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Response Biomedical Corp (RPBIF) SEC Filing 10-Q Quarterly report for the period ending Friday, September 30, 2016

Response Biomedical Corp

CIK: 806888 Ticker: RPBIF

Exhibit 99.1

 

 

 

Response Biomedical Corp. Announces Second Quarter 2016

Financial Results and Filing of Definitive Proxy Statement for Special Meeting of Shareholders

 

VANCOUVER, British Columbia – August 12, 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 second quarter and six months ended June 30, 2016. Total revenue for the second quarter of 2016 was $1.3M and totaled $3.5M for the first half of 2016, a reduction of 69% and 55% respectively relative to the the comparable periods of 2015. While our sales to our China distributors have suffered during the transition to our new distribution network, our sales in the rest of the world continue to see year over year growth at an average rate of 16%.

 

Sales to the Company’s national distributor in China were nominal in the second quarter and down 78% from the comparable six month period in 2015, as this distributor continues to work through their excess inventory. In addition, the Company recently signed a new distribution contract with Shanghai Runda Medical Technology Co., Ltd. (“Runda”) who is working to increase our sales within our existing Chinese markets and expand into new territories in China.

 

Gross margin on product sales was 37% for the quarter and 41% for the first half of 2016 compared to 41% and 37% respectively in the comparable periods of 2015. Operating expenses decreased approximately 19% in the quarter and 17% for the first half of 2016 primarily due to reduced payroll and administrative expenses as a result of ongoing cost reduction efforts.

 

GAAP net loss for the first quarter of 2016 was ($1.3 million) or ($0.13) per share and was ($2.6 million) or ($0.26) per share for first half of 2016. Adjusted EBITDA was ($674,000) and ($995,000) for the second quarter and first half of 2016 respectively compared with Adjusted EBITDA of $633,000 and ($22,000) in the comparable periods in 2015. 

 

Response also announced that it has filed its definitive Proxy Statement related to the Special Meeting of Shareholders to be held at 11:00 a.m. (Pacific Time) on September 16, 2016 at the Company’s head office in Vancouver, B.C. The purpose of the Special Meeting is to approve the previously announced arrangement agreement (the “Arrangement Agreement”) with 1077801 B.C. Ltd., a company jointly owned by OrbiMed and Runda, which will acquire all of the issued and outstanding common shares of Response for cash consideration of $1.12 per Response Share (except in the case of certain rollover shareholders who will instead receive shares of 1077801 B.C. Ltd. on a 1 for 1 basis) by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia).

 

For a further discussion of the Company’s financial results for the three and six months ended June 30, 2016, please refer to the Company’s consolidated financial statements and related Management Discussion and Analysis. For more information on the Arrangement Agreement please refer to the Company’s Proxy Circular for our Special Meeting of Shareholders. Both documents 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 72 hours of the distribution of the news release.

 

 
 

The following information was filed by Response Biomedical Corp (RPBIF) on Tuesday, August 16, 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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Definitive Proxy Statement (Form DEF 14A)
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Response Biomedical Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

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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 (current Period Unaudited)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Income (loss) And Comprehensive Income (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 - Segmented Information
Note 12 - Segmented Information (details Textual)
Note 12 - Segmented Information (tables)
Note 12 - Segmented Information - Product Sales By Customer Location (details)
Note 12 - Segmented Information - Product Sales By Type Of Product (details)
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 - Fair Value Measurements
Note 4 - Fair Value Measurements (details Textual)
Note 4 - Fair Value Measurements (tables)
Note 4 - Fair Value Measurements - Changes In Fair Value Of The Level 3 Financial Liabilities (details)
Note 4 - Fair Value Measurements - Financial Instrument Carried At Fair Value (details)
Note 4 - Fair Value Measurements - Quantitative Information About Unobservable Inputs (details)
Note 5 - Inventories
Note 5 - Inventories (details Textual)
Note 5 - Inventories (tables)
Note 5 - Inventories - Schedule Of 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 (tables)
Note 6 - Accounts Payable And Accrued Liabilities - Schedule Of Accounts Payable And Accrued Liabilities (details)
Note 7 - Term Loan
Note 7 - Term Loan (details Textual)
Note 7 - Term Loan (tables)
Note 7 - Term Loan - Future Principal Payments For Term Loan (details)
Note 7 - Term Loan - Term Loan Components (details)
Note 8 - Lease Inducements
Note 8 - Lease Inducements (details Textual)
Note 8 - Lease Inducements (tables)
Note 8 - Lease Inducements - Summary Of Lease Inducements (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 Capital And Additional Paid-in Capital - Allocation Of Stock-based Compensation By Type Of Cost (details)
Note 9 - Share Capital And Additional Paid-in Capital - Estimated Fair Value Of Warrants Issued (details)
Note 9 - Share Capital And Additional Paid-in Capital - Outstanding Stock Options (details)
Note 9 - Share Capital And Additional Paid-in Capital - Reconciliation Of Weighted Average Number Of Common Shares Used In Calculating Eps (details)
Note 9 - Share Capital And Additional Paid-in Capital - Restricted Share Unit Plan (details)
Note 9 - Share Capital And Additional Paid-in Capital - Share-based Payment Award, Stock Options, Valuation Assumptions (details)
Note 9 - Share Capital And Additional Paid-in Capital - Stock Options Activity (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: 0001437749-16-042088
Submitted to the SEC: Mon Nov 14 2016 4:46:55 PM EST
Accepted by the SEC: Mon Nov 14 2016
Period: Friday, September 30, 2016
Industry: Testing Laboratories

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