Response Biomedical Corp. Announces 2013 Second Quarter Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/13/13 -- Response Biomedical Corp. ("Response") (TSX: RBM)(OTCBB: RPBIF) today reported financial results for the quarter and six months ended June 30, 2013.
The Company reported sales of $2.7 million in the second quarter of 2013, a 10% decline from second quarter, 2012. The Company's gross margin increased 3.7 percentage points versus Q2, 2012, growing from 37.9% to 41.6%. Operating expenses declined 19% to $2.1M this quarter versus last year. GAAP net income of 2013 was $3.3 million, up 40% versus the same period last year. Adjusted Net Loss, which excludes the non-cash impact of the warrant liability, decreased to $1.1 million compared to $1.6 million in the comparative quarter last year. The Company's adjusted EBITDA this quarter was negative $0.6 million compared to negative $0.8 million last year.
Response's Chief Executive Officer, Jeff Purvin, commented on Response's second quarter, 2013, performance, saying "We expected this quarter's sales might decline given our high level of seasonal Influenza test sales last quarter. In addition, the quarter's sales results reflect two of our distributors' decision to delay some of their expected second quarter orders into the third quarter. Offsetting our modest sales declines, however, are markedly increased gross margins and lower operating expenses, the result of continued tight internal financial controls and improved operational efficiencies. We continue to focus on developing and transitioning to an expanded U.S. sales base which, given the sales cycle involved, we believe should result in improved sales in 2014 and beyond. In addition, we are making continued progress towards achieving our own product registrations in China which we expect will help us to stabilize and grow our China base of sales by allowing us to increase the number of distributors of our products in this important market for us."
Financial results for the three months ended June 30, 2013
Financial results for the six months ended June 30, 2013
For a further discussion of the Company's financial results for the second quarter of 2013, please refer to the Company's consolidated financial statements and related Management Discussion and Analysis, which can be found at , SEDAR (Canada) or EDGAR (U.S.) . Information at these sites is typically available within 24 hours of the distribution of the news release.
Non-GAAP Financial Measures
Management has presented its operating results in accordance with United States Generally Accepted Accounting Principles ("GAAP") and on an "adjusted" (or non-GAAP) basis for the quarter and six months ended June 30, 2013 and 2012. The Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in conformity with GAAP. Further, our reconciliation of GAAP Net income (loss) and comprehensive income (loss) to Adjusted EBITDA and Adjusted Net loss are included in the tables below to facilitate a reader's understanding of the impact of this adjustment to our GAAP financial results and are not intended to place any undue prominence on our Adjusted EBITDA or Adjusted Net loss.
About Response Biomedical Corp.
Response develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP® Platform for clinical, biodefense and environmental applications. RAMP® represents a unique paradigm in diagnostics that provides reliable laboratory quality results in minutes. The RAMP® Platform consists of a reader and single-use disposable test cartridges and has the potential to be adapted to more than 250 medical and non-medical tests currently performed in laboratories. Response clinical tests are commercially available for the aid in early detection of heart attack, congestive heart failure, Flu A + B and RSV. In the non-clinical market, RAMP® tests are currently available for the environmental detection of West Nile Virus and for Biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin.
More specifically, the RAMP® 200 is an advanced, multi-port version of Response's single-port RAMP® Reader. It is ideally suited for small laboratories and can also be a less expensive solution for high throughput laboratories as it allows for the running of up to 36 individual tests per hour. Both the RAMP® Reader and RAMP® 200 devices utilize Response's patented technology for providing lab quality test results within minutes. More information on the proprietary RAMP® Platform can be found at .
The Company has achieved CE Marking and 510(k) clearance for Response Infectious Disease and Response Cardiovascular tests on the RAMP® Platform and its Quality Management System is registered to ISO 13485: 2003 and ISO 9001: 2008.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about Response Biomedical Corp. Examples of forward-looking statements in this press release include statements regarding the markedly increased gross margins and lower operating expenses as a result of continued tight internal financial controls and improved operational efficiencies, our expectation of a temporary delay in shipments of cardiovascular products by two of our distributors, our belief that our focus on developing and transitioning to U.S. sales base should result in improved sales in 2014 and beyond, and our expectation that achieving our own product registrations in China will help us to stabilize and grow our China base of sales by allowing us to increase the number of distributors of our products in this important market for us. These statements are only predictions based on the Company's current expectations and projections about future events. Although the Company believes the expectations reflected in such forward-looking statements, and the assumptions upon which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct.
Readers should not place undue reliance on these statements. Actual events or results may differ materially. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many factors may cause the Company's actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our annual report on Form 10-K, our quarterly reports on Form 10-Q, our Annual Information Form and other filings with the Securities and Exchange Commission and Canadian securities regulatory authorities.
The forward-looking statements contained in this news release are current as of the date hereof and are qualified in their entirety by this cautionary statement. Except as expressly required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Selected Financial Data (in thousands except per share data):
Reconciliation of Adjusted EBITDA to GAAP Net Income (Loss):
Reconciliation of Adjusted Net Loss to GAAP Net Income (Loss):
Contacts:
Response Biomedical Corp.
W.J. (Bill) Adams
Chief Financial Officer
604-456-6010
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Datum: 13.08.2013 - 15:01 Uhr
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