Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) reported that it recorded total revenues of $7,610,827 compared to $9,946,269 in 2009 and reduced operating expenses by 13% to $9,216,257 in 2010 from $10,602,954 in 2009.
“2010 saw the Company tighten its belt and strategically realign its resources to accomplish its mandate of profitability with a smaller, more proficient workforce focused on our cardiac business strengths”
For the year ended December 31, 2010, the Company recorded a net loss of $9,611,376 or $0.31 per share compared to a loss of $9,543,531 or $0.43 per share in 2009. As at December 31, 2010, the Company reported working capital of $6,611,283. For a further discussion of the Company's financial results for the year ended December 31, 2010, please refer to the Company's audited consolidated financial statements and related Management Discussion and Analysis, which can be found at www.responsebio.com, SEDAR (Canada) www.sedar.com or EDGAR (U.S.) www.sec.gov/edgar/searchedgar/webusers.htm. Information at these sites is typically available within 24 hours of the distribution of the news release.
"2010 saw the Company tighten its belt and strategically realign its resources to accomplish its mandate of profitability with a smaller, more proficient workforce focused on our cardiac business strengths," said S. Wayne Kay, Chief Executive Officer. "We also closed a pivotal financing with OrbiMed Advisors, LLC and bolstered our Board of Directors. We recognized revenues from our newly added distributor Guangzhou Wondfo Biotech Co., Ltd., and an increase in cardiac product revenues from continued growth by O&D Biotech Co., Ltd. China. Despite the increased international business, 2010 revenues decreased primarily as a result of reduced shipments to 3M Company and Roche Diagnostics in 2010 as compared to 2009. Operationally, we saw the expansion of our distributors in China and Europe and are continuing to build our own network of international distributors as the Company moves toward profitability."
Also effective March 11, 2011 the Company announced the departure of Livleen Kaler, Vice President, Finance and Administration and Chief Financial Officer. Her responsibilities will be transitioned to our Controller with senior financial leadership provided by a Canadian financial expert on a consulting basis.