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Cepheid Q1 Revenues Rise 9 Percent

NEW YORK (GenomeWeb) — Cepheid said after the close of the market Thursday that its first quarter revenues grew 9 percent year over year.

For the quarter ended March 31, the molecular diagnostics firm reported total revenues of $144.8 million, up from $132.6 million in the comparable quarter a year ago, and beating average analysts' estimates of $140.2 million. On a constant-currency basis, Q1 revenues grew 13 percent year over year.

Cepheid previously grouped revenues into three categories: clinical systems, clinical reagents, and non-clinical and other. Revenues today were reported as systems and other and reagents and disposables.

Cepheid said that systems and other revenue increased 30 percent year over year to $24.3 million from $18.7 million in Q1 2015. Reagents and disposables, meantime, grew 6 percent to $120.5 million from $113.9 million.

Cepheid delivered the 10,000th GeneXpert system in the quarter, up from a cumulative total of 8,321 GeneXpert systems worldwide in the first quarter of 2015.

During the quarter Cepheid released the Xpert Carba-R in the US and the next generation of its Xpert MRSA test internationally.

Cepheid reported a net loss of $6.6 million, or $0.9 per share, compared to a net income of $906,000, or $.01 per share a year ago. On an adjusted basis, net income for the quarter was $6.3 million, or $.08 per share. On average, analysts had estimated a gain of $.01 per share.

The company's R&D expenses totaled $29.9 million, up about 25 percent from $24.0 million in the year-ago period, while SG&A expenses rose 6 percent to $43.9 million from $41.5 million.

Cepheid ended the quarter with $89.8 million in cash and cash equivalents, and $202.5 million in short-term investments.

The firm also reiterated its full-year 2016 revenue guidance to a range of $618 million to $635 million and a net loss in a range of $.57 to $.51 per share. Adjusted EPS is expected to be between $.22 and $.28 per share.

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