Three Months Ended March 31,20122011ChangeClinical Systems
54.438.641%Total Clinical 66.950.233%Non-Clinical
8.47.413%Total Product Sales$
By geography, product sales were, in millions: Three Months Ended March 31,20122011ChangeNorth AmericaClinical
6.95.916%Total North America52.442.224%InternationalClinical
1.51.52%Total International22.915.449%Total Product Sales$
During the quarter, Cepheid installed a total of 122 GeneXpert systems in its commercial Clinical business. Additionally,
the Company placed a total of 151 GeneXpert systems as part of its High Burden Developing Country (HBDC) program.
Including the HBDC systems, a cumulative total of 3,079 GeneXpert systems have been placed worldwide as of March 31, 2012.
GAAP gross margin on product sales was 53% and non-GAAP gross margin on product sales was 54%, which compares to
56% and 58%, respectively, in the first quarter of 2011. Gross margin was impacted by higher than expected costs associated
with freight and with the scale-up of our manufacturing operations, in addition to higher Group Purchasing Organization (GPO)
fees recorded as contra revenue.
GAAP research and development (R&D) expense was 29% of total revenue and non-GAAP research and development expense
was 26% of total revenue, which compares to 23% and 20%, respectively, in the first quarter of 2011. R&D expense included
higher than expected costs associated with the early completion of our CT/NG trial, including an increase in patient enrollment.
Cash and cash equivalents were $104.0 million as of March 31, 2012.
DSO was 42 days.Busine
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