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Response Biomedical Corp (RPBIF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2015

Response Biomedical Corp

CIK: 806888 Ticker: RPBIF

Exhibit 99.1

 

 

Response Biomedical Corp. Announces First Quarter 2015 Financial Results

 

VANCOUVER, British Columbia – May 5, 2015 - Response Biomedical Corp. (“Response” or “the Company”) (TSX: RBM, OTCQB: RPBIF) today reported financial results for its first quarter ended March 31, 2015.

 

“We are pleased to report that our product revenue this quarter increased 28% over the same quarter last year. This increase was a result of our focused effort on distribution channel management initiated in late 2014 and our strategic decision to invest in aggressive promotional reader placements to increase our customer base and long-term test sales. The reader placement initiative temporarily reduced our gross margin which we expect to return to higher levels in future quarters,” said Response’s Interim Chief Executive Officer, Dr. Anthony (Tony) Holler. “Through these strategic sales initiatives and the ongoing Joinstar collaboration, we are focused on accelerating our path forward and leveraging our success in our key market, China. Indeed in Q1, our total revenue, including Joinstar collaboration activity, increased 38% over the same quarter last year.”

 

Financial highlights for the first quarter of 2015 include the following:

 

 

Total Q1 revenue of $3.5 million, up 38% from $2.6 million in Q1 2014

 

 

Q1 Gross margin on product sales of 33.5%, down 10.2 percentage points, compared with 43.7% in Q1 2014 primarily related to promotional reader placements

 

 

Q1 2015 GAAP Net loss of $(1.1 million), or $(0.11) per share, compared with a GAAP Net loss of $(1.5 million), or $(0.19) per share in Q1 2014.

 

 

Excluding the non-cash warrant liability valuation adjustment, Q1 2015 Adjusted Net loss was $(1.2 million) compared with $(1.4 million) in Q1 2014

 

 

Q1 2015 Adjusted EBITDA (a non-GAAP financial measure) loss of $(0.6 million), compared with $(0.8 million) in Q1 2014

 

Financial results for the three months ended March 31, 2015:

 

 

Product sales increased 28% to $3.3 million for the quarter ended March 31, 2015 compared to $2.6 million for the same quarter in 2014. The increase was primarily due to higher instrument and cardiovascular test sales in China.

 

 

Collaborative revenue from the Joinstar collaboration was $0.3 million in Q1 2015. We are eligible to receive an additional US$2.2 million in milestones during the remaining approximately 12 months of the development project.

 

 

Gross margin on product sales decreased to 33.5% for the quarter ended March 31, 2015 compared to a gross margin of 43.7% in the same quarter of 2014. This decrease is primarily due to reader placement promotions that were implemented in the fourth quarter of 2014 and continued into the first quarter of 2015, as well as an increase in inventory provisions versus the comparable period. Our manufacturing cost reduction initiatives continue, with further production automation on schedule for implementation later in 2015.

 

 

 
 

The following information was filed by Response Biomedical Corp (RPBIF) on Friday, May 8, 2015 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-Q Quarterly 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-Q Quarterly Report

Consolidated Balance Sheets (unaudited)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Loss And Comprehensive Income (loss) (unaudited)
Consolidated Statements Of Shareholders' Deficit (unaudited)
Document And Entity Information
Note 1 - Description Of Business
Note 10 - Related Party Transactions
Note 10 - Related Party Transactions (details)
Note 11 - Commitments
Note 11 - Commitments (details)
Note 12 - Segmented Information
Note 12 - Segmented Information (details)
Note 12 - Segmented Information (details) - Product Sales By Customer Location
Note 12 - Segmented Information (details) - Product Sales By Type Of Product
Note 12 - Segmented Information (tables)
Note 13 - Comparative Figures
Note 2 - Basis Of Presentation And Going Concern Uncertainty
Note 2 - Basis Of Presentation And Going Concern Uncertainty (details)
Note 3 - Recent Accounting Pronouncements
Note 4 - Fair Value Measurements
Note 4 - Fair Value Measurements (details)
Note 4 - Fair Value Measurements (details) - Changes In Fair Value Of The Level 3 Financial Liabilities
Note 4 - Fair Value Measurements (details) - Financial Instrument Carried At Fair Value
Note 4 - Fair Value Measurements (details) - Quantitative Information About Unobservable Inputs
Note 4 - Fair Value Measurements (tables)
Note 5 - Inventories
Note 5 - Inventories (details)
Note 5 - Inventories (details) - Inventory
Note 5 - Inventories (tables)
Note 6 - Accounts Payable And Accrued Liabilities
Note 6 - Accounts Payable And Accrued Liabilities (details)
Note 6 - Accounts Payable And Accrued Liabilities (details) - Accounts Payable And Accrued Liabilities
Note 6 - Accounts Payable And Accrued Liabilities (tables)
Note 7 - Term Loan
Note 7 - Term Loan (details)
Note 7 - Term Loan (details) - Future Principal Payments For Term Loan (incomplete)
Note 7 - Term Loan (details) - Term Loan Componnets
Note 7 - Term Loan (tables)
Note 8 - Lease Inducements
Note 8 - Lease Inducements (details)
Note 8 - Lease Inducements (details) - Summary Of Lease Inducements
Note 8 - Lease Inducements (tables)
Note 9 - Share Capital And Additional Paid-in Capital
Note 9 - Share Capital And Additional Paid-in Capital (details)
Note 9 - Share Capital And Additional Paid-in Capital (details) - Allocation Of Stock-based Compensation, By Type Of Cost
Note 9 - Share Capital And Additional Paid-in Capital (details) - Estimated Fair Value Of Warrants Issued
Note 9 - Share Capital And Additional Paid-in Capital (details) - Reconciliation Of Weighted Average Number Of Common Shares Outstanding
Note 9 - Share Capital And Additional Paid-in Capital (details) - Restricted Share Unit Plan
Note 9 - Share Capital And Additional Paid-in Capital (details) - Share-based Payment Award, Stock Options, Valuation Assumptions
Note 9 - Share Capital And Additional Paid-in Capital (details) - Stock Options, Activity
Note 9 - Share Capital And Additional Paid-in Capital (details) - Stock Options, Outstanding
Note 9 - Share Capital And Additional Paid-in Capital (tables)

Material Contracts, Statements, Certifications & more

Response Biomedical Corp provided additional information to their SEC Filing as exhibits

Ticker: RPBIF
CIK: 806888
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-15-015944
Submitted to the SEC: Fri Aug 14 2015 5:25:57 PM EST
Accepted by the SEC: Fri Aug 14 2015
Period: Tuesday, June 30, 2015
Industry: Testing Laboratories

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