Response Biomedical Corp., a leading developer, manufacturer and marketer of rapid on-site diagnostic tests, recently announced the company’s preliminary year-end 2009 financial results. The company expects to report annual revenues of roughly $10 million for 2009, compared to $5.87 million in 2008. On March 25, 2009, the company will host a conference call and announce complete fourth quarter and year-end financial results.
Response Biomedical’s proprietary technology is the RAMP® Platform that is utilized for clinical and environmental applications. The company’s RAMP® system consists of a reader and single-use disposable test cartridges that can be adapted to over 250 medical and non-medical tests currently performed in laboratories. This technology is commercially available for the early detection of numerous serious health ailments, including heart attack, congestive heart failure and influenza.
S. Wayne Kay, chief executive officer of Response Biomedical Corporation, stated, “This is an exciting time in the company’s history, with 2009 being a record year for overall revenue. These results are consistent with our plan, which anticipates another near-doubling of revenues in 2010 and becoming cash flow positive during the fourth quarter of 2010.”
Further commenting on the company’s growth, Mr. Kay continued, “This exciting revenue growth in the rapid point-of-care market space is in great part the result of our blue chip partners, Roche Diagnostics, 3M Health Care and Shionogi Limited, together with our own efforts in China. Roche Diagnostics launched our cardiac line earlier in 2009 in the U.S. and 3M continued its launch of the Flu A+B product in the United States, also adding our RAMP® RSV test to the platform this past October, as well. We look forward to discussing our progress this week, as we attend the 28th Annual J.P. Morgan Healthcare Conference in San Francisco.”