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Response Biomedical Corp (RPBIF) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Response Biomedical Corp

CIK: 806888 Ticker: RPBIF

Exhibit 99.1



 

 Response Biomedical Corp. Announces
Fourth Quarter and Fiscal 2012 Financial Results


VANCOUVER, British Columbia – March 11, 2013 - Response Biomedical Corp. (“Response”) (TSX: RBM, OTCBB: RPBIF) today reported financial results for the fourth quarter and year ended December 31, 2012.


“We are encouraged by our financial results for the fourth quarter and year ended December 31, 2012, which show continued revenue growth and the strengthening of our gross margin over the comparative period last year,” said Jeff Purvin, Chief Executive Officer. “We are committed to continuing this high level of performance and ultimately achieving Adjusted EBITDA positive growth by implementing the following four key strategies:


 

Expand our distribution in one of the largest markets in the world, the United States, through our newly formed wholly owned subsidiary, Response Point of Care Inc. This effort is staffed by our Senior Vice President of Worldwide Sales and Marketing, our recently hired Director of U.S. Sales and a commission-only Sales Representative who are supported by a telesales organization tasked with producing high-potential sales leads. Additionally we expect to grow sales in this market by our two new U.S. based distributors, Laboratory Supply Company, Inc. and Fisher HealthCare, along with additional distributors we plan to engage during the year.


 

Expand our presence in China through our newly formed Representative Office in Shanghai so that our new General Manager and the people he will be hiring in 2013 will be able to better support our distributors in China as well as to expand our distribution network into other regions in China. In addition, we expect to own our own product registrations in China by the fourth quarter of 2013.


 

Increase our sales in the rest of the world outside of the U.S. and China by supporting existing distributors in the E.U., South America and Asia and by signing up new distributors in the Middle East and Mexico which are two regions that we believe hold significant promise for our products, and


 

Continue to improve our operating efficiency by increasing our daily manufacturing volumes with a minimum of new capital and human resources investment, improving customer payment cycles and improving our supply chain management.”


Financial results for the year ended December 31, 2012


 

Product sales increased 30% to $11.75 million for the year ended December 31, 2012 compared to $9.0 million for the previous year ended December 31, 2011:


 

o

Cardiovascular sales have increased 48%, or $3.5 million, primarily due to:


 

-

A $2.7 million increase in sales to our two distributors in China as a result of a combination of price and volume increases during the year; and

 

 
 

The following information was filed by Response Biomedical Corp (RPBIF) on Wednesday, March 13, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Loss
Consolidated Statements Of Shareholders' Equity
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Description Of Business
Note 10 - Lease Inducements
Note 10 - Lease Inducements (detail)
Note 10 - Lease Inducements (detail) - Summary Of Lease Inducements
Note 10 - Lease Inducements (tables)
Note 11 - Share Capital And Additional Paid-in Capital
Note 11 - Share Capital And Additional Paid-in Capital (detail)
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Allocation Of Stock-based Compensation, By Type Of Cost
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Estimated Fair Value Of Warrants Issued
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Share-based Payment Award, Stock Options, Valuation Assumptions
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Stock Options, Activity
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Stock Options, Outstanding
Note 11 - Share Capital And Additional Paid-in Capital (detail) - Warrants Activities
Note 11 - Share Capital And Additional Paid-in Capital (tables)
Note 12 - Related Party Transactions
Note 12 - Related Party Transactions (detail)
Note 13 - Income Taxes
Note 13 - Income Taxes (detail)
Note 13 - Income Taxes (detail) - Effective Income Tax Rate Reconciliation
Note 13 - Income Taxes (detail) - Losses And Investment Tax Credits Expiration
Note 13 - Income Taxes (detail) - Reconciliation Of Unrecognized Tax Benefits Of Uncertain Tax Positions
Note 13 - Income Taxes (detail) - Significant Components Of Deferred Tax Assets
Note 13 - Income Taxes (tables)
Note 14 - Commitments
Note 14 - Commitments (detail)
Note 14 - Commitments (detail) - Minimum Annual Cost Of Lease Commitments
Note 14 - Commitments (detail) - Minimum Annual Purchase Commitments
Note 14 - Commitments (tables)
Note 15 - Segment Information
Note 15 - Segment Information (detail)
Note 15 - Segment Information (detail) - Product Sales By Customer Location
Note 15 - Segment Information (detail) - Product Sales By Type Of Product
Note 15 - Segment Information (tables)
Note 16 - Contigencies
Note 16 - Contigencies (detail)
Note 17 - Comparative Information
Note 2 - Basis Of Presentation And Going Concern Uncertainty
Note 2 - Basis Of Presentation And Going Concern Uncertainty (detail)
Note 3 - Significant Accounting Policies
Note 3 - Significant Accounting Policies (detail)
Note 3 - Significant Accounting Policies (detail) - Property, Plant And Equipment, Estimated Useful Lives
Note 3 - Significant Accounting Policies (tables)
Note 4 - Recent Accounting Pronouncements
Note 5 - Fair Value Measurements
Note 5 - Fair Value Measurements (detail)
Note 5 - Fair Value Measurements (detail) - Changes In Fair Value Of The Level 3 Financial Liabilities
Note 5 - Fair Value Measurements (detail) - Financial Instrument Carried At Fair Value
Note 5 - Fair Value Measurements (detail) - Quantitative Information About Unobservable Inputs
Note 5 - Fair Value Measurements (tables)
Note 6 - Financial Instruments
Note 6 - Financial Instruments (detail)
Note 6 - Financial Instruments (detail) - Repayable Leasehold Improvement Allowance
Note 6 - Financial Instruments (tables)
Note 7 - Inventories
Note 7 - Inventories (detail)
Note 7 - Inventories (detail) - Inventory
Note 7 - Inventories (tables)
Note 8 - Property, Plant And Equipment
Note 8 - Property, Plant And Equipment (detail)
Note 8 - Property, Plant And Equipment (detail) - Depreciation Expense Allocation
Note 8 - Property, Plant And Equipment (detail) - Property, Plant And Equipment
Note 8 - Property, Plant And Equipment (tables)
Note 9 - Accounts Payable And Accrued Liabilities
Note 9 - Accounts Payable And Accrued Liabilities (detail) - Accounts Payable And Accrued Liabilities
Note 9 - Accounts Payable And Accrued Liabilities (tables)
Ticker: RPBIF
CIK: 806888
Form Type: 10-K Annual Report
Accession Number: 0001437749-13-002994
Submitted to the SEC: Fri Mar 15 2013 4:22:35 PM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: Testing Laboratories

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