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Cepheid Q2 Revenues Rise 10 Percent

NEW YORK (GenomeWeb) – Cepheid reported after the close of the market Thursday that its second quarter revenues grew 10 percent year over year.

The firm reported total revenues of $146.0 million for the quarter ended June 30, up from $132.5 million in the year-ago quarter, in line with the average analyst estimate of $145.9 million.

Systems and other revenue was up 2 percent to $24.8 million from $24.4 million, while reagents and disposables revenue was up 12 percent to $121.2 million from $108.1 million. International sales had the biggest gain in the quarter, rising 15 percent to $64.8 million from $56.3 million, while North American revenues rose 7 percent to $81.2 million from $76.2 million.

"Solid second quarter performance was driven by building momentum across our commercial organization that sets us up well for strong growth in the second half of 2016," said Chairman and CEO John Bishop in a statement accompanying the earnings release. "We also continued to move our virology and oncology products closer to market in the United States and Internationally, respectively, and made excellent progress on our next-generation platforms, the Honeycomb and Omni Systems."

Cepheid reported its net loss for the quarter narrowed to $10.2 million, or $.14 per share, from $16.7 million, or $.23 per share, in Q2 2015. On an adjusted basis, the company reported earnings per share of $.05 per share.

The company's R&D expenses totaled $33.6 million, up nearly 20 percent from $28.1 million, while SG&A expenses rose nearly 2 percent to $45.3 million from $44.5 million.

Cepheid ended the quarter with $100.3 million in cash and cash equivalents, and $223.2 million in short-term investments.

The company confirmed FY 2016 revenue guidance of $618.0 million to $635.0 million, but updated its loss per share estimate for the year to a range of $.47 to $.44. Cepheid further anticipates that its adjusted earnings per share for the year will be $.31 to $.34. The firm had previously guided for a net loss of $.57 to $.51 per share and adjusted EPS between $.22 and $.28 per share. Analysts in average expect revenues of $621.7 million for the year, and EPS of $.25.