VANCOUVER, British Columbia--(BUSINESS WIRE)--Response Biomedical Corporation (TSX: RBM, OTCBB: RPIBF) reported financial results for the second quarter ended June 30, 2011. For the three month period ended June 30, 2011, total revenues increased 23% to $2,771,104 compared to $2,255,513, gross margin percentage from product sales increased to 35% from 14%, operating expenses decreased 30% to $1,490,930 from $2,123,585. The increase in gross margin and decrease in operating expenses resulted in a 61% decrease in the loss to $719,685 or $0.02 per share compared to $1,868,104 or $0.07 per share in the same period last year.
“Significant quarter to quarter fluctuation in revenue has been our history and we expect this to continue through the remaining quarters in 2011. The largest factor driving this fluctuation is the timing of the distribution of products to our major China market.”
For the six month period ended June 30, 2011, total revenues increased 38% to $5,241,663 compared to $3,804,992, gross margin on product sales increased to 24% from 13%, operating expenses decreased 34% to $3,224,388 from $4,871,200. Net loss decreased by 54% to $2,101,891 or $0.05 per share from $4,528,152 or $0.18 per share in the same period in the prior year.
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