CEPHEID (CPHD, Financial) filed Quarterly Report for the period ended 2010-09-30.
Cepheid has a market cap of $1.19 billion; its shares were traded at around $20.56 with and P/S ratio of 7.1. CPHD is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, PRIMECAP Management, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors.
International product sales, which primarily represent sales in Europe, increased $0.7 million, or 8%, from $8.8 million in the third quarter of 2009 to $9.5 million in the third quarter of 2010 and increased $5.6 million, or 23%, from $24.4 million in the first nine months of 2009 to $30.0 million in the first nine months of 2010 due to growth in Clinical sales. International Clinical sales growth was primarily driven by higher reagent sales of our HAI tests as well as Xpert MTB/RIF.
Other revenue of $1.2 million for the three months ended September 30, 2010 increased 41% from $0.8 million for the same period in 2009. The increase was primarily due to preliminary work associated with a funded program for the commercialization and further development of our Xpert BCR-ABL test for monitoring the BCR-ABL gene transcript. Other revenue of $3.0 million for the nine months ended September 30, 2010 decreased 32% from $4.5 million for the same period in 2009. The decrease was primarily due to the completion of a funded grant program associated with the development of a 6-color GeneXpert system as well as the conclusion of the recognition of revenue related to a license fee received from bioMerieux, Inc. in the first quarter of 2009. We expect that our other revenue in the remainder of 2010 will increase as we continue the further development of our Xpert BCR-ABL test.
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Cepheid has a market cap of $1.19 billion; its shares were traded at around $20.56 with and P/S ratio of 7.1. CPHD is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, PRIMECAP Management, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Total product sales increased 29% to $150.7 million in the first nine months of 2010 from $116.9 million in the first nine months of 2009. The increase was a result of an increase in our Clinical sales of $35.7 million, or 44%. Clinical Reagents grew $30.3 million, or 47%, driven primarily by an increase in sales of our HAI portfolio of tests as well as our Xpert Flu A Panel and Xpert MTB/RIF tests. Clinical Systems grew $5.4 million, or 33%, primarily due to increased GeneXpert System sales. Industrial sales increased $1.0 million, or 8%, primarily due to both increased reagent and systems sales. In the Biothreat market, product sales decreased $2.1 million, or 11%, primarily due to reduced anthrax test cartridge sales to Northrop Grumman/USPS. Partner sales decreased $0.9 million, or 23%, due to an overall decline in the legacy business.International product sales, which primarily represent sales in Europe, increased $0.7 million, or 8%, from $8.8 million in the third quarter of 2009 to $9.5 million in the third quarter of 2010 and increased $5.6 million, or 23%, from $24.4 million in the first nine months of 2009 to $30.0 million in the first nine months of 2010 due to growth in Clinical sales. International Clinical sales growth was primarily driven by higher reagent sales of our HAI tests as well as Xpert MTB/RIF.
Other revenue of $1.2 million for the three months ended September 30, 2010 increased 41% from $0.8 million for the same period in 2009. The increase was primarily due to preliminary work associated with a funded program for the commercialization and further development of our Xpert BCR-ABL test for monitoring the BCR-ABL gene transcript. Other revenue of $3.0 million for the nine months ended September 30, 2010 decreased 32% from $4.5 million for the same period in 2009. The decrease was primarily due to the completion of a funded grant program associated with the development of a 6-color GeneXpert system as well as the conclusion of the recognition of revenue related to a license fee received from bioMerieux, Inc. in the first quarter of 2009. We expect that our other revenue in the remainder of 2010 will increase as we continue the further development of our Xpert BCR-ABL test.
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