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Cepheid Reports Record Revenue of $44.8 Million
Date:5/1/2008

90 Percent Increase in Product Sales Driven by Robust Growth in Clinical

Market

SUNNYVALE, Calif., May 1 /PRNewswire-FirstCall/ -- Cepheid (Nasdaq: CPHD) today reported record revenue of $44.8 million for the first quarter of fiscal 2008, an increase of 76 percent over the first quarter of fiscal 2007. First quarter net loss was $1.9 million, or $(0.03) per share, on a GAAP basis; first quarter net income was $1.7 million, or $0.03 per diluted share, on a non-GAAP basis. Net loss in the first quarter of the prior year was $6.2 million, or $(0.11) per share on a GAAP basis, and $3.9 million, or $(0.07) per share, on a non-GAAP basis. Reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

"Continued success in growing our clinical market sales along with significant improvement in the gross margin realized on product sales are driving Cepheid toward profitability on a non-GAAP basis for the full year 2008," said John Bishop, Cepheid's Chief Executive Officer. "As a result of the continued expansion of the Healthcare Associated Infection (HAI) market and the success of our Xpert(TM) MRSA test and GeneXpert(R) System, clinical sales in the first quarter grew by nearly 250 percent compared to the same period last year. The market is clearly recognizing the need for and benefit of our rapid, on-demand molecular testing solution. We are committed to delivering the most robust platform and comprehensive menu of tests in the industry to meet the expanding HAI market need for surveillance, diagnostic, and pre-surgical testing products."

Operational Highlights

Cepheid's performance in the first quarter was driven by robust growth in clinical product sales resulting from test utilization in the emerging HAI test market for Xpert MRSA, continued adoption of the GeneXpert System and reagent pull-through sales of additional products from Cepheid's menu of GeneXpert tests.
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SOURCE Cepheid
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