Response Biomedical Corp. Announces 2013 Third Quarter Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/13/13 -- Response Biomedical Corp. ("Response" or the "Company") (TSX: RBM)(OTCBB: RPBIF) today reported financial results for the quarter and nine months ended September 30, 2013.
The Company reported sales of $2.1 million in the third quarter of 2013, a 22% decline from the third quarter of 2012. The Company's gross margin increased 7.1 percentage points versus Q3, 2012, growing from 27.6% to 34.7%. Operating expenses declined 7% to $2.1M this quarter versus last year. GAAP net loss was $2.5 million in the third quarter of 2013, a decrease of 4% from a $2.7 million net loss in the same period last year. Adjusted Net Loss, which excludes the non-cash impact of the warrant liability, decreased to $1.6 million compared to $1.8 million in the comparative quarter last year. The Company's adjusted EBITDA this quarter was negative $1.0 million, a reduction of $300 thousand from the same period last year.
Response's Chief Executive Officer, Jeff Purvin, commented on Response's third quarter, 2013, performance, saying, "We're pleased to have reduced operating expenses and grown our gross margin in spite of the decrease in our sales in Q3, compared to last year. We achieved our internal forecast for sales everywhere in the world in Q3, except for in China. Thus, we believe our global strategy is solid during this transitional period as we move to reduce our reliance upon China sales. However, our two biggest China distributors, which collectively account for approximately 60% of our global sales, materially failed to achieve their contractual sales obligations in Q3. These two distributors currently own all of Response's China specific regulatory clearances; consequently we are making continued progress towards achieving our goal of owning our own product registrations in China by the end of 2013. Owning our own registrations will allow us to bring on new distributors which we expect will help us to stabilize and grow our China base of sales and sharply reduce our dependence upon our current distributors' regulatory registrations in this important market for us."
Financial results for the three months ended September 30, 2013
Financial results for the nine months ended September 30, 2013
For a further discussion of the Company's financial results for the third 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 nine months ended September 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 loss and comprehensive 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, influenza A and 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 our belief that our global strategy is solid during this transitional period as we move to reduce our reliance upon China sales, our goal of owning our own product registrations in China by the end of 2013 and owning our own registrations will allow us to bring on new distributors which we expect will help us to stabilize and grow our China base of sales and eliminate our dependence upon our current distributors' regulatory registrations 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 Current Reports on Form 8-K, 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.
Contacts:
Response Biomedical Corp.
W.J. (Bill) Adams
604-456-6010
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Datum: 13.11.2013 - 16:01 Uhr
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