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Cepheid Reports Second Quarter Revenue of $42.1 Million
Date:7/24/2008

65 Percent Increase in Product Sales Driven by Robust MRSA Growth

SUNNYVALE, Calif., July 24 /PRNewswire-FirstCall/ -- Cepheid (Nasdaq: CPHD) today reported revenue for the second quarter of 2008 of $42.1 million, an increase of 55% over the second quarter of fiscal 2007. Net loss was $7.5 million, or $(0.13) per share, which compares to revenue of $27.2 million and a net loss of $5.2 million, or $(0.10) per share, in the second quarter of fiscal 2007.

Excluding amortization of purchased intangible assets and stock compensation expenses, non-GAAP net loss for the second quarter was $3.5 million, or $(0.06) per share. This compares to a non-GAAP net loss of $2.7 million, or $(0.05) per share, in the second quarter of fiscal 2007.

"We are continuing to see rapid development of the Healthcare Associated Infection (HAI) market as sales for our Xpert(TM) MRSA test increased by 35% from the first quarter reaching approximately $11 million," said John Bishop, Cepheid's Chief Executive Officer. "Providing the fastest time-to-result in the industry, our GeneXpert(R) System continues to be the HAI molecular platform of choice, resulting in year-over-year growth in our clinical business of 186% for the first half of 2008."

"While our core clinical product laboratory sales grew to record levels in the second quarter, non-core clinical sales of products to other companies were below our expectations and we expect non-core clinical sales of products to other companies to continue to be below our expectations for the remainder of 2008," continued Bishop. "Our gross margin on product sales was also below our expectations as a result of a problem in the production of a cartridge part. Given that this was occurring with high volume production at an incidence rate of less than 1%, this could have taken an extended period to find and resolve. However, our operations team did an outstanding job in quickly finding the cause and correcting the problem w
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