NEW YORK, Feb. 23 (GenomeWeb News) - Cepheid shares were down 7.31 percent, or $.71, at $9 in afternoon trade after the company reported a wider fourth-quarter net loss and forecast deeper losses in 2006.
Cepheid yesterday reported a a net loss of $3.2 million, or $.08 per share during the third quarter, compared with a net loss of $3.0 million, or $.07 per share during the same quarter last year.
The company said fourth quarter revenues rose 16 percent to $23.6 million from $20.3 million year over year, driven by 15 percent growth in product sales.
The company attributed the increase primarily to a growth in product sales, including sales of reagents and disposables, which increased to $22.2 million from $19.4 million in the year-ago period.
R&D spending during the quarter rose to $5.2 million, compared to $4.4 million during the fourth quarter last year.
Cepheid expects a net loss in the range of $7 million to $9 million in 2006 on product sales in the range of $94 million to $98 million.
As of Sept. 30, 2005, Cepheid had $16.1 million in cash and cash equivalents and $21.2 million in marketable securities.