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Driven by Clinical Business, Cepheid's Q3 Revenues Rise 24 Percent

NEW YORK (GenomeWeb News) – Cepheid’s third-quarter revenues grew 24 percent, and the firm posted a 36 percent rise in net loss in the three-month period ended Sept. 30.
 
The Sunnyvale, Calif.-based molecular diagnostics firm brought in revenues of $44.9 million for the quarter compared to $36.3 million in the comparable quarter of 2007.
 
System product sales decreased 12 percent to $14 million from $15.9 million, while reagent and disposables sales jumped by 57 percent to $28.4 million from $18.1 million.
 
Total clinical sales rose 43 percent to $29.6 million from $20.7 million, while industrial sales declined about 5 percent to $4.2 million from $4.4 million and biothreat sales dipped about 3 percent to $8.6 million from $8.9 million.
 
Cepheid CEO John Bishop said in a statement that the third-quarter revenue bump came from “very strong North American system placements” and increased sales of MRSA tests.
 
Cepheid’s net loss increased to $6.5 million, or $.11 per share, from $4.7 million, or $.09 per share, in the third quarter of 2007.
 
The company’s R&D spending increased 38 percent to $11.6 million from $8.4 million, while its SG&A costs grew 24 percent to $13.4 million from $10.8 million.
 
Cepheid finished the quarter with $24.4 million in cash and cash equivalents.
 
The company said it expects total revenue for 2008 to be in the range of $174 million to $176 million, and the company foresees a net loss for the year between $22.5 million and $23.5 million.
 
In early Wednesday trade on the Nasdaq, Cepheid’s shares were up nearly 13 percent at $10.43.

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