SUNNYVALE, Calif., July 17, 2014 /PRNewswire/ -- Cepheid /quotes/zigman/83077/delayed/quotes/nls/cphd CPHD -9.04% today reported revenues for the second quarter of 2014 of $116.5 million, representing growth of 21% from $96.0 million for the second quarter of 2013. Net loss in the second quarter of 2014 was $(9.8) million, or $(0.14) per share, which compares to net loss of $(6.6) million, or $(0.10) per share, in the second quarter of 2013.
Excluding stock-based compensation expense, amortization of debt discount and debt issuance costs, and amortization of purchased intangible assets, non-GAAP net income for the second quarter of 2014 was $2.3 million, or $0.03 per share. This compares to non-GAAP net income of $1.2 million, or $0.02 per share, in the second quarter of 2013.
“With continuing adoption of our GeneXpert system in both commercial and emerging HBDC geographies, we placed a record 1,084 GeneXpert systems in the quarter, more systems than we placed in all of 2012,” said John Bishop, Cepheid’s Chairman and Chief Executive Officer. “Furthermore, we continued to execute well on Xpert® test menu expansion, making Xpert HPV, Xpert Norovirus and Xpert Carba-R available for the first time to our international customers during the quarter, bringing the total number of tests available to 17.”
Operational Overview
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Total sales were, in millions:
| | Three Months Ended June 30, | ||||
| | 2014 | | 2013 | | Change |
| | | | | | |
| Clinical Systems | $ 28.3 | | $ 16.7 | | 70% |
| Clinical Reagents | 83.0 | | 70.8 | | 17% |
| Total Clinical | 111.3 | | 87.5 | | 27% |
| | | | | | |
| Non-Clinical & Other | 5.2 | | 8.5 | | -39% |
| Total Sales | $ 116.5 | | $ 96.0 | | 21% |
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By geography, total sales were, in millions:
| | Three Months Ended June 30, | ||||
| | 2014 | | 2013 | | Change |
| North America | | | | | |
| Clinical | $ 57.7 | | $ 49.9 | | 16% |
| Non-Clinical & Other | 3.9 | | 7.5 | | -47% |
| Total North America | 61.6 | | 57.4 | | 7% |
| | | | | | |
| International | | | | | |
| Clinical | 53.7 | | 37.6 | | 43% |
| Non-Clinical & Other | 1.2 | | 1.0 | | 16% |
| Total International | 54.9 | | 38.6 | | 42% |
| | | | | | |
| Total Sales | $ 116.5 | | $ 96.0 | | 21% |
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During the quarter, Cepheid installed a total of 158 GeneXpert systems in its commercial Clinical business. Additionally, the Company placed a total of 926 GeneXpert systems as part of its High Burden Developing Country (HBDC) program. Including the HBDC systems, a cumulative total of 7,096 GeneXpert systems have been placed worldwide as of June 30, 2014.
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GAAP gross margin on sales was 49% and non-GAAP gross margin on sales was 50%, which compares to 45% and 47%, respectively, in the second quarter of 2013.
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Cash, cash equivalents and investments were $385 million as of June 30, 2014.
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DSO was 43 days.
Business Outlook
For the fiscal year ending December 31, 2014, the Company expects:
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Total revenue in the range of $452 to $461 million;
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Net loss in a range from $(0.54) to $(0.51) per share; and
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Non-GAAP net income in the range of $0.10 to $0.13 per share.
Expected non-GAAP net income excludes approximately $33 million related to stock-based compensation expense, approximately $9 million related to the amortization of debt discount and debt issuance costs, and approximately $3 million related to the amortization of acquired intangibles. The fully diluted share count for the year is expected to be approximately 70 million, except in the event we have non-GAAP net income, in which case the share count would be approximately 73 million shares.
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