SAN FRANCISCO, April 23 - Cepheid on Tuesday posted decreased revenues and a widened loss for the first quarter 2002.
For the three months ended March 31, the company reported revenues of $2.4 million, compared with $3.3 million in the same period one year ago. Cepheid said the decrease was due to the loss of $1 million in government contracts.
"We are moving aggressively to strengthen our European distribution capability in view of the continued weakness in European sales seen in the first quarter," Thomas Gutshall, Cepheid's chairman, said in a statement.
Cepheid also said that net losses widened to $4.9 million, or $.19 a share in the first quarter of 2002, compared with $3.2 million, or $.12 a share one year ago. R&D spending increased roughly $300,000 year-over-year to approximately $4 million.
Cepheid said it has roughly $20.9 million in the bank and plans to burn an average of $1.5 million a month during 2002.
Last week, the company named John Bishop its new CEO.