AUSTIN, Texas, May 6 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq: LMNX) today announced financial results for the first quarter ended March 31, 2010. Recent financial and operating highlights include the following:
REVENUE SUMMARY (in thousands except percentages) | ||||||||
Three Months Ended March 31, | Variance | |||||||
2010 | 2009 | ($) | (%) | |||||
System revenue | $ 6,699 | $ 6,127 | $ 572 | 9% | ||||
Consumables revenue | 9,819 | 7,603 | 2,216 | 29% | ||||
Royalty revenue | 5,849 | 4,527 | 1,322 | 29% | ||||
Assay revenue | 7,660 | 4,195 | 3,465 | 83% | ||||
All other revenue | 3,225 | 3,105 | 120 | 4% | ||||
$ 33,252 | $ 25,557 | $ 7,695 | 30% | |||||
(Logo: http://www.newscom.com/cgi-bin/prnh/20100104/LUMINEXLOGO)
- Achieved earnings per share of $0.05, diluted, for the first quarter of 2010
- Shipped 197 systems in the first quarter 2010, resulting in cumulative life-to-date shipments of 6,964, up 14 percent from a year ago
- Luminex signed a strategic teaming agreement with Northrop Grumman Corporation to collaborate in the creation of next generation bio-detectors
- Announced the acquisition of BSD Robotics, an Australian-based private company with advanced robotics technology for newborn screening
- Finalized an exclusive strategic collaboration and licensing agreement with Advanced Liquid Logic, with proprietary technology in digital microfluidics and automation
- For the second consecutive year, Luminex was named one of the 25 Fastest-Growing Technology Companies in America by Forbes
GAAP net income for the first quarter of 2010 was $1.9 million or, $0.05 per share, diluted, compared with GAAP net loss for the first quarter of 2009 of $(2.8) million or $(0.07) per share, diluted. Net income for the first quarter of 2010 included non-cash charges of $2.2 million in stock compensation expense associated with SFAS 123R and $2.2 million associated with depreciation and amortization expense.
LUMINEX CORPORATION REPORTABLE SEGMENT HIGHLIGHTS (unaudited) (in thousands) | |||||
Three Months Ended March 31, | |||||
2010 | 2009 | ||||
Revenue | |||||
Technology group | $25,216 | $21,098 | |||
Assay group | 8,036 | 4,459 | |||
Revenue | 33,252 | 25,557 | |||
Operating income (loss) | |||||
Technology group | 4,296 | 3,518 | |||
Assay group | (548) | (1,934) | |||
Operating income (loss) | 3,748 | 1,584 | |||
“Following our strong results last quarter, we are very pleased to deliver first quarter 2010 revenue of $33.3 million, with growth of 30% over the first quarter of last year,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “The growth across every major revenue category, system, assay, consumables and royalty, is particularly exciting. This diversified performance is the foundation of our long-term growth strategy. Additionally, we grew our installed base and delivered healthy gross margins and strong earnings per share.
“During the quarter, Luminex announced several important strategic agreements, including a collaboration and licensing agreement with Advanced Liquid Logic and the announcement of the pending acquisition of Australian-based BSD Robotics,” continued Balthrop. “These two agreements underscore our commitment to deliver innovative solutions to our customers and to advancing our automation programs. We are also very excited about the recent announcement of our teaming agreement with Northrop Grumman, which is the culmination of several years of work in the biothreat market. These initiatives demonstrate the creativity of our management team in using our strong balance sheet and differentiated technology solutions to build value over the long-term for our shareholders, customers and employees.”
FINANCIAL OUTLOOK AND GUIDANCE
The Company reaffirms its 2010 annual revenue guidance of between $138 million and $148 million. The full year figures represent an increase of between 14 percent and 23 percent over reported 2009 revenue.
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the first quarter ended March 31, 2010, on Thursday, May 6, 2010, at 5:00 p.m. Eastern time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation’s website at http://www.luminexcorp.com. Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for six months on the website using the ‘replay’ link.
ABOUT LUMINEX CORPORATION
Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company’s xMAP® system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse
