VANCOUVER, British Columbia--(BUSINESS WIRE)--Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) today announced financial results for the second quarter and six months ended June 30, 2010.
“Continued strong demand for our cardiac products in China resulted in an increase in our clinical products revenue for the quarter. We expect to focus resources during the second half of the year on supporting this market expansion in China and other international markets for our cardiac portfolio.”
Revenue from product sales for the three month period ended June 30, 2010 increased 2% to $2,112,424 from $2,067,194 for the same period in 2009. Clinical products revenue for the three month period ended June 30, 2010 increased 10% to $1,985,675 from $1,805,308 for the same period in 2009. Contract service fees and revenue from collaborative research arrangements for the three month period ended June 30, 2010 decreased 79% to $143,089 compared to $668,221 for the same period in 2009. Total revenue for the three month period ended June 30, 2010 decreased 18% to $2,255,513 compared to $2,735,415 for the same period in 2009.
“We saw modest growth in our revenues from product sales in the second quarter of 2010 as compared to 2009,” said S. Wayne Kay, Chief Executive Officer. “Continued strong demand for our cardiac products in China resulted in an increase in our clinical products revenue for the quarter. We expect to focus resources during the second half of the year on supporting this market expansion in China and other international markets for our cardiac portfolio.”
Operating expenditures for the three month period ended June 30, 2010 decreased 12% to $2,123,585 from $2,413,023 for the same period in 2009. Operating expenditures for the six month period ended June 30, 2010 increased 3% to $4,871,200 from $4,739,360 for the same period in 2009.
For the three and six month periods ended June 30, 2010, the Company reported a loss of $1,868,104 or $0.07 and $4,528,152 or $0.18 per share, respectively, compared to a loss of $1,898,987 or $0.09 and $3,630,402 or $0.19 for the same period in 2009. The marginal decrease in the loss for the three month period ended June 30, 2010 as compared to the same period for the prior year, is attributed to lower operating expenses across all departments and an increase in margin from product sales offset by lower contract service fees and revenue from collaborative research arrangements. The increase in the loss for the six month period ended June 30, 2010 as compared to the same period for the prior year, is the result of significantly lower contract service fees and revenue from collaborative research arrangement in the current year.
As at June 30, 2010, the Company had $543,617 in cash and cash equivalents, a decrease of $4,529,854 compared to $5,073,471 as at December 31, 2009. As at June 30, 2010 the Company had a working capital balance of $3,303,551, a decrease of $3,694,978 compared to $6,998,529 as at December 31, 2009.
Subsequent to the end of the quarter, on July 28, 2010, the Company announced the closing of a private placement of an aggregate of 13,333,333 common shares, at a price of $0.60 per share, to affiliates of OrbiMed Advisors, LP for gross proceeds of approximately $8 million.
Conference Call Information
Response Biomedical management will host an analyst conference call beginning at 10:00 a.m. (Eastern Time) today to discuss these results and other corporate matters. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends.
The analyst conference call may be accessed by dialing 1-416-800-1066 (domestic and international) or 1-866-212-4491 (toll free in North America). An access code is not required. For our shareholders and interested parties, it will also be simultaneously Web cast at http://www.snwebcastcenter.com/event/?event_id=1068. An archive of the call will be available from the same link approximately two hours after the live call has concluded and will be accessible for 30 days.
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