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Cepheid Reports Q1 Revenues Increase, and Confidence in its USPS System

NEW YORK, May 5 (GenomeWeb News) – Despite the temporary halt of additional deployments of its Biohazard Detection System for the US Postal Service, Cepheid today reported almost a doubling of total revenues for its first quarter ending March 31.

The company had receipts of $7.3 million for the period, compared to $3.8 million for the year-ago quarter, with product sales of $6.6 million for the quarter, compared to $3.1 million for the year-ago period. The company noted “significant sales” of its GeneXpert modules and anthrax test cartridges for the BDS system, which is being placed at multiple USPS sites. Last month the company said that additional deployment of the instruments was on hold pending an investigation of an anomaly in the data observed.  Some of the tests returned non-determinate answers -- that is, they failed to provide an answer. The company said that it is confident that the modules and test cartridges are functioning as expected.

Sunnyvale, Calif.-based Cepheid recorded a net loss of $4.2 million for the quarter, compared to a loss of $4.6 million for the same quarter last year. 

Cepheid reported research and development expenses of $3.5 million for the quarter, compared to $3.6 million for the year-ago period.

As of March 31, the company had $73 million in cash and cash equivalents on hand.

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