NEW YORK (GenomeWeb) – Molecular diagnostics manufacturer Cepheid announced today preliminary fourth quarter financial results.
For the quarter ended Dec. 31, 2015, the company expects to report revenue of about $147 million, the firm noted in a statement.
This revenue was driven by "stronger than expected" performance of the company's commercial systems and high-burden developing country sales, and was offset by reduced revenue from commercial influenza due to a delayed and "possibly milder than expected" influenza season.
Cepheid's preliminary Q4 revenues are in line with previous guidance issued by the firm of $146 million to $150 million, and also in line with the average analysts' estimate of $146.95 million.
The company's third quarter earnings missed guidance on the top and bottom lines, leading to a double-digit percentage drop in stock value. The firm was also recently downgraded by Wells Fargo, with the investment firm questioning Cepheid's "credibility and visibility" after it revised its 2017 profit outlook.
Cepheid's stock was up slightly during early Monday trade on Nasdaq.