Cepheid Posts 16-Percent Rise in Q3 Sales as Losses Swell 18 Percent

Cepheid today said third-quarter revenues increased 16 percent as R&D spending rose 17 percent and net loss increased 18 percent.

 

Total receipts for the three months ended Sept. 30 increased to $23.8 million from $20.4 million year over year.

 

The company said sales of clinical products were up 135 percent to $5.8 million and sales of its industrial products climbed 28 percent to $4.8 million.

 

However, sales in its bio-threat products fell 7 percent to $12.1 million from $13 million a year ago, which Cepheid said was partly due to the completion of contracts with the USPS.

 

R&D spending increased to $5.6 million from $4.8 million year over year.

 

The company said net losses increased to $3.9 million from $3.3 million in the year-ago period.

 

Cepheid said it had around $16.2 million in cash and cash equivalents and $82.2 million in marketable securities as of Sept. 30.

 

The company said it expects to generate between $83 million and $86 million in sales in 2006.

 

Source from GenomeWeb News