Cash and cash equivalents at                    $11,531       107
end of period                                 =====================

Supplemental cash flow                          $29,014    27,859
disclosures-cash paid for interest

Noncash investing and                           $27,858       -
financing activity -
   Equipment acquired under
   capital leases


See accompanying notes to consolidated financial statements.



<PAGE>





                 CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.    DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

      Corgenix  Medical   Corporation   (Corgenix  or  the  Company)   develops,
manufactures  and markets  diagnostic  products for the  serologic  diagnosis of
certain vascular diseases and autoimmune disorders using proprietary technology.
We market our products to hospitals  and  free-standing  laboratories  worldwide
through a network of sales  representatives,  distributors,  and  private  label
(OEM)  agreements.  Our  offices  and  manufacturing  facility  are  located  in
Westminster, Colorado.

      The consolidated  financial statements include the accounts of the Company
and its wholly owned subsidiaries, Corgenix, Inc., Corgenix UK Limited (Corgenix
UK) and  healthoutfitters.com,  Inc.  Corgenix  UK was  established  as a United
Kingdom  company  during 1996 to market the  Company's  products in Europe.  The
operations of Corgenix UK were not  significant  for the period ended  September
30, 1999.  Transactions are generally  denominated in US dollars and Corgenix UK
held nominal assets and liabilities through September 1999.

      The  accompanying  consolidated  financial  statements have been prepared,
without  audit,  pursuant to the rules and  regulations  of the  Securities  and
Exchange  Commission.  In the opinion of the Company,  the financial  statements
include  all   adjustments   (consisting  of  normal   recurring   accruals  and
adjustments)  required to present  fairly the  Company's  financial  position at
September  30, 2000 and June 30, 2000 and the  results of their  operations  for
each of the three month periods ended  September 30, 2000 and 1999, and the cash
flows for each of the three month periods then ended.

      The  operating  results for the three months ended  September 30, 2000 are
not  necessarily  indicative  of the results  that may be expected  for the year
ended June 30, 2001.

2.    INCOME PER SHARE

      Basic and  diluted  income per share is  presented  based on the  weighted
average number of common shares outstanding during the period.  Diluted earnings
per share is  computed  on the basis of the  weighted  average  number of common
shares  outstanding  plus the  effect of  outstanding  stock  options  using the
"treasury  stock"  method  unless the  impact is  non-dilutive.  The  difference
between  basic  earnings per share and diluted  earnings per share is due to the
effect of the  outstanding  warrants.  For the three months ended  September 30,
2000,  the dilutive  effect of outstanding  warrants would have been 1,576.  The
effect of  outstanding  warrants  was  anti-dilutive  for the three months ended
September 30, 1999.

3.    INCOME TAXES

      The Company  recognized net income in the three months ended September 30,
2000 and 1999.  Although we recognized  net income in the fiscal year ended June
30, 2000, we have historically  incurred losses,  and accordingly no tax benefit
is recognized  as it is more likely than not that taxable  income will be offset
by utilization of net operating loss carryforwards.

4.    REPORTABLE SEGMENTS
    The  Company  has two  segments  of  business:  domestic  and  international
operations.  International  operations  primarily  transacts sales of diagnostic
products  with  customers  in the United  Kingdom  and  Europe,  while  domestic
operations transact all other sales of diagnostic products.  The Company's other
subsidiary,  health-outfitters.com,   had  no  revenue  for  the  quarter  ended
September 30, 2000. The following  table sets forth selected  financial data for
these  segments  for the quarter  ended  September  30, 2000.  As the  operating
structure was one segment in 1999 comparative information is not provided:



<PAGE>




                        Quarter ended September 30, 2000
                     ---------------------------------------
                          Domestic International Total
                     ------------- ------------ ------------

    Net sales -       $791,093       220,486     1,011,579
    external customers
    Net sales -       (102,848)            0     (102,848)
    internal         ============= ============ ============
          Total       $688,245       220,486      908,731
    net sales
                     ============= ============ ============

    Depreciation      $ 35,173             0       35,173
    and amortization
                     ============= ============ ============

    Interest expense  $ (24,989)       (4,025)     (29,014)
                    ============= ============ ============

    Net income        $  63,968        38,770      102,738
    (loss)          ============= ============ ============

    Segment assets   $ 2,201,288       31,833    2,233,121
                    ============= ============ ============



5.    Liquidity and Capital Resources


      Since inception, the Company has financed its operations primarily through
private  placements  of common and  preferred  stock,  raising  net  proceeds of
approximately $3.9 million from sales of these securities.  The Company has also
received  financing  for  operations  from  sales  of  diagnostic  products  and
agreements with strategic  partners.  Through  September 30, 2000,  Corgenix had
invested $209,000, (net of accumulated  depreciation) in leasehold improvements,
laboratory  and  computer  equipment  and office  furnishings  and  equipment to
support its development and administrative activities.


      At September 30, 2000, the Company had cash of $11,531,  a working capital
deficit  of  $324,498,  and short and  long-term  notes and  leases  payable  of
$1,017,624,  with $260,242 due in the following  twelve months and the remainder
due at varying dates through  February  2006.  In 2000,  the Company's  accounts
payable  decreased  3.3%  to  $862,000  from  $891,000  in  1999,  and  accounts
receivable decreased 11.3% to $542,000 from $611,000 in 1999.

      The  Company  expects  that cash flows  from  current  operations  will be
sufficient to fund such operations at current levels. Management is aggressively
pursuing  financing  alternatives  to provide funds for current  operations  and
growth plans including  health-outfitters.com,  which financing alternatives may
involve accessing the public equity or debt markets.




<PAGE>


                          CORGENIX MEDICAL CORPORATION
                    Management's Discussion and Analysis Of
                 Financial Condition and Results of Operations


      The  following   discussion   should  be  read  in  conjunction  with  the
consolidated  financial  statements and  accompanying  notes included  elsewhere
herein.


      General


      Since the  Company's  inception,  we have been  primarily  involved in the
research,  development,  manufacturing and  marketing/distribution of diagnostic
tests for sale to  clinical  laboratories.  We  currently  market  140  products
covering autoimmune disorders,  vascular diseases, infectious diseases and liver
disease.  Our products are sold in the United States, the UK and other countries
through our  marketing  and sales  organization  that  includes  contract  sales
representatives, in the UK through a direct sales force, internationally through
an extensive distributor network, and to several significant OEM partners.

      We  manufacture  products for inventory  based upon expected sales demand,
shipping  products to customers,  usually  within 24 hours of receipt of orders.
Accordingly, we do not operate with a backlog.

      Except for the fiscal  year  ending  June 30,  1997,  we have  experienced
revenue  growth  since our  inception,  primarily  from  sales of  products  and
contract revenue from strategic partners. Contract revenue consists of licensing
fees,  milestone  payments,  and royalty  payments from research and development
agreements with strategic partners.

      Beginning in fiscal year 1996,  we began adding  third-party  OEM licensed
products to our diagnostic product line. Currently we sell 128 products licensed
from or  manufactured  by third  party  manufacturers.  We expect to expand  our
relationships  with other  companies in the future to gain access to  additional
products.

      Although  we have  experienced  growth in  revenue  every  year since 1990
except for 1997, there can be no assurance that, in the future,  we will sustain
revenue  growth  or  maintain  profitability.  Our  results  of  operations  may
fluctuate  significantly from period-to-period as the result of several factors,
including:  (i) whether and when new products  are  successfully  developed  and
introduced,  (ii) market  acceptance of current or new products,  (iii) seasonal
customer  demand,  (iv) whether and when we receive R&D  milestone  payments and
license fees from strategic partners,  (v) changes in reimbursement policies for
the products that we sell, (vi) competitive  pressures on average selling prices
for the  products  that we sell,  (vii)  changes in the mix of products  that we
sell,  and (viii) the  acceptance  of  e-commerce  for  healthcare  products  by
consumers.



      Results of Operations


      Three Months Ended September 30, 2000 and 1999


      Net sales.  Net sales for the three months ended  September  30, 2000 were
$909,000,  a 12.8%  increase  from  $806,000 in 1999.  A component of net sales,
gross product  sales,  increased 4.5% to $839,000 in 2000 from $803,000 in 1999,
because of  expansion  of the  Company's  customer  base in the  United  States,
enlargement  of  the  Company's  international  distribution  network,  and  the
worldwide market launch of several new products.


      Cost of sales. Cost of sales in dollars for the first quarter increased to
$338,000 in 2000 from $305,000 in 1999. As a percentage of sales,  cost of sales
was relatively unchanged at 37.2% in the first quarter of 2000 compared to 37.8%
in the first quarter of 1999.  The gross profit  increased  13.8% to $570,000 in
2000 from $501,000 in 1999.


      Selling and marketing.  Selling and marketing  expenses increased 23.0% to
$187,000  in the first  quarter of 2000 from  $152,000  in the first  quarter of
1999,  primarily  due to the  addition  of a direct  sales force in the UK. As a
percentage of sales,  selling and marketing  expenses increased to 20.6% in 2000
from 18.9% in 1999.


      Research and  development.  Research and  development  expenses  decreased
10.1% to $89,000 in the first  quarter of 2000 from $99,000 in the first quarter
of 1999. As a percentage of sales,  research and development  expenses decreased
to 9.8% in the first quarter of 2000 from 12.3% in the first quarter of 1999. No
additional  projects were added to the ongoing  development  program  during the
first quarter of fiscal year 2001.


      General and administrative.  General and administrative expenses decreased
10.1 % to  $163,000  in the first  quarter  of 2000 from  $181,000  in the first
quarter of 1999,  due in part to a reduction  in legal,  accounting  and related
costs. As a percentage of sales,  general and administrative  expenses decreased
to 17.8% in 2000 from 22.6% in 1999.


      Net  profit.  Net  profit  for the  first  quarter  in 2000 was  $103,000,
compared to a net profit of $41,000 in the first quarter of 1999.


      Liquidity and Capital Resources


      Since inception, we have financed our operations primarily through private
placements of common and preferred stock,  raising net proceeds of approximately
$3.9 million from sales of these securities. We have also received financing for
operations  from sales of  diagnostic  products and  agreements  with  strategic
partners.  Through  September  30,  2000,  we have  invested  $209,000,  (net of
accumulated  depreciation)  in leasehold  improvements,  laboratory and computer
equipment and office  furnishings  and equipment to support our  development and
administrative activities.


      At September 30, 2000, we had cash of $11,531,  a working  capital deficit
of $324,058,  and short and long-term  notes and leases  payable of  $1,017,624,
with  $260,242  due in the  following  twelve  months and the  remainder  due at
varying dates through  February 2006. In the first quarter of 2000, our accounts
payable  decreased  3.3% to $862,000  from  $891,000 in 1999,  and our  accounts
receivable decreased 11.3% to $542,000 from $611,000 in 1999.

      We expect that cash flows from our current  operations  will be sufficient
to  fund  such  operations  at  current  levels.  We are  aggressively  pursuing
financing  alternatives  to provide  funds for our  current  operations  and our
growth plans including  health-outfitters.com,  which financing alternatives may
involve  accessing the public equity or debt markets.  There can be no assurance
that we will be able to obtain sufficient capital from such financings to offset
our working capital deficits or to pursue our expansion plans.



      Forward-Looking Statements and Risk Factors

      This 10-QSB  includes  statements  that are not purely  historical and are
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1934,  as  amended,  including  statements  regarding  our  expectations,
beliefs,  intentions or strategies  regarding the future.  All statements  other
than historical fact contained in this 10-QSB,  including,  without  limitation,
statements  regarding  future  product  developments,  statements  regarding our
intent to  develop  the  Consumer  Products  Business,  acquisition  strategies,
strategic partnership expectations, technological developments, the development,
launch and operation of  health-outfitters.com,  the  availability  of necessary
components,  research and  development  programs  and  distribution  plans,  are
forward-looking  statements.  All  forward-looking  statements  included in this
10-QSB  are based on  information  available  to us on the date  hereof,  and we
assume no  obligation  to update such  forward-looking  statements.  Although we
believe that the assumptions and expectations  reflected in such forward-looking
statements are reasonable,  we can give no assurance that such expectations will
prove to have been correct or that we will take any actions  that may  presently
be planned.

      Certain factors that could cause actual results to differ  materially from
those expected include the following:

      Losses   Incurred;   Future   Capital   Needs;   Risks  Relating  to  the
Professional Products Business; Uncertainty of Additional Funding

      We have incurred  operating  losses and negative cash flow from operations
for most of our history.  Losses  incurred since our inception  have  aggregated
over $3,917,000,  and there can be no assurance that we will be able to generate
positive  cash  flows to fund our  operations  in the  future or to  pursue  our
strategic  objectives.  Assuming  no  significant  uses of  cash in  acquisition
activities or other significant changes, we believe that we will have sufficient
cash to satisfy our funding needs for at least the next year. If we are not able
to operate  profitably  and generate  positive  cash flows  sufficient  for both
professional products and health-outfitters.com, we may need to raise additional
capital to fund our continuing  operations.  If we need additional  financing to
meet our requirements,  there can be no assurance that we will be able to obtain
such  financing  on terms  satisfactory  to us,  if at all.  Alternatively,  any
additional equity financing may be dilutive to existing  stockholders,  and debt
financing,  if available,  may include restrictive covenants.  If adequate funds
are not  available,  we might be required to limit our research and  development
activities,  our selling and  marketing  activities  or our plans to develop the
health-outfitters.com  business,  any of which  could  have a  material  adverse
effect on the future of our business.

      Dependence on Collaborative  Relationships  and Third Parties for Product
Development and Commercialization

      We have  historically  entered into licensing and research and development
agreements  with  collaborative  partners,  from which we derived a  significant
percentage  of our  revenues in past years.  Pursuant to these  agreements,  our
collaborative   partners  have  specific   responsibilities  for  the  costs  of
development, promotion, regulatory approval and/or sale of our products. We will
continue  to rely on  future  collaborative  partners  for  the  development  of
products and  technologies.  There can be no  assurance  that we will be able to
negotiate such  collaborative  arrangements  on acceptable  terms, if at all, or
that current or future  collaborative  arrangements  will be successful.  To the
extent that we are not able to establish such arrangements,  we could experience
increased capital  requirements or be forced to undertake such activities at our
own  expense.  The  amount and timing of  resources  that any of these  partners
devotes to these  activities  will  generally  be based on progress by us in our
product  development  efforts.  Usually,   collaborative   arrangements  may  be
terminated  by the partner upon prior notice  without  cause and there can be no
assurance that any of these partners will perform its contractual obligations or
that  it  will  not  terminate  its  agreement.  With  respect  to any  products
manufactured  by third parties,  there can be no assurance that any  third-party
manufacturer will perform  acceptably or that failures by third parties will not
delay clinical  trials or the submission of products for regulatory  approval or
impair our ability to deliver products on a timely basis.

      No Assurance of Successful or Timely Development of Additional Products

      Our business  strategy  includes the development of additional  diagnostic
products  both for the  professional  products  and  health-outfitters.com.  Our
success  in  developing  new  products  will  depend on our  ability  to achieve
scientific  and  technological  advances and to translate  these  advances  into
commercially competitive products on a timely basis. Development of new products
requires significant research,  development and testing efforts. We have limited
resources to devote to the development of products and, consequently, a delay in
the  development of one product or the use of resources for product  development
efforts that prove unsuccessful may delay or jeopardize the development of other
products.  Any delay in the  development,  introduction  and marketing of future
products  could result in such products being marketed at a time when their cost
and performance  characteristics would not enable them to compete effectively in
their respective  markets. If we are unable, for technological or other reasons,
to complete the  development  and  introduction of any new product or if any new
product  is not  approved  or  cleared  for  marketing  or does  not  achieve  a
significant  level of market  acceptance,  our  results of  operations  could be
materially and adversely affected.

      Competition in the Diagnostics Industry

      Competition in the human medical diagnostics  industry is, and is expected
to remain, significant. Our competitors range from development stage diagnostics
companies to major domestic and international  pharmaceutical companies. Many of
these  companies have financial,  technical,  marketing,  sales,  manufacturing,
distribution and other resources  significantly  greater than ours. In addition,
many of these  companies  have name  recognition,  established  positions in the
market  and  long  standing   relationships  with  customers  and  distributors.
Moreover,  the  diagnostics  industry  has  recently  experienced  a  period  of
consolidation,  during  which  many  of the  large  domestic  and  international
pharmaceutical  companies have been acquiring mid-sized  diagnostics  companies,
further  increasing the  concentration  of resources.  There can be no assurance
that technologies will not be introduced that could be directly competitive with
or superior to our technologies.

      Competition in the E-commerce Industry

      Competition  in the  e-commerce  industry  is, and is  expected to remain,
significant.  The competitors for the new business range from development  stage
internet  companies to divisions of larger  companies.  Many of these  companies
have  financial,   marketing,  sales,  manufacturing,   distribution  and  other
resources  significantly  greater than those of us. In  addition,  many of these
companies  have  name  recognition,  established  positions  in the  market  and
existing relationships with customers and distributors.

      Governmental Regulation of Diagnostics Products

      The testing, manufacture and sale of our products is subject to regulation
by numerous  governmental  authorities,  principally the FDA and certain foreign
regulatory  agencies.  Pursuant to the Federal Food, Drug, and Cosmetic Act, and
the regulations  promulgated  thereunder,  the FDA regulates the preclinical and
clinical testing, manufacture,  labeling,  distribution and promotion of medical
devices. We are not able to commence marketing or commercial sales in the United
States of new products  under  development  until we receive  clearance from the
FDA. The testing for,  preparation of and  subsequent  FDA regulatory  review of
required   filings  can  be  a  lengthy,   expensive  and   uncertain   process.
Noncompliance   with  applicable   requirements   can  result  in,  among  other
consequences,   fines,  injunctions,  civil  penalties,  recall  or  seizure  of
products,  repair,  replacement  or  refund  of the cost of  products,  total or
partial  suspension of production,  failure of the government to grant premarket
clearance or premarket approval for devices,  withdrawal of marketing clearances
or approvals, and criminal prosecution.

      There  can be no  assurance  that we will  be  able  to  obtain  necessary
regulatory  approvals or clearances  for our products on a timely  basis,  if at
all,  and  delays  in  receipt  of or  failure  to  receive  such  approvals  or
clearances, the loss of previously received approvals or clearances, limitations
on intended  use imposed as a  condition  of such  approvals  or  clearances  or
failure to comply with existing or future regulatory  requirements  could have a
material adverse effect on our business.

      Dependence on Distribution  Partners for Sales of Diagnostic  Products in
International Markets

      We have entered into distribution  agreements with collaborative  partners
in which we have  granted  distribution  rights for  certain of our  products to
these partners within specific international geographic areas. Pursuant to these
agreements,  our collaborative partners have certain responsibilities for market
development,  promotion,  and sales of the  products.  If any of these  partners
fails to perform its contractual  obligations or terminates its agreement,  this
could have a material  adverse effect on our business,  financial  condition and
results of operations.

      Governmental Regulation of Manufacturing and Other Activities

      As a manufacturer  of medical  devices for marketing in the United States,
we are required to adhere to applicable  regulations setting forth detailed good
manufacturing  practice  requirements,   which  include  testing,   control  and
documentation  requirements.  We must also comply  with  Medical  Device  Report
("MDR")  requirements,  which require that a manufacturer  report to the FDA any
incident  in which its  product  may have  caused or  contributed  to a death or
serious injury,  or in which its product  malfunctioned  and, if the malfunction
were to recur,  it would be likely to cause or  contribute to a death or serious
injury. We are also subject to routine inspection by the FDA for compliance with
QSR requirements, MDR requirements and other applicable regulations. The FDA has
recently  implemented  new QSR  requirements,  including  the addition of design
controls  that  will  likely  increase  the  cost of  compliance.  Labeling  and
promotional  activities  are  subject  to  scrutiny  by the FDA and,  in certain
circumstances,  by the Federal Trade Commission.  We may incur significant costs
to comply with laws and  regulations  in the  future,  which may have a material
adverse effect upon our business, financial condition and results of operations.



<PAGE>


      Regulation Related to Foreign Markets

      Distribution of diagnostic  products  outside the United States is subject
to  extensive   government   regulation.   These   regulations,   including  the
requirements  for  approvals  or  clearance  to market,  the time  required  for
regulatory review and the sanctions imposed for violations, vary from country to
country.  We  may be  required  to  incur  significant  costs  in  obtaining  or
maintaining foreign regulatory approvals.  In addition, the export of certain of
our products that have not yet been cleared for domestic commercial distribution
may  be  subject  to  FDA  export  restrictions.  Failure  to  obtain  necessary
regulatory approval or the failure to comply with regulatory  requirements could
have a material adverse effect on our business,  financial condition and results
of operations.

      Uncertain  Availability  of  Third  Party  Reimbursement  for  Diagnostic
      Products

      In the United  States,  health care  providers  that  purchase  diagnostic
products,  such as  hospitals  and  physicians,  generally  rely on third  party
payors,  principally private health insurance plans,  federal Medicare and state
Medicaid,  to reimburse  all or part of the cost of the  procedure.  Third party
payors are  increasingly  scrutinizing  and  challenging  the prices charged for
medical  products  and  services and they can affect the pricing or the relative
attractiveness  of the  product.  Decreases in  reimbursement  amounts for tests
performed using our diagnostic  products,  failure by physicians and other users
to obtain  reimbursement  from third party payors,  or changes in government and
private third party payors' policies regarding  reimbursement of tests utilizing
diagnostic  products,  may affect our  ability to sell our  diagnostic  products
profitably.  Market acceptance of our products in international  markets is also
dependent,  in part, upon the  availability of reimbursement  within  prevailing
health care payment systems.

      Uncertainty of Protection of Patents, Trade Secrets and Trademarks

      Our success depends, in part, on our ability to obtain patents and license
patent  rights,  to maintain  trade  secret  protection  and to operate  without
infringing on the proprietary  rights of others.  There can be no assurance that
our issued patents will afford meaningful  protection  against a competitor,  or
that  patents  issued to us will not be  infringed  upon or  designed  around by
others,  or that others will not obtain patents that we would need to license or
design around.  We could incur substantial costs in defending the Company or our
licensees  in  litigation  brought by others.  Our  business  could be adversely
affected.

      Risks Regarding Potential Future Acquisitions

      Our  growth  strategy   includes  the  desire  to  acquire   complementary
companies, products or technologies.  There is no assurance that we will be able
to identify appropriate  companies or technologies to be acquired,  to negotiate
satisfactory  terms for such an acquisition,  or to obtain sufficient capital to
make such acquisitions.  Moreover, because of limited cash resources, we will be
unable to acquire any  significant  companies or  technologies  for cash and our
ability to effect acquisitions in exchange for our capital stock may depend upon
the  market  prices  for  our  Common  Stock.  If we do  complete  one  or  more
acquisitions,  a number of risks arise,  such as short-term  negative effects on
our  reported   operating   results,   diversion  of   management's   attention,
unanticipated problems or legal liabilities, and difficulties in the integration
of  potentially  dissimilar  operations.  The occurrence of some or all of these
risks could have a material adverse effect on our business,  financial condition
and results of operations.

      Dependence on Suppliers

      The  components of our products  include  chemical and packaging  supplies
that are generally available from several suppliers,  except certain antibodies,
which we  purchases  from single  suppliers.  We mitigate  the risk of a loss of
supply  by  maintaining  a  sufficient  supply of such  antibodies  to ensure an
uninterrupted  supply for at least three months.  We have also qualified  second
vendors for all critical raw materials and believe that we can  substitute a new
supplier with respect to any of these  components in a timely  manner.  However,
there can be no assurances  that we will be able to substitute a new supplier in
a timely manner and failure to do so could have a material adverse effect on our
business, financial condition and results of operations.



<PAGE>


      Limited Manufacturing Experience with Certain Products

      Although we have manufactured  over twelve million  diagnostic tests based
on our proprietary  applications of ELISA technology,  certain of our diagnostic
products in consideration for future development,  incorporate technologies with
which we have little manufacturing  experience.  Assuming successful development
and receipt of required regulatory  approvals,  significant work may be required
to  scale  up  production   for  each  new  product  prior  to  such   product's
commercialization.  There can be no assurance that such work can be completed in
a timely manner and that such new products can be manufactured cost-effectively,
to regulatory standards or in sufficient volume.

      Seasonality of Products; Quarterly Fluctuations in Results of Operations

      Our revenue and operating results have historically been minimally subject
to quarterly  fluctuations.  There can be no assurance that such  seasonality in
our  results  of  operations  will not have a  material  adverse  effect  on our
business.

      Dependence on Key Personnel

      Because of the  specialized  nature of our  business,  our success will be
highly dependent upon our ability to attract and retain qualified scientific and
executive  personnel.  In  particular,  we believe our success  will depend to a
significant  extent  on the  efforts  and  abilities  of Dr.  Luis R.  Lopez and
Douglass  T.  Simpson,  who  would be  difficult  to  replace.  There  can be no
assurance  that we will be successful in attracting  and retaining  such skilled
personnel,  who are  generally in high demand by other  companies.  The loss of,
inability  to attract,  or poor  performance  by key  scientific  and  executive
personnel  may  have  a  material  adverse  effect  on our  business,  financial
condition and results of operations.

      Product Liability Exposure and Limited Insurance

      The testing,  manufacturing  and marketing of medical  diagnostic  devices
entails  an  inherent  risk  of  product  liability  claims.  To  date,  we have
experienced  no product  liability  claims,  but any such claims  arising in the
future could have a material adverse effect on our business, financial condition
and results of operations. Our product liability insurance coverage is currently
limited to $2 million.  Potential product liability claims may exceed the amount
of our insurance  coverage or may be excluded  from coverage  under the terms of
our policy or limited  by other  claims  under our  umbrella  insurance  policy.
Additionally,  there can be no  assurance  that our  existing  insurance  can be
renewed by us at a cost and level of coverage  comparable  to that  presently in
effect,  if at all.  In the event that we are held  liable  for a claim  against
which we are not insured or for damages  exceeding  the limits of our  insurance
coverage,  such  claim  could have a material  adverse  effect on our  business,
financial condition and results of operations.


                Risks Related to the Consumer Products Business

      New Business Strategy

      We established a new wholly owned subsidiary, health-outfitters.com, Inc.,
in December 1999.  This  subsidiary  will focus on sales of consumer  healthcare
products     primarily     through     e-commerce     using     our     website,
www.healthoutfitters.com.  We do not have any  experience  in managing  internet
businesses,  and we may not be able to  successfully  develop this new business.
The demands of attempting to grow this new business may prevent  management from
devoting time and attention to our  traditional  diagnostic  business,  and that
traditional business may decline.

      The  e-commerce  healthcare  market  is  a  relatively  new  and  unproven
business.  Whether we succeed  depends upon broad  acceptance of  internet-based
healthcare  product  purchasing,  as  well  as our  ability  to  generate  brand
awareness and vendor relationships.

      Competition  in the  e-commerce  industry  is, and is  expected to remain,
significant.  The competitors for the new business range from development  stage
internet  companies to divisions of larger  companies.  Many of these  companies
have  financial,   marketing,  sales,  manufacturing,   distribution  and  other
resources  significantly  greater than those of us. In  addition,  many of these
companies  have  name  recognition,  established  positions  in the  market  and
existing relationships with customers and distributors.


                                   Other Risks

      Limited Public Market;  Possible Volatility in Stock Prices;  Penny Stock
      Rules

      There has, to date, been no active public market for our Common Stock, and
there can be no  assurance  that an active  public  market  will  develop  or be
sustained.  Although  our  Common  Stock  has been  traded  on the OTC  Bulletin
Board(R) since  February 1998, the trading has been sporadic with  insignificant
volume.

      Moreover,  the  over-the-counter  markets  for  securities  of very  small
companies  historically have experienced  extreme price and volume  fluctuations
during certain periods.  These broad market fluctuations and other factors, such
as new  product  developments  and  trends in our  industry  and the  investment
markets and economic conditions generally, as well as quarterly variation in our
results of  operations,  may  adversely  affect  the market  price of our Common
Stock.  In  addition,  our  Common  Stock is  subject  to rules  adopted  by the
Securities  and  Exchange  Commission  regulating   broker-dealer  practices  in
connection with  transactions  in "penny stocks." As a result,  many brokers are
unwilling to engage in  transactions  in our Common  Stock  because of the added
disclosure requirements.

      Risks Associated with Exchange Rates

      Our financial  statements are  consolidated  in US dollars.  At the end of
each fiscal quarter and the fiscal year, we convert the financials statements of
Corgenix UK, which operates in pounds sterling, into US dollars, and consolidate
them with results from  Corgenix,  Inc. We may, from time to time,  also need to
exchange currency from US dollars to pounds sterling, or from pounds sterling to
US dollars. Foreign exchange rates are volatile and can change in an unknown and
unpredictable  fashion.  Should  the  foreign  exchange  rates  change to levels
different than anticipated by us, our business,  financial condition and results
of operations may be materially adversely affected.





<PAGE>


                          CORGENIX MEDICAL CORPORATION


                                     Part II


                                Other Information





Item 1.    Legal Proceedings


      Corgenix is not a party to any material litigation or legal proceedings.


Item 2.    Changes in Securities and Use of Proceeds


      None


Item 3.    Defaults Upon Senior Securities


      None


Item 4.    Submission of Matters to a Vote of Security Holders


      No matters were  submitted  to a vote of the  Company's  security  holders
during the period covered by this report.


Item 5.    Other Information


      None


Item 6.    Exhibits and Reports on Form 8-K


      (a)  Exhibits

<PAGE>










ExhibitNumber              Description of Exhibit
       ------              ----------------------
2.1      Agreement  and Plan of Merger  dated as of May 12,  1998 by
         and  among  Gray  Wolf   Technologies,   Inc.,   Gray  Wolf
         Acquisition Corp. and REAADS Medical Products,  Inc. (filed
         as Exhibit 2.1 to the Company's  Registration  Statement on
         Form 10-SB filed June 29, 1998, and incorporated  herein by
         reference).
2.2      First Amendment to Agreement and Plan of Merger dated as
         of May 22, 1998 by and among Gray Wolf Technologies, Inc.,
         Gray Wolf Acquisition Corp. and REAADS Medical Products,
         Inc. (filed as Exhibit 2.2 to the Company's Registration
         Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
2.3      Second  Amendment to Agreement  and Plan of Merger dated as of June 17,
         1998 by and among the Company  and  TransGlobal  Financial  Corporation
         (filed as Exhibit 2.3 to the Company's  Registration  Statement on Form
         10-SB filed June 29, 1998, and incorporated herein by reference).
3.1      Articles  of  Incorporation,  as amended  (filed as Exhibit  3.1 to the
         Company's Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).

3.2      Bylaws (filed as Exhibit 3.2 to the Company's Registration Statement on
         Form 10-SB filed June 29, 1998, and incorporated herein by reference).
3.3      Articles of Incorporation of health-outfitters.com, Inc.
         dated November 16, 1999 (filed as Exhibit 3.3 to the
         Company's filing on Form 10-QSB for the fiscal quarter
         ended December 31, 1999).

3.4      Bylaws of health-outfitters.com, Inc. dated November 16,
         1999 (filed as Exhibit 3.4 to the Company's filing on Form
         10-QSB for the fiscal quarter ended December 31, 1999).

10.1     Manufacturing Agreement dated September 1, 1994 between
         Chugai Pharmaceutical Co., Ltd. and REAADS Medical
         Products, Inc. (filed as Exhibit 10.1 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).

10.2     Amendment to the Manufacturing Agreement dated as of
         January 17, 1995 between Chugai Pharmaceutical Co., Ltd.
         and REAADS Medical Products, Inc.(filed as Exhibit 10.2 to
         the Company's Registration Statement on Form 10-SB filed
         June 29, 1998, and incorporated herein by reference).
10.3     Amendment  Agreement dated November 17, 1997 between
         Chugai Diagnostic Science, Co., Ltd. and REAADS Medical
         Products, Inc.(filed as Exhibit 10.3 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.6     Distribution Agreement dated November 14, 1997 between
         Chugai Diagnostics Science Co, Ltd. and REAADS Bio-Medical
         Products (UK) Ltd. (filed as Exhibit 10.6 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.9     Office Lease dated February 6, 1996 between Stream
         Associates, Inc. And REAADS Medical Products, Inc. (filed
         as Exhibit 10.9 to the Company's Registration Statement on
         Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).


<PAGE>



10.10    Guarantee  dated  November  1, 1997  between  William  George  Fleming,
         Douglass  Simpson and Geoffrey Vernon Callen (filed as Exhibit 10.10 to
         the Company's Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.11    Employment  Agreement  dated May 22, 1998 between Luis R. Lopez and the
         Company (filed as Exhibit 10.11 to the Company's Registration Statement
         on  Form  10-SB  filed  June  29,  1998,  and  incorporated  herein  by
         reference).

10.12    Employment Agreement dated May 22, 1998 between Douglass T. Simpson and
         the  Company  (filed as  Exhibit  10.12 to the  Company's  Registration
         Statement on Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
10.13    Employment  Agreement dated May 22, 1998 between Ann L. Steinbarger and
         the  Company  (filed as  Exhibit  10.13 to the  Company's  Registration
         Statement on Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
10.14    Employment  Agreement  dated May 22, 1998 between Taryn G. Reynolds and
         the  Company  (filed as  Exhibit  10.14 to the  Company's  Registration
         Statement on Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
10.15    Employment Agreement dated May 22, 1998 between Catherine  (O'Sullivan)
         Fink  and  the  Company  (filed  as  Exhibit  10.15  to  the  Company's
         Registration   Statement  on  Form  10-SB  filed  June  29,  1998,  and
         incorporated herein by reference).
10.16    Consulting Contract dated May 22, 1998 between Wm. George
         Fleming, Bond Bio-Tech, Ltd. and the Company (filed as
         Exhibit 10.16 to the Company's Registration Statement on
         Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
10.17    Stock Purchase Agreement dated September 1, 1993 between
         Chugai Pharmaceutical Co., Ltd. and REAADS Medical
         Products, Inc. (filed as Exhibit 10.17 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.19    Note dated January 6, 1997 between  REAADS Medical  Products,  Inc. and
         Eagle  Bank  (filed  as  Exhibit  10.19 to the  Company's  Registration
         Statement on Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
10.20    Deed of Guarantee  Sterling  and Currency  dated May 14, 1997 by REAADS
         Bio-Medical  Products  (UK)  Limited  (filed  as  Exhibit  10.20 to the
         Company's Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.23    Consulting Agreement dated January 18, 2000 between AR
         Medical Supply, Inc. and the Company.
10.24    Form of Indemnification Agreement between the Company and its directors
         and  officers  (filed as Exhibit  10.24 to the  Company's  Registration
         Statement on Form 10-SB/A-1 filed September 24, 1998, and  incorporated
         herein by reference)
10.25
         Settlement  Agreement and General Release dated September 21, 1999 with
         Transglobal  Financial  Corporation  and the Company  (filed as Exhibit
         10.25 to the Company's filing on
10.26    Form  10-QSB  for the fiscal  quarter  ended  December  31,
         1999).

         Promissory  note  dated  September  21,  1999  with  Transglobal  10.27
Financial Corporation and the Company (filed as Exhibit
         10.26 to the  Company's  filing on Form  10-QSB for the fiscal  quarter
         ended December 31, 1999).

         Warrant  agreement  dated June 1, 2000  between the Company
         and Taryn G. Reynolds.
21.1     Amended  Subsidiaries  of the Registrant  (filed as Exhibit 21.1 to the
         Company's Registration Statement on Form 10-SB filed June 29, 1998).
27*      Financial Data Schedule




-------------------------------
*  Filed herewith.


      (b)  Reports on Form 8-K.

           None


<PAGE>


                                        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 thereunto duly authorized.



                                    CORGENIX MEDICAL CORPORATION



November 13, 2000                   By:   /s/ Luis R. Lopez
                                          Luis R.Lopez, M.D.
                                          Chairman and Chief Executive Officer