NEW YORK (GenomeWeb News) — Cepheid today said first-quarter revenues increased 27 percent as R&D spending rose 19 percent and profit declined around 6 percent.
Total receipts for the three months ended March 31 increased to $25.5 million from $20.1 million year over year.
Cepheid said instrument sales rose around 50 percent to $.8 million; reagent and disposable sales increased 3 percent to $15.2 million; contract revenues nearly tripled to $1.9 million; and government and government-sponsored research revenue rose five-fold to $1.6 million. The company said clinical products more than doubled to $7.43 million.
Cepheid CEO John Bishop said the clinical market is “emerging as the key driver to the growth of our business with a substantial level of opportunity.” Bishop added that the company expects its industrial and biothreat markets to “provide a continuing base of sales but growth rates will likely vary.”
R&D spending rose to $6.9 million from $5.8 million year over year.
The company said first-quarter profit fell to $6.2 million from $6.7 million in the year-ago period.
Cepheid said it had around $7.8 million in cash and cash equivalents, and $45.8 million in marketable securities.