Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) today announced financial results for the third quarter and nine months ended September 30, 2009.
Total revenues for the three and nine month periods ended September 30, 2009 increased 39% and 106% to $2,047,523 and $7,495,339, respectively, compared to $1,471,130 and $3,641,766 for the same periods in 2008. Given the success of our commercial partners’ efforts, clinical products revenue showed the largest growth at 62% and 139% to $1,688,423 and $5,236,438 for the three and nine month periods ended September 30, 2009, respectively, compared to $1,040,649 and $2,191,409 for the same periods in 2008.
Net loss for the three and nine month periods ended September 30, 2009 was reduced by 14% and 38% to $3,177,221 and $6,807,623, respectively, compared to $3,684,602 and $10,969,207 for the same periods in 2008. Expenses were reduced by 15% and 29% to $2,813,195 and $7,552,556, respectively, for the three and nine month periods ended September 30, 2009, compared to $3,294,694 and $10,636,832 for the same periods in 2008.
“We are on track to conclude our best year ever, with total revenues at September 30, 2009 well in excess of total revenues for all of 2008. As we work with our partners and global distributors to introduce the RAMP® technology to a growing international market, we see this trend continuing in 2010 and beyond,” said S. Wayne Kay, Chief Executive Officer. “Looking at our strengthened cash position, we had approximately $7.5 million in cash and cash equivalents as at September 30, 2009, compared to $2.3 million as at December 31, 2008,” said S. Wayne Kay, Chief Executive Officer. “Our working capital as at September 30, 2009 was approximately $9.0 million compared to $2.9 million as at December 31, 2008. As you can see, we continue to show strong revenue growth, quarter over quarter when compared to revenues from last year.”