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Cepheid estimates 3rd-qtr revenue below Street view; shares down
Sept 26 |
Sept 26 (Reuters) - Molecular diagnostics company Cepheid estimated its revenue for the current quarter below what analysts were expecting, sending its shares down about 3 percent after market.
The company said third-quarter revenue has been hit by interruptions in the supply of cartridge parts for its molecular tests and is likely to be between $79 million and $81 million.
Analysts were expecting $83.8 million, according to Thomson Reuters I/B/E/S.
"Parts issues arose as we were developing higher capacity production tools and processes, limiting our ability to manufacture at the volumes necessary to meet growing demand," Chief Executive John Bishop said.
If it were not for the disruptions, revenue would have been between $84 million to $86 million, the company said.
However, the Sunnyvale, California-based company backed its full-year revenue forecast of $333 million to $347 million.
Cepheid said the parts supply issue is being addressed, but it would exit the third-quarter with more than $5 million in backorders.
Shares of the company closed at $39.15 on Wednesday on the Nasdaq.
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