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Response Biomedical Corp (RPBIF) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2016

Response Biomedical Corp

CIK: 806888 Ticker: RPBIF

Exhibit 99.1

 

 

 

Response Biomedical Corp. Announces Fourth Quarter

and Fiscal 2015 Financial Results

 

VANCOUVER, British Columbia – March 21, 2016 - Response Biomedical Corp. (“Response” or the “Company”) (TSX: RBM, OTC: RPBIF) a commercial stage in-vitro medical device company with products for the laboratory and point of care markets, today reported financial results for its fourth quarter and year ended December 31, 2015, including a 2015 GAAP net loss of $(150,000), or $(0.02) per share, compared with a GAAP net loss of $(2.1 million), or $(0.26) per share in 2014, and 2015 Adjusted EBITDA (a non-GAAP financial measure) of $822,000, compared with a negative Adjusted EBITDA of $(4.0 million) in 2014.

 

“We are pleased to report our first full year of Adjusted EBITDA profitable growth with a 40% increase to $15.4 million in total revenue in 2015 - $3.4 million in Joinstar collaboration revenue and $12.0 million in product sales. This revenue growth, combined with our cost cutting and efficiency initiatives, resulted in Adjusted EBITDA of $822,000, a $4.9 million improvement in Adjusted EBITDA over 2014,” said Dr. Barbara Kinnaird, Chief Executive Officer of Response.

 

“We also had both significant revenue growth and positive Adjusted EBITDA for the fourth quarter of 2015 relative to the prior year,” said Dr. Kinnaird. Our national distribution partner, who no longer has exclusive distribution rights in China, has continued its purchases from us this quarter, albeit at a reduced rate from the first two quarters of the year. We are continuing to help our partner to work through its excess inventory. In addition, we have made good progress in our collaboration with Joinstar, earning a US$720,000 milestone in the fourth quarter,” noted Dr. Kinnaird. “Finally, our cost cutting and efficiency initiatives continue and have contributed to our improved fourth quarter gross margin, up 7.4 percentage points from the prior year.”

 

“Year over year, our product sales in China have increased 8% while our sales outside of China have increased 15%. We continue to focus on improving efficiencies and reducing costs while at the same time making strategic investments in high growth market segments. The addition of the PCT test to the RAMP® platform in early 2016 reflects our focus on adding high quality acute care tests to help improve patient outcomes,” said Dr. Kinnaird.

 

The Company was also advised by the Toronto Stock Exchange that it has been granted a 30 day extension from March 21, 2016 to demonstrate compliance with the continued listing requirements of the Toronto Stock Exchange.

 

Financial highlights for fiscal year 2015 include the following:

 

 

Total revenue of $15.4 million, up 40% from $11.0 million in 2014;

 

17% reduction of total operating expenses to $7.8 million compared to $9.4 million in 2014;

 

2015 GAAP net loss of $(150,000), or $(0.02) per share, compared with a GAAP net loss of $(2.1 million), or $(0.26) per share in 2014. These GAAP figures include a non-cash warrant liability valuation adjustment gain of $948,000 in 2015 and $4.0 million in 2014;

 

Excluding the non-cash warrant liability valuation adjustment, 2015 Adjusted Net loss was $(1.1 million) compared with an Adjusted Net loss of $(6.0 million) in 2014; and

 

2015 Adjusted EBITDA (a non-GAAP financial measure) of $822,000, compared with a negative Adjusted EBITDA of $(4.0 million) in 2014.

  

 
 

The following information was filed by Response Biomedical Corp (RPBIF) on Wednesday, March 23, 2016 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

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

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: 0001437749-16-032052
Submitted to the SEC: Mon May 16 2016 5:12:52 PM EST
Accepted by the SEC: Mon May 16 2016
Period: Thursday, March 31, 2016
Industry: Testing Laboratories

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