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Instrument Sales, Contracts Help Double Cepheid's Q3 Revenue

NEW YORK (GenomeWeb News) — Cepheid today said third-quarter revenues increased 53 percent as R&D spending rose 50 percent and its net loss increased around 19 percent.
Total receipts for the three months ended Sept. 30 increased to $36.3 million from $23.8 million year over year.
Cepheid said instrument sales rose around 118 percent to $15.9 million; reagent and disposable sales increased 18 percent to $18.1 million; contract revenues more than doubled to $2 million; and government and government-sponsored research revenue rose 125 percent to $289,000.
Cepheid CEO John Bishop said third-quarter results were driven by GeneXpert sales. He also suggested that tests the firm is developing in addition to its molecular-based test for methicillin-resistant Staphylococcus aureus will be in demand due to the "significant problem" of healthcare-acquired infections.
Cepheid’s R&D spending rose to $8.4 million from $5.6 million year over year.
The company said its third-quarter loss rose to $4.7 million from $4 million in the year-ago period.
Cepheid said it had around $8.3 million in cash and cash equivalents, and $33.1 million in marketable securities as of Sept. 30.
The company projected total revenues for fiscal year 2007 to be in the range of $124 million to $127 million.

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