AUSTIN, Texas, Feb. 7, 2011 /PRNewswire/ -- Luminex Corporation (Nasdaq: LMNX) today announced financial results for the fourth quarter and year ended December 31, 2010. Recent financial and operating highlights include the following:
- Fourth quarter 2010 consolidated revenue was $41.2 million, an 8 percent increase over the fourth quarter of 2009; full year 2010 revenue was $141.6 million, a 17 percent increase over 2009.
- Record system revenue of $10.3 million for the fourth quarter of 2010 reflects an increase of 11 percent over the same prior year period, and full year system revenue of $33.0 million, a 7 percent increase over the full year 2009; total shipments of multiplexing analyzers for the quarter were 286. Cumulative life to date multiplexing analyzer shipments reached 7,700, up 14 percent from a year ago.
- Fourth quarter 2010 consumable revenue of $12.0 million, an increase of 49 percent from the year ago period due to broad based growth in bulk orders. 2010 full year consumable revenue of $40.1 million grew 41% over 2009.
- Luminex’s Assay Group realized assay revenue of $9.2 million for the fourth quarter 2010, down 28 percent over the same prior year period, while full year assay revenue was $32.2 million, up 4 percent over 2009.
- Signed long-term renewal of our 10-year strategic partnership with One Lambda, Inc., one of our top partners and the worldwide leader in the HLA typing and antibody screening market.
- Signed global OEM agreement with Tecan Group, a global leader in sample prep automation, to develop high volume automation solutions.
GAAP net income for the fourth quarter of 2010 was $3.2 million or, $0.07 per diluted share. GAAP net income for 2010 was $5.2 million or $0.12 per diluted share, compared with 2009 net income of $17.7 million or $0.43, per diluted share. For comparability purposes, adjusted net income for 2009, excluding the effect of the release of the valuation allowance and the settlement of litigation, was $2.4 million or $0.06 per diluted share. A reconciliation of adjusted net income to GAAP net income is provided at the end of this press release.
LUMINEX CORPORATION REVENUE SUMMARY (unaudited) | ||||||||
Three Months Ended | ||||||||
December 31, | Variance | |||||||
2010 | 2009 | ($) | (%) | |||||
(in thousands, except percentages) | ||||||||
System sales | $ 10,304 | $ 9,307 | $ 997 | 11% | ||||
Consumable sales | 11,954 | 8,033 | 3,921 | 49% | ||||
Royalty revenue | 6,044 | 4,788 | 1,256 | 26% | ||||
Assay revenue | 9,242 | 12,890 | (3,648) | -28% | ||||
All other revenue | 3,646 | 3,149 | 497 | 16% | ||||
$ 41,190 | $ 38,167 | $ 3,023 | 8% | |||||
Twelve Months Ended | ||||||||
December 31, | Variance | |||||||
2010 | 2009 | ($) | (%) | |||||
(in thousands, except percentages) | ||||||||
System sales | $ 32,984 | $ 30,711 | $ 2,273 | 7% | ||||
Consumable sales | 40,104 | 28,380 | 11,724 | 41% | ||||
Royalty revenue | 22,414 | 18,312 | 4,102 | 22% | ||||
Assay revenue | 32,204 | 31,054 | 1,150 | 4% | ||||
All other revenue | 13,851 | 12,186 | 1,665 | 14% | ||||
$ 141,557 | $ 120,643 | $ 20,914 | 17% | |||||
LUMINEX CORPORATION REPORTABLE SEGMENT HIGHLIGHTS (unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | |||||||
2010 | 2009 | 2010 | 2009 | |||||
(in thousands) | ||||||||
Revenue | ||||||||
Technology and strategic partnerships | $ 30,550 | $ 24,794 | $ 105,586 | $ 87,389 | ||||
Assays and related products | 10,640 | 13,373 | 35,971 | 33,254 | ||||
Total Revenue | 41,190 | 38,167 | 141,557 | 120,643 | ||||
Operating income (loss) | ||||||||
Technology and strategic partnerships | 5,872 | 2,669 | 15,977 | 8,122 | ||||
Assays and related products | (789) | 2,629 | (4,726) | (723) | ||||
