Response Biomedical Corp. Announces Fourth Quarter and Fiscal 2014 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/16/15 -- Response Biomedical Corp. ("Response" or "the Company") (TSX: RBM)(OTCQB: RPBIF) today reported financial results for the fourth quarter and year ended December 31, 2014.
Response''s Interim Chief Executive Officer, Dr. Anthony (Tony) Holler, commented on Response''s Q4 2014 performance saying, "This quarter was very significant for Response. Sales in China grew 6% offsetting a decline in sales in the rest of the world due to the timing of shipments. We have now achieved and have received the first two milestones in the Joinstar collaboration and we successfully closed the equity portion of the collaboration in Q4. We were also happy to report that we renegotiated the SVB term loan during the fourth quarter for terms that are better suited to our business. These achievements demonstrate the strength of the current leadership team at Response. Sales outside of China have been disappointing, but we are rebuilding distributor relationships while at the same time focusing more resources on our key market-the major growth opportunity we see in China."
Dr. Holler added, "Gross margins declined in the quarter versus last year and the previous quarter due primarily to a strategic decision to increase our customer base through aggressive promotional reader placements along with changes in our product mix and higher inventory provisions. We expect that the promotional reader placements will result in greater usage of our cardiac tests in 2015 and beyond as our distributors place these readers in hospitals. We are now implementing additional efficiencies in manufacturing and purchasing which, together with positive exchange fluctuations, we anticipate will have a favorable future impact on our margins after our current promotional reader efforts are completed."
Financial highlights for fiscal year 2014 include the following:
Financial highlights for the 2014 fourth quarter include the following:
Financial results for the year ended December 31, 2014
Financial results for the three months ended December 31, 2014
For a further discussion of the Company''s financial results for the third quarter and fiscal year ended December 31, 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 72 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 months and year ended December 31, 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. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. 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 antigen 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 OTCQB 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 was very significant for Response, that the terms of the renegotiated term loan with SVB are better suited to our business, that our achievements in the quarter are an indication of the strength of the current leadership team at Response and that we are rebuilding our distributor relationships while at the same time focusing significant resources on our key market-the major growth opportunity we see in China, our expectation that the aggressive promotional reader placements will increase our customer base and result in greater usage of our cardiac tests in 2015 and beyond as our distributors place these readers in hospitals and our belief that the additional efficiencies we are now implementing in manufacturing and purchasing, along with positive exchange fluctuations will continue to be favorable to our margins after our current promotional reader efforts are completed. 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.
Contacts:
Response Biomedical Corp.
W.J. (Bill) Adams
Chief Financial Officer
604-456-6010
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Datum: 16.03.2015 - 16:00 Uhr
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