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Response Biomedical 2011 Revenues Improve 32 Percent

NEW YORK (GenomeWeb News) – Response Biomedical said on Wednesday that full-year 2011 revenues rose 32 percent year over year, driven by growth in product sales.

Full-year revenues for the firm came in at C$9.5 million (US$9.5 million), up from C$7.1 million a year ago, as product sales also increased 32 percent year over year to C$9.0 million from C$6.8 million a year ago.

Cardiovascular sales increased to C$7.3 million from C$6.0 million, a 21 percent increase year over year, primarily due to an increase in sales in China, while infectious disease, bio-defense, and vector infectious disease sales more than doubled to C$1.7 million from C$800,000 a year ago. Contract service fees and revenues increased 40 percent to C$449,386 from C$320,878

The Vancouver, British Columbia-based firm cut operating expenses in 2011 to C$7.4 million from C$9.2 million in 2010 as a result of a restructuring of its operations.

Its net loss for 2011 improved to C$5.4 million, or C$.14 per share, from a net loss of C$10.1 million, or C$.32 per share, in 2010.

The firm ended 2011 with C$20.9 million in total assets.

In 2011, Response Biomedical restated its financials for the first two quarters, as well as for full-year 2010 after a review determined an improper recognition of revenues and other improprieties. During the summer, Wayne Kay also abruptly resigned as CEO.

Response Biomedical Executive Chairman and Interim CEO Peter Thompson said in a statement on Wednesday that despite the improvements in its financial performance, "further progress is clearly required and we remain focused on accelerating our path to profitable growth."

He added that the company remains confident that the "evident value of near-patient testing for time-critical diagnostic information along with the quality and performance of our products will continue to drive overall market expansion for Response products."