Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) reported financial results for the first quarter ended March 31, 2011. Total revenues for the three-month period ended March 31, 2011 increased 59% to $2,470,560 compared to $1,549,479 for the same period last year.
“In the first quarter of 2011, we were realizing the benefits of the restructuring of the business that we began in late 2010”
Operating expenses for the three-month period ended March 31, 2011 decreased 37% to $1,733,458 from $2,747,614 for the same period last year. Net loss decreased by 48% to $1,382,205 or $0.04 per share. As at March 31, 2011, the Company had a working capital balance of $5,570,193 compared to $6,611,283 as at December 31, 2010.
"In the first quarter of 2011, we were realizing the benefits of the restructuring of the business that we began in late 2010," commented S.Wayne Kay, CEO. "The significant reduction in our workforce and the focus on our cardiac business are reflected not only in significantly reduced costs but also in increased sales volumes. We are leveraging our expansion in China and Europe through our distribution partners. We expect to see continued growth in revenue in 2011 while maintaining our lean cost structure. We are making strides towards positive cash flow and profitability."