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Cepheid (CPHD) Reports 2012 Second Quarter Results  
7/20/2012 9:55:08 AM

SUNNYVALE, Calif., July 19, 2012 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today reported revenues for the second quarter of 2012 of $81.0 million, representing growth of 21% from $67.0 million for the second quarter of 2011.  Net income was $1.1 million, or $0.02 per share, which compares to net income of $1.8 million, or $0.03 per share, in the second quarter of 2011.

Excluding employee stock-based compensation and amortization of purchased intangible assets, non-GAAP net income for the second quarter was $7.9 million, or $0.11 per share.  This compares to non-GAAP net income of $7.2 million, or $0.11 per share, in the second quarter of 2011.

"Growth in our installed base was strong during the second quarter, with a total of 271 GeneXpert system placements.  With a cumulative total of 3,350 placements globally, it is clear that benefits of our innovative system and our growing menu of Xpert tests continues to drive broad market adoption of our GeneXpert system," said John Bishop, Cepheid's Chief Executive Officer.   "We continued to execute well on test menu expansion during the quarter.  Our CT/NG test is now under FDA review in the United States, and we have been very encouraged by early customer feedback following the product's release in Europe."

"Looking forward, we continue to expect sales of our Xpert MTB/RIF test to grow to volumes in the millions in the next several years.  However, we do expect that certain features of the HBDC program could slow our progress on overall profitability goals in the immediate-term," continued Bishop.  "Coupled with a number of macro factors, namely less favorable currency rates and potentially lengthening capital sales cycles as we approach elections here in the United States, we are taking a more cautious view for the remainder of the year."

Operational Overview

  • Total product sales of $78.5 million in the second quarter of 2012 compared to $63.6 million in the second quarter of 2011.  By business, product sales were, in millions:

Three Months Ended June 30,


2012


2011


Change







Clinical Systems

$     13.9


$     13.2


5%

Clinical Reagents

55.8


44.1


27%

    Total Clinical 

69.7


57.3


22%







Non-Clinical

8.8


6.3


40%

Total Product Sales

$     78.5


$     63.6


23%







  • By geography, product sales were, in millions:

Three Months Ended June 30,


2012


2011


Change

North America






     Clinical

$     47.5


$     42.1


13%

     Non-Clinical

6.9


5.6


23%

Total North America

54.4


47.7


14%







International






     Clinical

22.2


15.2


46%

     Non-Clinical

1.9


0.7


171%

Total International

24.1


15.9


52%







Total Product Sales

$     78.5


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