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Cepheid Reports 2012 First Quarter Results
Date:4/19/2012

SUNNYVALE, Calif., April 19, 2012 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today reported revenues for the first quarter of 2012 of $77.3 million, representing growth of 28% from $60.2 million for the first quarter of 2011.  Net loss was $5.5 million, or $(0.08) per share, which compares to net income of $0.5 million, or $0.01 per share, in the first quarter of 2011. 

Excluding employee stock-based compensation, amortization of purchased intangible assets, and a $1.8 million tax benefit related to an intercompany intellectual property transaction, non-GAAP net loss for the first quarter was $1.2 million, or $(0.02) per share.  This compares to a non-GAAP net income of $5.4 million, or $0.08 per share, in the first quarter of 2011.

"Our Clinical business reported another strong quarter, growing 33% from the same quarter last year, driven by 41% growth in clinical reagents and the largest sequential increase ever in Xpert® test revenue.  As demonstrated at the recent European Congress of Clinical Microbiology and Infectious Diseases in London, interest in the growth of our test menu continues to accelerate," said John Bishop, Cepheid's Chief Executive Officer.  "While our revenue performance was very strong in the first quarter, our profit performance was impacted meaningfully by the scale-up of our manufacturing operations in support of our growing business, and a higher than expected investment in the completion of our CT/NG clinical trial.  Looking forward, we have stepped up our diligence on expenses, and we are confident that we will return the company to profitability in the second quarter and beyond." 

Operational Overview--

Total product sales of $75.3 million in the first quarter of 2012 compared to $57.6 million in the first quarter of 2011. 
By business, product sales were, in millions:

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