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Cepheid Reports Soaring Product Sales in Q3 as Revenue More Than Doubles

NEW YORK, Nov. 3 (GenomeWeb News) - Cepheid's revenues more than doubled during the third quarter, driven by increased product sales, the company reported yesterday. However, this surge was almost eaten up by soaring costs of product sales, resulting in a slightly reduced net loss.

 

Cepheid's revenues for the quarter ended Sept. 30 totaled $14.1 million, up from $5.4 million during the same period last year. This increase was driven largely by sales related to the United States Postal Service Bio-hazard Detection System, and, to a lesser extent, by Life Sciences and Clinical Genetic Assessment products.

 

R&D expenses increased slightly, to $4 million from $3.8 million during the year-ago quarter.

 

The company's net loss for the quarter amounted to $2.9 million, or $.07 per share, down from $3.9 million, or $.11 per share, during the same quarter last year.

 

As of Sept. 30, Cepheid had $58.2 million in cash and cash equivalents.