August 10, 2011 / 2:38 PM / 7 years ago

UPDATE 1-Response Biomedical posts narrower Q2 loss, shares up

Aug 10 (Reuters) - Canada’s Response Biomedical Corp posted a narrower quarterly loss helped by strong results in its cardiac test business in Europe, China and the Middle East, sending its shares up 19 percent.

The company, which makes on-site diagnostic tests, said the timing of the distribution of products to China could lead to fluctuations in revenue.

The company reported a second-quarter net loss of C$719,685 ($725,014), or 2 Canadian cents a share, compared with C$1.9 million, or 7 Canadian cents a share, last year.

The Vancouver, British Columbia-based company’s revenue rose 23 percent to C$2.8 million.

Gross margin rose to 35 percent from 14 percent.

Operating costs fell 30 percent helped by job cuts last year.

Shares of company were trading up 19 percent at 25 Canadian cents in morning trade on the Toronto Stock Exchange. The stock was the fourth highest percentage gainer on the Exchange. ($1 = 0.993 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Sriraj Kalluvila)

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