Cepheid Reports Fourth Quarter and Full Year 2010 Results
SUNNYVALE, Calif., Jan. 27, 2011 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today reported revenue for the fourth quarter of 2010 of $58.7 million. Net income was $1.3 million, or $0.02 per fully diluted share, which compares to revenue of $49.2 million and a net loss of $4.3 million, or $(0.07) per share, in the fourth quarter of fiscal 2009. Excluding amortization of purchased intangible assets and stock compensation expenses, non-GAAP net income for the fourth quarter of fiscal 2010 was $6.1 million, or $0.09 per fully diluted share. This compares to a non-GAAP net income of $0.3 million, or $0.01 per fully diluted share, in the fourth quarter of fiscal 2009.
Fiscal 2010 Overview
For the full fiscal year ended December 31, 2010, Cepheid reported revenue of $212.5 million which compares to revenue of $170.6 million in 2009. Net loss for the full year was $5.9 million, or $(0.10) per share, which compares to a net loss of $22.5 million, or $(0.39) per share, in 2009. Excluding amortization of purchased intangible assets and stock compensation expenses, non-GAAP net income for the full year was $12.5 million, or $0.20 per fully diluted share. This compares to a non-GAAP net loss, which excludes amortization of purchased intangible assets, stock compensation expenses and restructuring expenses, of $5.0 million, or $(0.09) per share, for the full year 2009.
"As we enter 2011, awareness of Cepheid's technology leadership and the unique capabilities of our GeneXpert® system has never been higher, with more than 1,800 systems placed globally and our broadest test menu ever," said John Bishop, Cepheid's Chief Executive Officer. "Strong market adoption of our growing Xpert® test menu was a significant driver for our success in 2010 and is expected to continue in 2011."
Operational Overview
- Fourth quarter of fiscal 2010 Clinical sales of $46.4 million grew 30% from $35.6 million in the fourth quarter of 2009, and total fourth quarter of fiscal 2010 product sales of $56.2 million grew 17% from the same quarter a year ago. For the full year 2010, total Clinical sales of $162.5 million grew 40% from $115.9 million reported for the full year 2009. By industry, product sales were, in millions:
Three Months Ended December 31, | Full Year Ended December 31, | |||||||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||||||
Clinical Systems | $ 9.6 | $ 10.0 | -4% | $ 31.3 | $ 26.2 | 19% | ||||||
Clinical Reagents | 36.8 | 25.6 | 44% | 131.2 | 89.7 | 46% | ||||||
Total Clinical | 46.4 | 35.6 | 30% | 162.5 | 115.9 | 40% | ||||||
Industrial | 4.1 | 6.1 | -33% | 18.1 | 19.2 | -5% | ||||||
Biothreat | 4.7 | 5.1 | -8% | 22.2 | 24.8 | -10% | ||||||
Partner | 1.0 | 1.4 | -29% | 4.1 | 5.3 | -23% | ||||||
Total Product Sales | $ 56.2 | $ 48.2 | 17% | $ 206.9 | $ 165.2 | 25% | ||||||
- By geography, product sales were, in millions:
Three Months Ended December 31, | Full Year Ended December 31, | |||||||||||
2010 | 2009 | Change | 2010 | 2009 | Change | |||||||
North America | ||||||||||||
Clinical | $ 35.8 | $ 27.1 | 32% | $ 127.3 | $ 88.5 | 44% | ||||||
Other | 8.1 | 9.1 | -11% | 37.4 | 40.3 | -7% | ||||||
Total North America | 43.9 | 36.2 | 21% | 164.7 | 128.8 | 28% | ||||||
International | ||||||||||||
Clinical | 10.6 | 8.5 | 26% | 35.2 | 27.4 | 29% | ||||||
Other | 1.7 | 3.5 | -51% | 7.0 | 9.0 | -22% | ||||||
Total International | 12.3 | 12.0 | 3% | 42.2 | 36.4 | 16% | ||||||
Total Product Sales | $ 56.2 | $ 48.2 | 17% | $ 206.9 | $ 165.2 | |||||||