Response Biomedical Corporation (TSX:RBM) (OTCBB:RPBIF) reported that clinical products revenue for the three and six month periods ended June 30, 2009 increased 373% and 208% to $1,805,308 and $3,548,014, respectively, compared to $381,615 and $1,150,760 for the same periods in 2008.
Total revenues for the second quarter increased 174% from the same quarter in 2008, from $997,515 in Q2/2008 to $2,735,415 in Q2/2009.
For the three and six month periods ended June 30, 2009, the Company reported a loss of $1,898,987 or $0.01 per share and $3,630,402 or $0.02 per share, respectively, compared to a loss of $3,740,494 or $0.03 per share and $7,284,605 or $0.05 per share for the same periods in 2008. This decrease in the loss for the three and six months period ended June 30, 2009 of 49% and 50%, respectively, is primarily due to higher gross profit on product sales, higher contract service fee and revenues from collaborative research arrangements and reduced expenses across all departments.
“We are continuing to show strong results as we work with our partners to introduce our rapid point-of-care (POC) diagnostic tests to an expanding market,” said S. Wayne Kay, CEO, Response Biomedical. “We had the second consecutive quarter with the highest revenues for any quarter in the Company’s history. These strong financial results for the first half of 2009 ensure we remain on track to finish the year with record revenues.”