Cepheid Reports 2009 Second Quart...(lover approach which quantifies misstat...),Health

Date:7/30/2009

lover" approach, which quantifies misstatements originating in the current year statement of operations and the "iron curtain" approach, which quantifies misstatements based on the effects of correcting the misstatements existing in the balance sheet at the end of the reporting period. The company believes the impact of the patent license amortization errors was not material to prior years' statements of operations under the rollover approach. However, under the iron curtain method, the cumulative patent license amortization errors were material to the company's fiscal year 2009 condensed consolidated financial statements and the company has therefore restated the condensed consolidated statement of operations for the three and six month periods ended June 30, 2008, the condensed consolidated statement of cash flows for the six months ended June 30, 2008, and the condensed consolidated balance sheet at December 31, 2008. The company recognized the cumulative effect of the adjustments to assets as of the beginning of the second quarter of fiscal year 2009 and the offsetting adjustment to the opening balance of accumulated deficit for the second quarter of fiscal year 2009. The company recognized the following cumulative adjustment to the second quarter of fiscal year 2009 opening condensed consolidated balance sheet and to the opening December 31, 2008 condensed consolidated balance sheet (in thousands):

                                         June 30,  December 31,
                                           2009       2008
                                           ----       ----

    Decrease in intangible assets, net   $(3,320)   $(3,141)
    Increase in accumulated deficit       (3,320)    (3,141)

The impact on accumulated deficit by quarter which is caused by an increase in cost of product sales and a corresponding increase in loss from operations and net loss, is comprised of the following amounts (in
'/>"/>

SOURCE Cepheid Copyright©2009 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Related medicine news :

1. Cepheid to Present at ThinkEquity Partners 5th Annual Growth Conference
2. Cepheid Schedules Teleconference and Webcast for Third Quarter 2007 Results
3. Cepheid and Broadlane Sign Group Purchasing Contract for GeneXpert(R) Systems and Xpert(TM) Molecular Diagnostic Tests, Including Xpert MRSA
4. Cepheid to Present at the Needham Tenth Annual Growth Stock Conference
5. Cepheid Comments on Study Regarding MRSA Surveillance Reported in the Journal of the American Medical Association
6. Cepheid Selected as Vendor of Choice by Connecticut Hospital Association Shared Services Program for Molecular MRSA Surveillance Testing
7. Cepheid Reports Record Revenue of $44.8 Million
8. Cepheid Signs Group Purchasing Contract With Premier Healthcare Alliance, One of the Largest U.S. Group Purchasing Organizations
9. Cepheid Launches First On-Demand Molecular Diagnostic Test for Clostridium Difficile Into European Market
10. Cepheid Receives Health Canada License for First Molecular Diagnostic Test for MRSA and S. aureus Soft Tissue Infections
11. Cepheid Reports Fourth Quarter and Full Year 2008 Results