NEW YORK (GenomeWeb News) – Response Biomedical today announced its first-quarter revenues rose 67 percent year over year to C$2.5 million ($2.6 million).
The C$2.5 million figure compares to C$1.5 million in revenues from a year ago. Clinical product revenues increased to C$1.8 million from C$1.2 million, while non-clinical product revenues climbed to C$266,285 from C$188,125 a year ago. Contract service revenues rose to C$448,104 from C$146,945 a year ago.
The firm's net loss for the quarter dropped 48 percent to C$1.4 million, or C$.04 per share, compared to C$2,660,048, or C$.10 per share.
As of March 31, Response Biomedical had a working capital balance of C$5.6 million.
In September, the Vancouver, British Columbia-based diagnostics test firm announced plans to cut costs by about C$2 million, and as part of that effort, said it would reduce its workforce by about 25 percent. In a statement today, CEO S. Wayne Kay said that the benefits of the restructuring effort had a material effect on the company's finances.
"The significant reduction in our workforce and the focus on our cardiac business are reflected not only in significantly reduced costs but also in increased sales volume," he said. The company did not disclose any of its costs, however, including R&D and SG&A spending.