Cepheid Posts Adj. Profit In Q4, Revenues Beat View; Issues Upbeat Outlook

(RTTNews) - Cepheid (CPHD) gained 10 percent in extended trades Thursday after the molecular diagnostics company reported an adjusted profit for the fourth quarter and revenues beat analysts' estimates. Looking ahead, the company provided financial outlook for fiscal 2014 above Street expectations.

Cepheid's net loss for the fourth quarter was $10.32 million or $0.15 per share, compared to net income of $5.64 million or $0.08 per share in the year-ago period.

The latest quarter's results include a charge of $4.4 million or $0.06 per share, primarily associated with a small, non-core restructuring and impairment of certain assets resulting from a realignment of operations.

Excluding items, adjusted net income for the quarter was $2.31 million or $0.03 per share, compared to $14.20 million or $0.20 per share in the prior-year quarter. On average, eighteen analysts polled by Thomson Reuters expected the company to report loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the quarter grew 24 percent to $113.26 million from $92.43 million in the same period last year. Analysts had a consensus revenue estimate of $102.17 million for the quarter.

Total clinical sales for the quarter grew 23 percent from the year-ago period to $101.0 million, while non-clinical sales rose 20 percent to $12.3 million.

For fiscal 2013, Cepheid's net loss narrowed to $17.97 million or $0.27 per share from $20.04 million or $0.30 per share in the previous year. Adjusted net income for the year was $17.94 million or $0.26 per share, compared to adjusted net income of $21.77 million or $0.31 per share last year.

Sales for the year grew 21 percent to $401.29 million from $331.21 million in the prior year.

Street expected the company to report loss of $0.22 per share for the year on revenues of $390.15 million.

Looking ahead to fiscal 2014, Cepheid forecast net loss in a range of $0.26 to $0.21 per share, adjusted net income of $0.24 to $0.29 per share, and total revenue in a range of $446 million to $461 million. Analysts expect the company to report earnings of $0.01 per share for the year on revenues of $447.50 million.

CPHD closed Thursday's trading at $47.27, up $0.71 or 1.52 percent on a volume of 656,427 shares. In after-hours, the stock further gained $4.84 or 10.24 percent to $52.11.