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Cepheid Announces Preliminary 2013 Second Quarter Results
Date:7/11/2013

SUNNYVALE, Calif., July 11, 2013 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today announced preliminary results for the 2013 Second Quarter, ended June 30, 2013.  Based on current projections, second quarter revenue is expected to be approximately $96 million, including approximately $70 million in Commercial Clinical revenue, a record $17 million from HBDC, and $9 million in Non-Clinical revenue. 

Within Commercial Clinical, reagents grew 17% from the second quarter of 2012 to approximately $60 million, driven by 22% growth in Xpert test revenue.  Sequentially, Commercial Clinical reagents were flat, with growth of more than $4 million offset by an anticipated, seasonal decline in Xpert Flu revenue of more than $3 million and a decline in non-Xpert test revenue.  Commercial Clinical system revenue of approximately $10 million reflected a total of 156 commercial system placements, including 53 in North America and 103 Internationally.

At the end of the quarter, Cepheid recorded an additional reserve of approximately $3.0 million of inventory.  This impacted earnings per share by approximately $0.04.  As a result, and based on current projections, GAAP net loss for the second quarter of 2013 is expected to be approximately $(6.6) million, or $(0.10) per share, and non GAAP net income for the second quarter of 2013 is expected to be approximately $1.2 million, or $0.02 per share. Non-GAAP net income excludes approximately $6.5 million related to employee stock-based compensation and approximately $1.2 million related to amortization of purchased intangible assets.

"A key priority for the second quarter was to put three quarters of Xpert backorders firmly behind us and start to reassure customers that there were no longer any constraints with regards to Xpert test availability," sai
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