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Cepheid Reports 2013 Second Quarter Results

y, total sales were, in millions: Three Months Ended June 30,20132012ChangeNorth AmericaClinical

47.55%Non-Clinical & Other

7.59.5-21%Total North America57.457.01%InternationalClinical

37.622.269%Non-Clinical & Other

1.01.8-41%Total International38.624.061%Total Sales$

  • During the quarter, Cepheid installed a total of 156 GeneXpert systems in its commercial Clinical business.  Additionally, the Company placed a total of 279 GeneXpert systems as part of its High Burden Developing Country (HBDC) program.  Including the HBDC systems, a cumulative total of 4,552 GeneXpert systems have been placed worldwide as of June 30, 2013.
  • GAAP gross margin on sales was 45% and non-GAAP gross margin on sales was 47%, which compares to 57% and 58%, respectively, in the second quarter of 2012.  Excluding the impact of the unanticipated inventory reserve of approximately $3.0 million, GAAP gross margin on sales was 48% and non-GAAP gross margin on sales was 50%.
  • Cash and cash equivalents were $85.0 million as of June 30, 2013.
  • DSO was 45 days.
  • Business OutlookFor the fiscal year ending December 31, 2013, the Company's full year guidance has been revised to reflect additional investment in manufacturing operations to fully prepare the Company to effectively manage growing demand and expected revenue mix between Commercial Clinical and HBDC.  With these points in mind, the Company now expects:

  • Total revenue in the range of $380 to $385 million;
  • Net loss in a range from $(0.30) to $(0.27) per share; and
  • Non-GAAP net income in the range of $0.18 to $0.21 per share. 
  • Expected non-GAAP net income excludes approximately $29 million related to stock compensation expense and approximately $4 million related to the amortization of acquired intangibles.  The fully diluted share count for the

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