Luminex Corporation Reports First Quarter 2012 Results

AUSTIN, Texas, April 30, 2012 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the first quarter ended March 31, 2012. Financial and operating highlights include the following:

• Consolidated first quarter revenue was $48.7 million, a 13 percent increase over the first quarter of 2011
• First quarter assay revenue was $17.3 million, a 80 percent increase over the first quarter of 2011
• First quarter shipments of 206 multiplexing analyzers that included 55 MAGPIX® systems, resulting in cumulative life-to-date multiplexing analyzer shipments of 8,884, up 12 percent from a year ago
• Consolidated gross profit margin was 69 percent for the first quarter of 2012
• Operating expenses for the first quarter of 2012 were $28.2 million, an increase of $5.7 million over the first quarter of 2011. $2.1 million of this increase can be attributed to Luminex Madison, formerly known as EraGen Biosciences, that was acquired on June 27, 2011
• Operating income for the first quarter of 2012 was $5.6 million compared with operating income of $8.3 million for the same period last year
• Extended a global sales and distribution agreement with Bio-Rad Laboratories, Inc. (NYSE: BIO) under which Luminex has granted Bio-Rad global sales and distribution rights for Luminex’s MAGPIX multiplexing analyzer and extended the strategic partnership agreement until 2023
• Received CE marking for the newborn screening assay, xMAP® NeoPlex4, and a fully automated instrument, the NeoPlex System, in April

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“Luminex delivered a solid financial and operating performance for the first quarter of 2012,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “Our assay category showed excellent growth, driven by continued execution in our core assay franchises such as our xTAG® Cystic Fibrosis product line, growing demand outside the U.S. for our innovative xTAG Gastrointestinal Pathogen Panel (GPP), and a strong contribution from Luminex Madison. As expected, consumable revenue in the first quarter faced a difficult year-over-year comparison, yet grew 18% sequentially. In addition, we continue to grow our installed base at a healthy rate and are pleased to have expanded our distribution partners for our MAGPIX system with the addition of Bio-Rad Laboratories announced in early April.”

“Regarding new product initiatives, I am pleased to report that Luminex has received CE Marking for its NeoPlex4 assay and fully automated NeoPlex system. This product offering addresses a sizeable new market opportunity for Luminex and we are excited about the clear advantages offered to the public health lab customer,” added Balthrop. “NeoPlex4 is another example of how Luminex provides advanced solutions and real value to our customers. With new assays like GPP, NeoPlex4 and the exciting portfolio from Luminex Madison, we are positioned for continued strong growth in the future,” Balthrop concluded.

“While we are pleased that both reportable segments achieved GAAP profitability in the first quarter of 2012, we experienced a decline in total operating income year-over-year primarily as a result of two factors,” said Harriss T. Currie, vice president and chief financial officer. “First, we experienced a normalization in bulk consumable purchase behavior from a top partner, as anticipated; and second, operating expenses for the current quarter included $2.1 million attributable to our Luminex Madison location. That transaction closed on June 27, 2011. Sequentially, our operating expenses actually declined slightly from the fourth quarter of 2011. We remain on-track to recognize accretion from the Luminex Madison transaction in 2012 and expect to face improving year-over-year consumable revenue comparisons in the second half of 2012.”