Cepheid 1Q loss narrows on surge in system, product sales
SUNNYVALE, Calif.—Biotechnology company Cepheid said Thursday that its first-quarter loss narrowed on higher sales of its GeneXpert DNA testing systems and testing products.
The company lost $1.9 million, or 3 cents per share, compared with a loss of $6.2 million, or 11 cents per share, in the same period a year earlier. Revenue rose 76 percent to $44.8 million from $25.5 million.
Analysts polled by Thomson Financial expected a loss of 8 cents per share on revenue of $41.5 million.
System sales more than doubled to $14.3 million while testing product sales rose 81 percent to $27.6 million.
Shares of Cepheid rose $1.65, or 8.4 percent, to close at $21.22. The stock has ranged from $10.66 to $33.36 over the past year.
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