Cepheid Swings To Q1 Loss - Update

(RTTNews) - Molecular-tests system maker Cepheid (CPHD), Thursday posted a loss for the first quarter from a profit last year, hurt largely by higher operating costs that offset revenue growth.

Sunnyvale, California-based Cepheid reported a first-quarter loss of $9.3 million or $0.13 per share, compared to a profit of $0.3 million or breakeven per share last year.

Adjusted loss for the quarter was $0.6 million or $0.01 per share, compared to a profit of of $7.8 million or $0.11 per share last year.

On average, 15 analysts polled by Thomson Reuters expected a loss of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter rose 16 percent to $106.91 million from $91.94 million last year. Analysts had a consensus revenue estimate of $104.94 million for the quarter.

Total clinical sales for the quarter grew 26 percent from the year-ago period to $100.4 million, while non-clinical sales declined 47 percent to $6.5 million.

First-quarter gross margins dropped to 50 percent from 53 percent last year. Total costs and operating expenses increased to $113.2 million from $91.6 million last year.

Looking forward to the full year 2014, the company now expects a loss of $0.43 to $0.38 per share and adjusted earnings of $0.19 to $0.24 per share. Analysts currently expect a loss of $0.24 per share for the year.

Earlier, the company projected a loss of $0.26 to $0.21 per share and adjusted earnings of of $0.24 to $0.29 per share for 2014.

Cepheid maintained its full-year revenue outlook of $446 million to $461 million. Analysts currently expect revenues of $457.71 million for the full year.

CPHD closed Thursday's trading at $47.93, up $0.34 or 0.71%, on the Nasdaq.