NEW YORK (GenomeWeb News) – Response Biomedical today reported that product sales for the first quarter rose 50 percent year over year on the strength of its cardiovascular tests.
The Vancouver, British Columbia-based firm recorded product sales of C$3 million (US$3 million) for the three months ended March 31, up from $2 million a year ago, as cardiovascular sales increased 80 percent year over year to $2.7 million from $1.5 million. Improved performance in China was the primary driver of growth in the cardiovascular business, Response Biomedical said.
Sales of its infectious disease, biodefense, and vector infectious disease products were down 39 percent to $C300,000 from C$490,000 a year ago. The company had no contract service fees and revenues, compared to C$448,104 a year ago.
Operating expenses increased 6 percent to C$1.8million from C$1.7 million a year ago as R&D and SG&A expenses increased, the company said.
The firm's net loss for the period rose to C$5.7 million, or C$.04 per share, compared to a net loss of C$1.5 million, or C$.04 per share, a year ago. The increase was due primarily to a C$5 million non-cash expense incurred due to a change in valuation of Response Biomedical's warrant liability for the first quarter, which did not exist in the year-ago period, the company said.
Adjusted net loss for the quarter was C$700,000, or C$.01 per share.
"The business performance of Response shows continued improvement as a result of our focus on higher margin products and active management of our distribution channels coupled with leadership changes and right-sizing our operations," Response Biomedical Executive Chairman and Interim CEO Peter Thompson said in a statement. "The organization remains committed to accelerating our path to profitable growth."
Response Biomedical announced last month the hiring of Jeff Purvin to be its CEO.