SUNNYVALE, Calif., Feb. 2, 2016 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today reported revenue for the fourth quarter of 2015 of $147.0 million, representing growth of 12% from $131.5 million for the fourth quarter of 2014. Net loss was $(9.8) million, or $(0.14) per share, which compares to net loss of $(23.8) million, or $(0.34) per share, in the fourth quarter of 2014.
Excluding stock-based compensation expense, amortization of debt discount and transaction costs, amortization of purchased intangible assets, and a restructuring benefit, non-GAAP net income for the fourth quarter of 2015 was $5.2 million, or $0.07 per share. This compares to non-GAAP net income of $7.8 million, or $0.11 per share, in the fourth quarter of 2014, which excluded stock-based compensation expense, a legal contingency charge, amortization of debt discount and transaction costs, and amortization of purchased intangible assets.
Fiscal 2015 Overview
For the year ended December 31, 2015, Cepheid reported revenue of $538.6 million which compares to revenue of $470.1 million in 2014. Net loss for the year was $(48.5) million, or $(0.67) per share, which compares to net loss of $(50.1) million, or $(0.72) per share, in 2014.
Excluding stock-based compensation expense, amortization of debt discount and transaction costs, amortization of purchased intangible assets, and a restructuring benefit, non-GAAP net income for the full year 2015 was $3.9 million, or $0.05 per share. This compares to a non-GAAP net income of $14.2 million, or $0.19 per share, for the full year 2014, which excluded stock-based compensation expense, a legal contingency charge, amortization of debt discount and transaction costs, and amortization of purchased intangible assets.
“With almost 2,000 GeneXpert Systems placed in 2015, we expect to reach 10,000 GeneXpert System cumulative placements in the first quarter of 2016, highlighting building momentum in customer adoption of the world’s most prevalent molecular diagnostics system,” said John Bishop, Cepheid’s Chairman and Chief Executive Officer. “With up to 23 tests already available on the platform today, we are delivering accuracy, ease-of-use, and flexibility to more customers than ever before. In 2016, we expect to continue to extend our reach into new geographies such as China and Japan, new customer segments including Physician Office Labs and Point-of-Care, and new markets including virology.”
Operational Overview
- Fourth quarter of 2015 total Clinical sales of $139.4 million grew 14% from $122.2 million in the fourth quarter of 2014. For the year ended December 31, 2015, total Clinical sales of $509.9 million grew 16% from $441.1 million in 2014.
- Total sales were, in millions:
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||
Clinical Systems | $ 27.1 | $ 22.1 | 23% | $ 83.0 | $ 84.7 | -2% | |||||
Clinical Reagents | 112.3 | 100.1 | 12% | 426.9 | 356.4 | 20% | |||||
Total Clinical | 139.4 | 122.2 | 14% | 509.9 | 441.1 | 16% | |||||
Non-Clinical | 7.6 | 9.3 | -19% | 28.7 | 29.0 | -1% | |||||
Total Sales | $ 147.0 | $ 131.5 | 12% | $ 538.6 | $ 470.1 | 15% | |||||
- By geography, total sales were, in millions:
Three Months Ended December 31, | Full Year Ended December 31, | ||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||
North America | |||||||||||
Clinical | $ 78.4 | $ 71.2 | 10% | $ 290.4 | $ 247.1 | 18% | |||||
Other | 7.5 | 8.5 | -13% | 27.6 | 24.9 | 11% | |||||
Total North America | 85.9 | 79.7 | 8% | 318.0 | 272.0 | 17% | |||||
