Leading in Molecular Diagnostics. December 2015

Transcription

1 Leading in Molecular Diagnostics December Cepheid Cepheid

2 Forward-Looking Statement During the course of this presentation, we may make projections or other forward-looking statements regarding future events or the future financial performance of Cepheid. We wish to caution you that such statements are just projections and that actual events or results may differ materially. We refer you to the documents that we have filed from time to time with the SEC, specifically our last filed Forms 10-K and 10-Q. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in these projections and forward looking statements. 2 Cepheid

3 CPHD: a High Growth Leader in Molecular Diagnostics Democratizing Molecular Diagnostics High Growth Razor/Razor Blade Model YTD Commercial Reagent Growth of 23% Large Installed Base of 9,279 Systems Record Commercial Placements in 2014 Commercial Installed Base: 4,947 HBDC Installed Base: 4,332 45% CAGR ( ) * Broad and Growing Test Menu 8 Tests Added in 2014; 5 in 2015 So Far 23 Test Menu ex-us, 18 in US (+1 CW) Extending into High Value/Volume Markets Total Clinical Sales in $ Millions * 2015 Reflects Mid-point of Guidance dated 10/20/15 3 Cepheid

4 Yesterday s MDx: Major Complexity & Investment For Each System: 4 Cepheid Significant Capital Investment Space, Possible Environmental Considerations Dedicated, Highly Skilled Labor & Ongoing Training Daily/Weekly Maintenance Requirements Maintenance Contract with Supplier Disposable Management

5 Industry Leading Throughput & Operating Efficiency 2:1 Advantage 3:1 Advantage 4:1 Advantage 4:1 Advantage 4:1 Advantage Infinity-80 Gen Probe Tigris Gen Probe Panther BD Viper Roche Cobas Taqman 96 Abbott m Cepheid CT/NG Testing Over One 8-Hour shift

6 GeneXpert System Installed Base Now at 9,279 4,947 in Commercial Applications More than 30% of All GeneXpert Systems EVER Placed were Delivered in Cepheid

7 More Systems Installed Than Any Other MDx Manufacturer 25% System Installed Base as % of Total Instruments (Different Colors Represent Different Systems Offered by Same Manufacturer) 20% 15% 10% 5% 0% Other Abbott Siemens Qiagen Meridian biomerieux LDT Becton Bioscience Dickinson Hologic Roche Cepheid Source: Market Diagnostics International, IVD Insights, Molecular Infectious Disease , March US Only. Excludes Unspecified or Incomplete Respondents. 7 Cepheid

8 A Broad & Rapidly Growing Test Menu. 23 Test Menu ex-us, 18 Commercially Available in US #1 Cepheid: Global Leader in Molecular MRSA #1 Cepheid: Global Leader in Molecular C. difficile #1 Cepheid: Global Leader in Molecular TB #1 Cepheid: US Leader in Molecular Flu? New Tests: Xpert HPV (CE-IVD), Xpert Norovirus, Xpert HIV-1 (CE-IVD), Xpert HCV VL (CE-IVD) 8 Cepheid Source: Cepheid Internal Analysis

9 3-Pronged Strategy to Drive Continued Growth GLOBAL MARKET EXPANSION APPLICABLE MARKET SEGMENT EXPANSION MAINTAINING GROWTH LEADERSHIP BROAD MENU EXPANSION 9 Cepheid

10 2014 Worldwide MDx Market by Company CPHD is Fastest Growing Among Major MDx Participants Company $B % Total 2015 YTD Growth Roche $1.3 24% 10% Qiagen $0.6 11% 1% Abbott $0.5 9% -2% Hologic $0.5 9% 6% Grifols $0.5 9% -1% Cepheid $0.5 9% 18% Becton Dickinson $0.3 6% 4% Siemens $0.1 2% Others $1.1 21% Total Market $ % Siemens 2% Becton Dickinson 6% World MDx Market: $5.4 Billion Cepheid 9% Others 21% Grifols 9% Hologic 9% Roche 24% Abbott 9% Qiagen 11% 2015 YTD growth rates using constant currency where available; based on Cepheid analysis Market share data includes molecular blood screening Molecular diagnostics estimated to grow at a 5 year CAGR of 11.8%, excluding blood screening 10 Cepheid Source: Molecular Diagnostics: Market Overview, by MDxI dated Nov. 5, 2015; YTD Growth Added by CPHD

11 Update at Piper Conference in Early December Reaffirming 2015 Guidance No Change to Revenue or EPS Expectations for Q415 & FY15 Introducing 2016 Revenue Guidance Expect Full Year Revenue in $618 to $635 Million Range Growth of 15 to 18% Compared to Midpoint of 2015 Revenue Guidance Modest Revisions to 2017 Outlook Reflects Broader Range of Potential Outcomes Due to Mix Non-GAAP Gross Margin in 56% to 58% Range Non-GAAP Operating Margin in the Mid to High Teens Range 11 Cepheid

12 Cepheid Investment Thesis Rapid Adoption of Differentiated GeneXpert Systems 9,200 Installed to Date, Most Prevalent MDx System Globally Broadest Test Menu Available for Single Platform Addressing or Entering - Majority of Available $4.6B Opportunity Fastest and Most Consistent Revenue Growth in MDx Cepheid Leads YTD Growth of any MDx Company of Scale* Investing Aggressively in Menu & Platform Extensions GeneXpert Omni & Honeycomb Remain Poised for 2017 Breakthrough to Profitability Transition to Solid and Sustainable Operating Margin in Cepheid * Companies with revenue >$300 million/yr.