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Cepheid's Product Sales up 2 Percent in Q2

NEW YORK (GenomeWeb News) – Cepheid reported after the close of the market on Thursday that its total revenues fell around 3 percent, but its product sales were up 2 percent, for the second quarter of 2009.

The Sunnyvale, Calif.-based molecular diagnostics firm brought in total revenues of $41 million for the three months ended June 30, compared to $42.1 million for the second quarter of 2008. Its product sales increased to $39.6 million from $39 million, while "other" revenues fell to $1.5 million from $3.1 million.

The firm's clinical reagents had a strong quarter, growing 54 percent to $21 million, while its clinical systems sales declined 14 percent to $5.7 million.

"Our clinical reagent business demonstrated strong growth as expected, highlighting continued adoption of the GeneXpert System's expanding test menu which now includes six FDA-cleared products in the US and 11 CE-marked products outside the US," Cepheid CEO John Bishop said in a statement. He noted that the firm placed 105 GeneXpert Systems during the quarter, bringing the total number of those systems on the market to 1,147.

Cepheid trimmed its net loss to $6.8 million, or $.12 per share, from $7.7 million, or $.13 per share.

Its R&D spending decreased 6 percent to $10.3 million from $11 million, and its SG&A costs fell 5 percent to $12.3 million from $12.9 million.

Cepheid finished the quarter with cash, cash equivalents, and investments of $35.1 million.

Company officials expect the firm to bring in total revenues of between $164 million and $170 million for full-year 2009, with a net loss in the range of $.43 to $.48 per share.

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