Luminex third quarter revenue increases 10% to $50.0 million

Luminex Corporation (NASDAQ: LMNX) today announced financial results for the third quarter ended September 30, 2012.  Financial and operating highlights include the following:

  • Completed the acquisition of GenturaDx, Inc., effective July 11, 2012. Integration activities are  on-track
  • Consolidated third quarter revenue of $50.0 million, a 10 percent increase over the third quarter of 2011
  • Third quarter assay revenue of $16.4 million, a 22 percent increase over the third quarter of 2011
  • Third quarter shipments of 271 multiplexing analyzers that included 127 MAGPIX® systems; cumulative life-to-date multiplexing analyzer shipments are 9,433  
  • Achieved a consolidated gross profit margin of 70 percent
  • Operating income for the third quarter of 2012 was $3.4 million compared with operating income of $2.8 million for the same period last year, including recognizing $2.7 million of expenses related to acquisition costs associated with the purchase of GenturaDx
  • Luminex was awarded Defense Threat Reduction Agency (DTRA) contract worth up to $11.6 million over three and one half years
  • Announced that Public Health Wales used Luminex's CE marked xTAG® Gastrointestinal Pathogen Panel for activities during Olympic and Paralympic events that took place in Wales    

"We are pleased with the revenue growth in the third quarter, driven by another solid performance by our proprietary assay segment.  Our broad and innovative portfolio of assays is a key differentiator in the market and a driver of long term growth for the company.  In addition, we are seeing strong and growing interest among labs wishing to evaluate and validate our latest innovative assays, the CE-Marked gastrointestinal pathogen panel and NeoPlex4.  We believe that after FDA clearance, these two important assays will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex.        

"With a long standing goal to reduce complexity and increase speed of the testing process, Luminex is constantly evaluating internal and external projects that address every component of the process - chemistry, hardware and software. To this end, the technology we acquired in our acquisition of GenturaDx will provide an elegant, easy to use and scalable platform which combined with our MultiCode® chemistry, will expand our product offerings to current customers as well as attract new customers where low-plex testing and ease of use are top priorities," Balthrop concluded. 

"In the third quarter, we experienced a healthy rebound in sales growth while maintaining tight cost controls, as demonstrated by both our gross and operating margins," said Harriss T. Currie, vice president and chief financial officer.  "While we anticipate continued revenue growth in the fourth quarter, we believe it prudent to adjust our annual revenue guidance to account for an increasingly unpredictable budgetary environment among our lab customers, particularly in Europe. This environment has primarily impacted our expectations for systems and assay revenue."

FINANCIAL OUTLOOK AND GUIDANCE

The Company has revised its 2012 annual revenue guidance to a range of $200 and $204 million from $205 and $215 million.

Source:

Luminex Corporation

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