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Cardiovascular Business Drives Response Biomedical Q3 Revenues up 69 Percent

NEW YORK (GenomeWeb News) – Response Biomedical said today that revenues in the third quarter increased 69 percent year over year.

Revenues in the quarter reached C$2.7 million (US$2.7 million), up from C$1.6 million a year ago. The firm said that cardiovascular sales rose 86 percent to C$2.6 million from C$1.4 million a year ago, driven primarily by business in China and Europe.

Its infectious disease, Bio-defense, and Environmental business, however, declined to C$85,000 from C$124,000 a year ago, a 31 percent drop.

Response Bio's R&D costs grew 7 percent to C$838,294 from C$781,202 a year ago, the Vancouver, British Columbia-based firm said in its Form 10-Q filed with the US Securities and Exchange Commission, while SG&A costs rose 8 percent to C$1.4 million from C$1.3 million.

Response Bio posted a net loss of C$2.7 million, or C$.41 per share, in the quarter, up from a net loss of C$1.8 million, or C$.94 per share, a year ago. The company calculated its per-share figure in the recently completed quarter using about 6.5 million shares, compared to 1.9 million shares a year ago.

It finished the quarter with C$2.7 million in cash and cash equivalents.

During the quarter, Response Bio completed a 20-for-one share consolidation. Last month, it regained the worldwide rights to Flu A+B and respiratory syncytial virus products, following the termination of a collaboration with 3M and 3M Innovative Properties.

"We are encouraged by our financial results for the quarter, which show continued revenue growth and strengthening of our gross margin over the comparative period last year," Response Bio CEO Jeff Purvin said in a statement.

Purvin joined the firm earlier this year and was part of a number of management changes that occurred during the third quarter that included the appointment of Tim Shannon as vice president of worldwide sales and marketing and Bill Adams as CFO.

"We now have a new management team in place and we look forward to expanding the global reach of our sales while continuing to support the markets that have brought us this far," Purvin said.