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Cepheid Reports 2009 First Quarter Results
Date:4/23/2009

Eighth Quarter of Consecutive Growth in Clinical Reagents; Up 79% From 2008 First Quarter

SUNNYVALE, Calif., April 23 /PRNewswire-FirstCall/ -- Cepheid (Nasdaq: CPHD) today reported revenue for the first quarter of 2009 of $38.8 million. Net loss was $7.4 million, or $(0.13) per share, which compares to revenue of $44.8 million and a net loss of $1.9 million, or $(0.03) per share, in the first quarter of fiscal 2008.

Excluding amortization of purchased intangible assets, stock compensation and restructuring expenses, non-GAAP net loss for the first quarter was $2.9 million, or $(0.05) per share. This compares to a non-GAAP net income of $1.7 million, or $0.03 per share, in the first quarter of fiscal 2008.

"Despite broader economic uncertainty, sales for our Clinical tests continued to grow at a significant rate, running over 79% ahead of the first quarter of 2008, and in large part offsetting the anticipated declines in the Partner and Biothreat businesses," said John Bishop, Cepheid's Chief Executive Officer. "Despite the tough sales environment, we placed 95 systems worldwide during the first quarter. Additionally, we achieved an important milestone for Cepheid with the placement of our 1,000th GeneXpert(R) System, highlighting that its ease-of-use and flexibility continue to be compelling."

"Account utilization of our test menu continued to grow during the first quarter, along with our pipeline of available tests," continued Bishop. "We recently released our Xpert(R) MRSA/SA-nasal product in Europe for pre-surgical testing, and expect to release our Xpert(R) TB/RIF for multi-drug resistant tuberculosis in Europe next week. Additionally, I am pleased to announce that we have submitted our Clostridium difficile assay to the FDA for 510(k) market clearance. These product developmen
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