Response Biomedical Corp. Announces Third Quarter 2014 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/10/14 -- Response Biomedical Corp. ("Response" or "the Company") (TSX: RBM)(OTCBB: RPBIF) today reported financial results for the third quarter and nine months ended September 30, 2014 including a 5% increase in sales compared with the same period last year.
Response''s Interim Chief Executive Officer, Dr. Anthony (Tony) Holler, commented on Response''s Q3 2014 performance saying, "This quarter and the month that followed was a pivotal time for Response. We were able to grow sales in China, secure incremental government funding for an important new sepsis biomarker and sign a major development and sales collaboration agreement that we believe will benefit the company for years to come. These achievements are an indication of the strength of the current leadership team at Response. Sales outside of China have been disappointing, but we plan to rebuild distributor relationships while at the same time focusing significant resources on our key market-the major growth opportunity we see in China."
Dr. Holler added, "Gross margins declined slightly in the quarter versus last year and the previous quarter due to lower sales volumes and higher inventory provisions. The efficiencies we''ve achieved in manufacturing and purchasing over the past years, along with positive exchange fluctuations, continue to be favorable to our margins. We expect the Company''s cash position to be bolstered this quarter by the upfront payments and equity investment from the new development collaboration. In addition, we are working with our bank to restructure the covenants of our existing term loan."
Financial results for the three months ended September 30, 2014
Financial results for the nine months ended September 30, 2014
For a further discussion of the Company''s financial results for the third quarter ended September 30, 2014, 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 three and nine months ended September 30, 2014 and 2013. We believe 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 these adjustments to our GAAP financial results and are not intended to place any undue prominence on our Adjusted EBITDA and/or our 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, 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 any other medical and non-medical immunoassay based test 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. Response is a publicly traded company listed on the TSX under the trading symbol "RBM" and quoted on the OTC Bulletin Board under the symbol "RPBIF". For further information, please visit the Company''s website at .
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 this quarter and the month that followed were a pivotal time for Response, that the major development and sales collaboration agreement that we recently signed will benefit the company for years to come, and that our achievements in the quarter are an indication of the strength of the current leadership team at Response, our plans to rebuild our distributor relationships while at the same time focusing significant resources on our key market-the major growth opportunity we see in China, our belief that the efficiencies we''ve achieved in manufacturing and purchasing over the past year, along with positive exchange fluctuations will continue to be favorable to our margins and our expectation that our cash position will be bolstered by the upfront payments and equity investment from the new development collaboration. These statements are only predictions based on our current expectations and projections about future events. Although we believe 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 and if such expectations are not met, our business may suffer.
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, we do 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 of Canadian dollars except per share data):
Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands of Canadian dollars):
Reconciliation of Adjusted Net Loss to GAAP Net Loss (in thousands of Canadian dollars):
Contacts:
Response Biomedical Corp.
W.J. (Bill) Adams
Chief Financial Officer
604-456-6010
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Datum: 10.11.2014 - 16:00 Uhr
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