-- Total product sales increased 90 percent to $41.9 million from
$22.1 million for the first quarter of 2007.
-- System product sales increased 110 percent to $14.3 million.
-- Reagent and disposable product sales grew 81 percent to $27.6 million.
-- Strong growth was realized across all geographical markets. North
American product sales, excluding the US Postal Service (USPS), grew
191 percent to $18.5 million. European product sales grew 150 percent
to $10.0 million.
-- GAAP gross margin on product sales increased to 45 percent from
37 percent in the first quarter of fiscal 2007. Non-GAAP gross margin
on product sales increased to 47 percent from 39 percent in the first
quarter of fiscal 2007. The increase is primarily due to the
implementation of our ROBAL (Reagents On Board Automated Line)
automated test cartridge manufacturing line and a product mix shift
toward the higher-margin clinical market.
-- Cash, cash equivalents and current and non-current investments totaled
$42.9 million as of March 31, 2008.
Momentum in the placement of GeneXpert Systems continued in the first quarter. Cepheid installed a total of 126 GeneXpert Systems and 565 modules, primarily in North America and Europe. As of March 31, 2008, a cumulative total of 609 GeneXpert Systems and 3,134 modules have been placed worldwide.
"Our US placement of 50 systems and 395 modules was in line with our
expectations for the first quarter," added John Bishop. "We
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