Luminex Corporation (NASDAQ: LMNX) today announced financial results for the fourth quarter and year ended December 31, 2012. Financial and operating highlights include the following:
Consolidated fourth quarter revenue of $55.5 million, a 16 percent increase over the fourth quarter of 2011; full-year 2012 revenue was $202.6 million, a 10 percent increase over 2011
Fourth quarter assay revenue of $23.8 million, a 45 percent increase over the fourth quarter of 2011; full-year 2012 assay revenue was $75.0 million, a 54 percent increase over 2011
Fourth quarter shipments of 226 multiplexing analyzers; cumulative life-to-date multiplexing analyzer shipments are 9,659
Achieved a consolidated gross profit margin in the fourth quarter of 71 percent
Operating income for the fourth quarter of 2012 was $7.3 million. Non-GAAP operating income for the fourth quarter of 2012 was $8.6 million, excluding approximately $1.3 million of expenses related to integration costs associated with the purchase of GenturaDx (see Non-GAAP reconciliation)
GAAP net income for the fourth quarter and full-year of 2012 was $4.3 million and $12.4 million, or $0.10 and $0.30 per diluted share, respectively. Excluding the certain one-time costs associated with a strategic study and costs associated with the acquisition of GenturaDx, non-GAAP net income for the fourth quarter and 2012 was $5.1 million and $16.2 million or $0.12 and $0.39 per diluted share, respectively (see Non-GAAP reconciliation)
"We are pleased with our fourth quarter execution, driven by another excellent performance in our proprietary assay segment. This performance reflects our unwavering focus on providing our customers with innovative, first-to-market assays that make a difference to patient outcomes. 2013 will be similar, as we received FDA clearance for our xTAG Gastrointestinal Pathogen Panel (GPP) in early January. This molecular diagnostic assay tests for greater than 90% of bacterial, viral, and parasitic causes of infectious gastroenteritis, a worldwide market we estimate at over $150 million. We believe this important assay will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex.
"We are also excited about the company taking its next evolutionary step forward in serving our molecular diagnostic customers directly. We have planned this transition for some time and I am confident in our ability to execute on this plan. So with this powerful combination of unique platforms, differentiated test menu, a strong direct sales force and our focus on the customer, we are excited about the prospects in 2013 and beyond," Balthrop concluded.
"In the fourth 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. "Our 2013 revenue guidance takes into account our current progress combined with a cautiously optimistic view of the macro environment."
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2013 is as follows:
The Company expects fiscal 2013 revenue to be between $220 million to $230 million, or an increase of between 9 to 14 percent over reported 2012 revenue.