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Response Biomedical's Q1 Sales Fall 43 Percent, Loss Increases

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Biomedical today reported that its first-quarter 2010 revenues fell 43 percent and its net loss jumped 54 percent from the first quarter of 2009.

The Vancouver, BC-based molecular diagnostics firm brought in total revenues of C$1.5 million (US$1.5 million) for the three months ended March 31, compared to C$2.7 million for the first quarter of 2009. Its clinical product sales were down around 29 percent at C$1.2 million from C$1.7 million.

"While we expect to see continued year-over-year annual revenue growth in 2010 as compared to 2009, our Q1 2010 results are significantly lower than those reported in Q1 2009," Response Biomedical CEO S. Wayne Kay said in a statement. "Q1 2009 was a record quarter with the launch of the cardiac product line by Roche Diagnostics in the US. This year we are disappointed by a very weak seasonal flu period and the delay of a milestone payment tied to the agreement on acceptance criteria of the CLIA-waiver for NT-proBNP, which is still the subject of discussions with the US Food and Drug Administration."

Response Biomedical reported a net loss of C$2.7 million, or C$.01 per share, for the first quarter, compared to a loss of C$1.7 million, or C$.01 per share, for the first quarter of 2009.

As of the end of the first quarter, Response Biomedical had a working capital balance of C$4.8 million.

Kay said that the firm is "closely managing our current cash position and concurrently pursuing several debt and equity financing alternatives to provide our needed bridge to profitability."

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