"
"Collaborations and CSR programs were initiated with the FDA for
Salmonella and E.D."
"We continue to expect deployment of BDS units to be completed in all 282
USPS processing centers by the end of this year .
The Company moved expeditiously to notify customers and has not received any
indication of adverse patient events.e.

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Previous
guidance was for gross margin on product sales to be in the range of 45 % to
49%.0 million to
$14.26
per share.com, through August 4, 2006.

CONTACTS:
At the Company:
John L.aasld.

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Product sales for the quarter ended June 30, 2005 increased 93% to
approximately $20. The decline in gross
margin on product sales for the six months ended June 30, 2005 as compared to
the corresponding prior year period was due primarily to the amortization of
up front license fees and higher ongoing royalty costs associated with the
Company's patent license agreements entered into with Applera Corporation and
F. pestis, F.
After the live webcast, the call will remain available on Cepheid's
website, http://www.
The World Guide to Pharmaceutical Industry CD-ROM product is based on CD-
ROM technology which includes smart database structure, find and sort options,
internet and email interactivity.

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3 million for the
corresponding prior year period while total revenues for the six months ended
June 30, 2005 increased 121% to approximately $41. pestis, F.

Conference Call Information
Cepheid's CEO, John Bishop, and Senior V. The
replay will be available after 6:30 pm (Eastern).

"This Workshop will build upon the work of
the Foundation's previous scientific conferences and the significant recent
advances in the understanding of AAT Deficiency.
(Logo: http://www. To reflect changes we have
included a separate list of companies who have either filed for bankruptcy,
undergone M+A etc. Hence, the 3rd
Edition of World Guide to Pharmaceutical Industry brings important information
closer to you from one source.

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, Cepheid (Nasdaq: CPHD)
today announced financial results for the quarter and six months ended June
30, 2005.0 million from approximately
$17. These releases bring the total number of ASR's currently available
from the Company to 10.D. Bishop John R., D.researchandmarkets .

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Bishop
stated:

"Work is continuing on our BCR/ABL ASR product for use on the GeneXpert (R)
system and we continue to expect to initiate product shipments in the second
half of this year . The key issue has been to insure optimization of
the test sensitivity in the GeneXpert system and to simultaneously make
available a product with the same level of sensitivity for our existing
SmartCycler customers.
tularensis, Smallpox, Burkolderia, Brucella, Ebola, Marburg, CCHF and VEE."
"We also recently had our first Customer Corrective Action Notice
involving a software bug associated with our SmartCycler Diagnostic software.33 per share based on actual weighted average
shares outstanding of 42. A replay of the conference
call will be available at 800-405-2236 (domestic) or 303-590-3000
(international) through August 11, 2005; the conference ID is 11034949.09) $(0.17) $(0.D .
The objectives of the conference are to understand the molecular biology
of protein folding , the role of the protein degradation system, and the
consequences of misfolding of specific proteins seen in several clinical
disorders.

The Alpha-1 Foundation is dedicated to providing the leadership and
resources that will result in increased research, improved health, worldwide
detection and a cure for Alpha-1 Antitrypsin Deficiency (Alpha-1). Whether you are a CEO, business
developer , in/out licensing officer, venture capitalist, consultant etc.

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The increase in product
sales for the quarter and six months ended June 30, 2005 as compared to the
corresponding prior year periods was primarily due to a 371% and 459% increase
in reagent and disposable sales, respectively. Gross margin on product sales for
the full year 2005 is expected to be in the range of 43% to 45%. In this regard, we
recently received an Authorization Letter from Northrop Grumman for the
purchase of 2. We do not expect this customer
corrective action to have any material financial impact to the Company."
"We reaffirm that we expect our 2005 product sales to be in the range of
$80.0 million or $0.
All forward-looking statements and reasons why results might differ
included in this release are made as of the date of this press release, based
on information currently available to Cepheid, and Cepheid assumes no
obligation to update any such forward-looking statement or reasons why results
might differ.20)
Shares used in computing
basic and diluted net
loss per share 42,465 41,713 42,355 40,211

CEPHEID
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

June 30, December 31,
2005 2004
(unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $18,448 $23 ,189
Marketable securities 34,000 34,250
Accounts receivable 12,570 14,584
Inventory 8,298 6,544
Prepaid expenses and other current assets 1,314 402
Total current assets 74,630 78,969
Property and equipment , net 12,042 9,756
Restricted cash 688 688
Intangible assets, net 29,708 30,902
Total assets $117,068 $120,315

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $12,930 $ 8,074
Accrued compensation 2,594 2 ,836
Accrued royalties 2,414 2,113
Accrued other liabilities 4,103 4,517
Current portion of deferred revenue 2,853 3,847
Current portion of license fee payable 10,683 10 ,476
Current portion of equipment financing 2,061 1,889
Total current liabilities 37,638 33,752

Long term portion of deferred revenue 5,238 6,190
Long term portion of licensing fees payable 6,700 8,561
Equipment financing, less current portion 2,358 1,604
Line of credit 4,000 4,000
Deferred rent 654 599
Commitments
Shareholders' equity:
Preferred stock -- --
Common stock 153,935 152,136
Additional paid-in capital 7,519 7,517
Accumulated other comprehensive loss 26 (137)
Accumulated deficit (101,000) (93,907)
Total shareholders' equity 60,480 65,609
Total liabilities and shareholders' equity $117,068 $120,315

(1) The balance sheet at December 31, 2004 has been derived from the
Company 's audited financial Statements, which are included in the
Company's 2004 Annual Report on Form 10-K filed with the Securities
and Exchange Commission.

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5 million for the
corresponding prior year period while product sales for the six months ended
June 30, 2005 increased 128% to approximately $39.1 million for the corresponding prior year period.
Total revenues for the quarter ended June 30, 2005 increased 89% to
approximately $21.17 per
share, respectively, compared to a net loss of approximately $3.20 per share, respectively, for the
corresponding prior year periods.
"The Company is continuing to show progress in developing the individual
segments of our overall business plan. This was achieved using our patented testing system
that includes our closed cartridge , with integrated automated sample
processing.

2005 Outlook
Commenting on Cepheid 's outlook for the remainder of 2005, Mr."
"Research also continues on a GeneXpert version of MRSA and a second
generation MRSA test for the SmartCycler system. The call will be simultaneously
broadcast over the Internet.com for more
information.

The AASLD is a leading organization of scientists and healthcare
professionals committed to preventing and curing liver disease.org )

Contact: Marlene Erven
+1-305-567-9888, ext.
World Guide to Pharmaceutical Industry was created for professionals
within the industry and for those with particular interest of the
pharmaceutical industry, i.

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Persing is
a noted authority in the field of infectious diseases and he brings a unique
combination of practical clinical experience along with a familiarity of
industry research and development models, which should immediately benefit the
team and our programs in the Clinical, Biothreat and Industrial markets,"
stated John Bishop, Cepheid's CEO. Development of our initial FDA product for detection of
Group B Strep (GBS) continues on the GeneXpert system along with a second
generation version of GBS on the SmartCycler(R) system. Our product for the detection of Enterovirus is also
expected to enter clinical trials this year. Interested participants and investors may access
the teleconference call by dialing 800-366-7417 (domestic) or 303-262-2141
(international )., the 2004 Nobel Prize
Winner in Chemistry, will be a featured presenter," says John Walsh, President
and CEO of the Alpha-1 Foundation.

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The increase in total revenue for
both the quarter and six months ended June 30, 2005 as compared to the
corresponding prior year period was due primarily to the increase in product
sales.4 million for the quarter and
six months ended June 30, 2005 was primarily derived from the amortization of
up-front license fees in connection with the Company's collaboration with
bioMerieux. However,
given the near-term impact on our manufacturing gross margins, we are
increasing our expected 2005 net loss to be in the range of $12.5 million as of June 30, 2005.liverfoundation.

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0 million from $18.7 million, or
$0. In addition, a new general use PCR master mix product
was released for use in both our ASR and Industrial markets. At this time over 800 BDS units have been installed. tularensis, Smallpox, Burkolderia,
and Brucella; a 10 agent array cartridge including anthrax, Y. We
expect to make significant progress in resolving these issues by the end of
this year.0 million to $84.P.

This press release contains forward-looking statements that are not purely
historical regarding Cepheid's or its management's intentions, beliefs ,
expectations and strategies for the future, including those relating to future
product releases , product performance, future revenues, future margins, future
net losses and the status of the USPS BDS program. 211

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7 million and $1. The gross margin percentage on product sales for the quarter ended
June 30, 2005 was consistent at 42% when compared to the corresponding prior
year period and decreased to 43% for the six months ended June 30, 2005 as
compared to 47% for the corresponding prior year period.
Net loss for the quarter and six months ended June 30, 2005 was
approximately $3. Previous guidance was
an expected 2005 net loss of $9. Our net loss projections do not include any stock compensation
expense associated with SFAS 123R for which mandatory implementation has been
delayed until January 1, 2006 by the Securities and Exchange Commission."

As of June 30 , 2005, the Company had $52.org )

The American Liver Foundation is the nation's leading nonprofit
organization promoting liver health and disease prevention. Companies are described by all their targeted
therapeutic areas (see list below), short profile, contact information
(address, phone , fax), web address and email.

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09 per share and $7. This result is equivalent to a specificity of
greater than 99. pestis and F.09) $(0. Other sponsors include the National Institutes of Health --
National Institute of Diabetes and Digestive and Kidney Diseases, and Office
of Rare Diseases -- and American Liver Foundation.
"We are pleased that Aaron Ciechanover, M.Sc.org . This brings the total number of corporate profiles
covered in this product to more than 2,700 from 54 different nations (see list
of nations presented below). Companies
can be further researched on from inside the application by linking search
queries directly to search engines like Google and PubMed.

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1 million, or $0. We expect to
simultaneously introduce both products in early 2006 in Europe with subsequent
release in the United States.

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Gross Margin Dollars on product sales (total product sales less cost of
product sales) for the quarter and six months ended June 30, 2005 increased by
94% and 112%, respectively as compared to the corresponding prior year
periods. Three ASR's were released during the
second quarter covering gene expression and bacterial targets.com. Web participants
are encouraged to go to the web site at least 15 minutes prior to the start of
the call to register, download, and install any necessary audio software.sluis@cepheid.com

At Financial Relations Board:

Tim Grace Tricia Ross
Media Contact Investor /Analyst Information
312-640-6667 617-520-7064
tross@financialrelationsboard . Participants will discuss the current concepts of the molecular
mechanisms responsible for liver injury in patients with Alpha-1 Antitrypsin
Deficiency.com/cgi-bin/prnh/20040820/RESEARCH )
This exciting world intelligence CD-ROM on pharmaceutical industry has
become better, stronger and more intelligent in its 3rd Edition.

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coli, Enterococcus, Vibrio, Bacteroides and
the Public Health Research Institute (PHRI) for Methicillin Resistant Staph
aureus (MRSA) and VRE. Both tests are expected to be
simultaneously released in 2006. tularensis and
Smallpox; 4 agent viral cartridge including Ebola, Marburg, Crimean-Congo
hemorrhagic fever (CCHF) and Venezuelan equine encephalitis (VEE); 6 agent
cartridge including anthrax, Y. Early indications are that the Cepheid
tests, utilizing our licensed Scorpions technology, will be found to be
superior to the competitor products."
"While we continue to make significant progress in product development, we
are also addressing issues associated with automated high volume production
which have negatively impacted our manufacturing gross profit margins.0 million, based on anticipated sales for the USPS
program and sales expected from other existing and new products.4 million in unrestricted cash
and marketable securities.com

CEPHEID

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands , except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
Revenues:
Instrument sales $7,262 $7,720 $13,621 $ 12,584
Reagent and disposable
sales 12,942 2,749 25,334 4,533
Total Product Sales 20,204 10,469 38,955 17,117
Contract revenues 743 807 1,390 1,420
Grant and government
sponsored research
revenues 437 9 605 9
Total revenues 21,384 11,285 40,950 18,546
Operating costs and
expenses:
Cost of product sales 11,743 6,113 22,017 9,131
Collaboration profit
sharing 3,602 607 7,208 1,032
Research and development 4,538 3,864 9,044 7,494
Selling, general and
administrative 5,036 4,434 9,591 7,501
Expense for patent
related matter -- -- -- 1,264
Total costs and
operating expenses 24,919 15,018 47,860 26,422
Loss from operations (3,535) (3,733 ) (6,910) (7,876)
Other income
(expenses), net (100) 22 (183) 18
Net loss $(3,635) $(3,711) $(7,093) $ (7,858 )

Basic and diluted net
loss per share $(0.

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However, we will be realizing less gross profit dollars on product
sales than we had previously expected in the near term. Sluis
CEO, Cepheid CFO, Cepheid
408-541-4191 408-541-4191
john. David Perlmutter and Bruce Trapnell. This conference will highlight studies and future research
opportunities which may help to define molecular approaches underway to
develop effective therapies to treat the liver manifestations of disorders
involving protein misfolding.

( http://www.newscom. All companies are provided with links, which
connect you directly to the company webpage for further research.

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Cepheid Reports Second Quarter 2005 Results

Total Revenues Increase by 89% Driven by 93% Increase in Product Sales

Gross Margin Dollars on Product Sales Increase by 94%

SUNNYVALE, Calif. Two additional
ASR's for bacterial targets were released subsequent to the close of the
quarter.9999%. Coli and
Enterococcus against other competitors . and CFO, John Sluis will host
a conference call today at 4:30 pm (Eastern) to discuss Cepheid's financial
results, business highlights and outlook. Founded in 1996, the company
is commercializing its technology and products worldwide for research,
medical, and industrial applications requiring assessment of the human genome,
infectious disease and biothreat agents.cepheid.
-- Jump start competitive intelligence operations
-- Excellent starting point for world wide benchmarking
-- Compare portfolio and therapy focus with your peers
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As we have previously
discussed, we expect to continue to supply GeneXpert anthrax test cartridges
to the USPS for use in the installed base of BDS units.0 million or $0.cepheid., Director, Pediatric Liver Care Center, Cincinnati Children's
Hospital Medical Center. ( http://www .

Research and Markets: Introducing The World Guide to Pharmaceutical Industry 2005

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Dr. We
have also announced our development plans for an expanded biothreat product
menu, which is expected to include the following cartridge configurations in
sequential order: 3 agent cartridge including anthrax , Y.
tularensis; 4 agent cartridge including anthrax, Y.21 to $0., is a leading
developer, manufacturer and marketer of fully integrated systems that enable
genetic assessment when and where it is needed . Because such statements
deal with future events, they are subject to various risks and uncertainties ,
and actual results could differ materially from the company's current
expectations.

Scientific Meeting on Alpha-1 Antitrypsin Deficiency and Other Liver Diseases Caused by Aggregated Proteins

D.alphaone.com/reports/c15309

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.

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5 million
for the corresponding prior year period. coli O157:H7 /STEC, the University of North Carolina for
recreational water testing of E., Ph.28 to $0. There will also be a live webcast of the call on the Investor
Relations section of Cepheid's web site at http: //www.cepheid.

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6 million, or $0.09 per share and $7. pestis, F. In response to market
demand, we are expanding what was previously the Life Science market to a
broader Industrial market, which will encompass Food, Agricultural and
Environmental testing in addition to research use generally associated with
the Life Science market. As a part of this program, we recently participated
in a head-to -head third party evaluation of water tests for E.

About Cepheid
Cepheid (Nasdaq: CPHD ), based in Sunnyvale, Calif. Factors that could cause actual results to differ materially
include risks and uncertainties such as those relating to: the scope and
timing of actual USPS funding and deployment of the BDS; the occurrence of
delays with respect to the BDS, the rate of environmental testing using the
BDS conducted by the USPS, which will affect the amount of consumable products
sold, and whether the BDS performs to specifications; development and
manufacturing problems, including with respect to the GeneXpert system and
reagents; the need for additional licenses for new tests and other products
and the terms of such licenses; our ability to complete clinical trials
successfully in a timely manner for products to be marketed in clinical
markets; our ability to successfully commercialize our stand-alone GeneXpert
system; lengthy sales cycles in certain markets; the performance and market
acceptance of new products; sufficient customer demand in the Industrial
markets; our reliance on distributors to market, sell and support our
products; the occurrence of unforeseen expenditures, acquisitions or other
transactions; our success in increasing direct sales; the impact of
competitive products and pricing; our ability to manage geographically-
dispersed operations; and underlying market conditions worldwide.
Balistreri, M. Dr Balistreri is conference co-director with
Drs.com/reports/c15309 ) has announced the addition
of World Guide to Pharmaceutical Industry 2005, 3rd ED to their offering.

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4 million compared to approximately $11."
"The biothreat program with the United States Postal Service (USPS)
continues to move forward with installation of Biohazard Detection Systems
(BDS). These water testing products are expected
to be released for environmental recreational water testing before the end of
2005. See http://www.
"This is a novel gathering of scientists and clinicians in related areas
to focus on the important emerging topic of the molecular pathogenesis and
therapeutic approaches to the hepatotoxicity associated with the inherited
metabolic disorder Alpha-1 Antitrypsin Deficiency," says William F." For a full agenda and
information, visit: http://www. DUBLIN, Ireland, Research and Markets
(http://www. you
will find World Guide to Pharmaceutical Industry useful to locate M+A
candidates, customers, collaboration partners, competitors etc.com
Fax: +353 1 4100 980

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Contract revenue of $0.9 million , or $0. In addition, a
significant testing milestone has been passed with over 1,000,000 tests now
having been run with no false positives while simultaneously maintaining a
very high level of sensitivity."
"Subsequent to the close of the quarter, we made a significant addition to
the management team with the appointment of David Persing M.,
currently a member of the Company's Board of Directors, to the position of
Executive Vice President, Chief Medical and Technical Officer.3 million anthrax cartridges to be delivered over a 14 month
period commencing in August of 2005 and running through September of 2006."
"Our market focus will continue to be in the Clinical Genetic Assessment
market, along with the Biothreat and Industrial markets.researchandmarkets. The 3rd
Edition of World Guide to Pharmaceutical Industry has not only been updated
but it has also been strengthened with over 400 new young biopharmaceutical
companies world wide. investors, trade organizations, and associated
industry to that of pharmaceutical industry.

Therapeutic Areas Covered:

-- Addiction
-- Autoimmune/Inflammation
-- Biomaterial/Skin/Wound/ Blood products
-- Cancer
-- Cardiovascular
-- Dermatology
-- Gastroenterology
-- Genetic diseases
-- Growth hormone therapy
-- Hormone replacement therapy
-- Infectious diseases
-- Metabolic diseases
-- Neurological disorders
-- Odontology
-- Ophthalmic
-- Pain
-- Reproductive
-- Respiratory diseases
-- Urogenital Diseases

This report offers the following:

-- Find competitors , collaborations partners, M+A candidates etc.

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2 million from approximately $10. Hoffman-La Roche Ltd in the second and third quarter of 2004 as well as one
time favorable pricing achieved in the first quarter of 2004 which did not
occur in the six months ended June 30, 2005.0 million to $11. Readers
should also refer to the section entitled "Risk Factors" in Cepheid's Annual
Report on Form 10 -K for 2004 and in its most recent quarterly report on Form
10-Q, each filed with the Securities and Exchange Commission. Experts From Around the World to Convene in Atlanta

MIAMI , The Alpha-1 Foundation, in conjunction with
the American Association for the Study of Liver Diseases (AASLD) has organized
a Basic Research Single Topic Conference on Alpha-1 Antitrypsin Deficiency and
Other Liver Diseases Caused by Aggregated Proteins on January 26-28, in
Atlanta, GA. Alpha -1 is
a genetic disorder that can cause liver and lung disease in children and
adults.