Luminex Corporation Reports Second Quarter 2010 Results

AUSTIN, Texas, Aug. 5 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq: LMNX) today announced financial results for the second quarter and six months ended June 30, 2010. Financial and operating highlights include the following:

• Consolidated second quarter revenue was $33.2 million, a 20 percent increase over the second quarter of 2009
• System shipments for the second quarter of 2010 totaled 219, resulting in cumulative life to-date shipments of 7,183, up 15 percent from the same period a year ago
• Consolidated gross profit margin was 70 percent for the second quarter of 2010
• Operating income for the second quarter of 2010 was $2.3 million, or seven percent of revenue, compared with operating income of $1.0 million, or four percent of revenue, for the same period last year
• Announced the launch of a new research gene expression product, the qBead Gene Expression Assay, together with High Throughput Genomics, Inc.
• Completed our acquisition of BSD Robotics, an Australian-based private company with advanced robotics technology for newborn screening and forensics
• Concluded the 7th Annual Planet xMAP® USA Symposium in Baltimore, with hundreds of scientists in the diagnostics and research fields coming together to discuss their work utilizing xMAP technology

Consolidated revenue for the second quarter of 2010 was $33.2 million, a 20 percent increase over consolidated revenue of $27.8 million for the second quarter of 2009. GAAP net income for the second quarter of 2010 was $884,000, or $0.02 per share, compared with GAAP net income of $1.1 million, or $0.03 per share, for the prior year period. Net income for the second quarter of 2010 included non-cash charges of $2.4 million in stock compensation expense associated with ASC 718 and $2.1 million of depreciation and amortization expense. Net income for the second quarter of 2009 included the effects of a payment of $0.8 million related to the termination of a supply contract and non-cash charges of $1.8 million in stock compensation expense associated with ASC 718 and $1.9 million of depreciation and amortization expense. The valuation allowance on U.S. deferred tax assets was released at December 31, 2009 and, as a result, the 2010 second quarter and year to date results are shown fully taxed in the U.S., whereas the 2009 second quarter and year to date results are not. On a comparable basis, net income for the second quarter of 2009, removing the effects of the release of the valuation allowance and $4.4 million litigation settlement in 2009, would have been $281,000 or $0.01 per share, and the net loss for the first six months of 2009 would have been $469,000, or a loss of $0.01 per share.