Cepheid recently reported $67.0 million of revenue for the second quarter of 2011. Net income was $1.8 million, or $0.03 per share, which compares to revenue of $49.6 million and a net loss of $1.8 million, or $(0.03) per share, in the second quarter of 2010.
Excluding amortization of purchased intangible assets and employee stock-based compensation expense, non-GAAP net income for the second quarter was $7.2 million, or $0.11 per share. This compares to a non-GAAP net income of $2.9 million, or $0.05 per share, in the second quarter of 2010.
"Our Clinical business demonstrated particularly strong momentum in the second quarter, with rapid adoption of our GeneXpert system and Xpert test menu contributing, once again, to record financial results," said John Bishop, Cepheid’s CEO. "With 11 highly accurate, rapid, and easy-to-use Xpert tests now available in the US, and 12 available internationally, Cepheid customers are increasingly recognizing the economic benefit and the unique flexibility and workflow efficiencies offered by the GeneXpert system which, we believe, is quickly establishing itself as the molecular platform of choice."
For the fiscal year ending December 31, 2011, the company expects total revenue to be in the range of $265 to $270 million; net income in the range of $0.08 to $0.11 per share; and non-GAAP net income in the range of $0.41 to $0.44 per share.
Expected non-GAAP net income excludes approximately $20 million related to stock compensation expense and approximately $2 million related to the amortization of acquired intangibles. The fully diluted GAAP share count for the year is expected to be approximately 66 million and the fully diluted non-GAAP share count for the year is expected to be approximately 67 million.
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Source: Cepheid
