NEW YORK (GenomeWeb News) – Response Biomedical today reported an 18 percent drop in total revenues for the second quarter as contract service fees and revenues from collaborative research arrangements took a 79 percent hit.
For the three months ended June 30, the company posted revenues of $2.3 million, down from $2.7 million a year ago, while contract service fees and collaborative research-based revenues dropped to $143,089 from $668,221 in Q2 2009.
Product revenues rose 2 percent year over year to a little more than $2.1 million from just under $2.1 million as revenues from clinical products climbed to nearly $2 million, up 10 percent from $1.8 million a year ago, driven by "strong demand" in China for the company's cardiac products, said company CEO Wayne Kay in a statement.
"We expect to focus resources during the second half of the year on supporting this market expansion in China and other international markets for our cardiac portfolio," he said.
For the quarter, Response Biomedical said that its net loss was flat at $1.9 million, or $0.07 per share, from $1.9 million, or $0.09 per share in Q2 2009.
Response Biomedical said it had $543,617 in cash and cash equivalents as of June 30.
Two weeks ago, the company announced it had closed on a C$8 million ($7.7 million) private placement.