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Cardiovascular Sales Help Raise Response Biomedical's Q2 Revenues 10 Percent

NEW YORK (GenomeWeb News) – Response Biomedical today said that revenues in the second quarter increased 10 percent year over year with particular strength in cardiovascular product sales.

For the three months ended June 30, sales for the Vancouver, British Columbia-based molecular diagnostics firm totaled C$3.0 million (US$3 million), up from $2.7 million a year ago. All revenues were derived from product sales. The company had no revenues from contract service fees and revenues from collaborative research arrangements during the recently completed quarter, compared to C$7,124 from such sources a year ago.

Within product sales, cardiovascular sales rose 40 percent to C$2.8 million from C$2.0 million a year ago, driven by business in China, Japan, and Europe, which offset weakness in the US, the company said.

Infectious disease, Bio-defense, and Vector Infectious Disease sales slid 57 percent to C$300,000 from C$700,000 a year ago.

Operational expenses during the second quarter were up 73 percent to C$2.6 million from C$1.5 million a year ago, primarily due to increased legal activities stemming from the firm's public filings and corporate development efforts and increased stock-based compensation expenses related to options granted during the year.

The company also incurred additional expenses associated with its CEO transition. Jeff Purvin was hired in April to lead the firm.

The company recorded a profit of C$2.4 million, or C$.02 for the second quarter, compared to a net loss of C$797,129, or C$.02 per share, a year ago. The turnaround was due mostly to a C$4.0 million non-cash gain from the change in the valuation of the company's warrant liability for the quarter, which did not exist in the year-ago period, it said.

On an adjusted basis, the firm had a net loss of C$1.6 million, or C$.01 per share, compared to a net loss of C$797,129, or C$.02 per share, a year ago.

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