Luminex Corporation Net Loss Rises to $727K In 3Q

AUSTIN, Texas, Nov. 4, 2010 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq: LMNX) today announced financial results for the third quarter and nine months ended September 30, 2010. Financial and operating highlights include the following:

• Consolidated third quarter revenue was $33.9 million, a 16 percent increase over the third quarter of 2009
• Luminex launched new MAGPIX® multiplexing system bringing affordable multiplexing to laboratories worldwide
• Third quarter 2010 shipments of 231 multiplexing analyzers that included 41 MAGPIX systems, resulting in cumulative life-to-date multiplexing analyzer shipments of 7,414, up 14% from a year ago. This compares to shipments of 259 multiplexing analyzers in the third quarter of 2009. Also included in system sales are 28 BSD sample handling systems
• Consolidated gross profit margin was 65 percent for the third quarter of 2010
• Operating income for the third quarter of 2010 was $155,000 compared with an operating loss of $512,000 for the same period last year
• Received FDA clearance for CYP450 2D6 assay, the first multiplexed assay addressing the area of Personalized Medicine. The company plans to launch the 2D6 assay by year end
• Won prestigious 2010 Prix Galien USA Award for Luminex’s innovative xTAG® Respiratory Viral Panel (RVP) named “Best Medical Technology”

Consolidated revenue for the third quarter of 2010 was $33.9 million, a 16 percent increase over consolidated revenue of $29.1 million for the third quarter of 2009. GAAP net loss for the third quarter of 2010 was $727,000, or $0.02 per share, compared with a GAAP net loss of $609,000, or $0.01 per share, for the prior year period. Net income for the third quarter of 2010 included non-cash charges of $2.3 million in stock compensation expense associated with ASC 718 and $2.2 million of depreciation and amortization expense. Net income for the third quarter of 2009 included non-cash charges of $2.2 million in stock compensation expense associated with ASC 718 and $2.1 million of depreciation and amortization expense. A portion of our total valuation allowance on U.S. deferred tax assets was released at December 31, 2009 and, as a result, the 2010 third quarter and year to date results are shown fully taxed in the U.S., whereas the 2009 third quarter and year to date results are not. On a comparable basis, net loss for the third quarter of 2009, removing the effects of the release of the valuation allowance and the $4.4 million litigation settlement in 2009, would have been $1.4 million or a loss of $0.04 per share, and the net loss for the first nine months of 2009 would have been $1.9 million, or a loss of $0.05 per share.