AUSTIN, Texas, Oct. 25 /PRNewswire-FirstCall/ -- Luminex Corporation today announced financial results for the third quarter ended September 30, 2006.
Revenue for the third quarter of 2006 was $12.5 million, a 16 percent increase over third quarter 2005 revenues of $10.8 million. Revenue for the third quarter of 2006 consisted of $4.9 million from the sales of 164 Luminex Systems, $3.5 million from the sale of consumables, $2.2 million in royalties, $928,000 in service contract sales and $1.0 million of other revenue. Net income for the third quarter of 2006 was $111,000, or $0.00 per share, compared with a net loss of $657,000, or $0.02 per share, for the same period last year. The net income for the third quarter includes total non-cash stock compensation expense of $1.4 million of which $559,000 is associated with the Company’s adoption of Statement of Financial Accounting Standards No. 123R.
“Luminex continued to build on its market presence in the third quarter of 2006,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “These results reflect our ability to successfully execute our business strategy and extend the market reach of our patented xMAP(R) technology. Total systems placements through the first nine months of 2006 are up 23 percent from a year ago with over 3,900 Luminex systems placed in major pharmaceutical companies, clinical laboratories, biodefense facilities and academic institutions around the world. More importantly, year-to-date royalty revenues are up 59 percent over the same period in 2005, indicating our growing market acceptance and partner assay adoption. Our improvement in gross profit reflects the favorable shift in revenue mix in favor of our higher margin items, consumables and royalties. We are pleased with the trends in our business and look forward to the opportunities ahead for Luminex for the remainder of 2006.”
Management will host a conference call to discuss the operating highlights and financial results for the third quarter ended September 30, 2006, on Wednesday, October 25, 2006, 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 one year on the website using the ‘replay’ link.
Luminex Corporation develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company’s xMAP(R) system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company’s xMAP(R) technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex Corporation or xMAP(R) can be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this release that express Luminex’s or management’s intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “could,” “should” and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company’s actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex’s actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex’s products, the Company’s dependence on strategic partners for development, commercialization and distribution of products, concentration of the Company’s revenue in a limited number of strategic partners, fluctuations in quarterly results due to a lengthy and unpredictable sales cycle and bulk purchases of consumables, Luminex’s ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels, potential shortages of components, competition, the timing of regulatory approvals, the implementation, including any modification, of the Company’s strategic operating plans, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies or selected assets into our consolidated business operations, as well as the risks discussed under the heading “Risk Factors” in Luminex’s Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contact: Harriss T. Currie Vice President, Finance and Chief Financial Officer 512-219-8020 hcurrie@luminexcorp.com LUMINEX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) September 30, December 31, 2006 2005 ------------ ----------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 24,886 $ 25,206 Short-term investments 11,181 10,947 Accounts receivable, net 8,296 6,580 Inventory, net 4,461 4,281 Other 1,196 1,170 ----------- ----------- Total current assets 50,020 48,184 Property and equipment, net 4,211 3,222 Long-term investments 7,641 5,466 Other 1,103 1,163 ----------- ----------- Total assets $ 62,975 $ 58,035 =========== =========== LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,880 $ 3,412 Accrued liabilities 2,785 2,970 Deferred revenue 2,305 2,438 ----------- ----------- Total current liabilities 6,970 8,820 Deferred revenue and other 4,264 4,505 ----------- ----------- Total liabilities 11,234 13,325 ----------- ----------- Stockholders’ equity: Common stock 32 32 Additional paid-in capital 137,318 135,440 Deferred stock compensation --- (4,219) Accumulated other comprehensive gain 44 18 Accumulated deficit (85,653) (86,561) ------------ ----------- Total stockholders’ equity 51,741 44,710 ----------- ----------- Total liabilities and stockholders’ equity $ 62,975 $ 58,035 =========== =========== LUMINEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- 2006 2005 2006 2005 --------- --------- --------- --------- (unaudited) (unaudited) Revenue $ 12,514 $ 10,764 $ 38,779 $ 30,736 Cost of revenue 4,732 5,294 15,077 14,066 --------- --------- --------- --------- Gross profit 7,782 5,470 23,702 16,670 Operating expenses: Research and development 2,348 1,469 6,335 3,974 Selling, general and administrative 5,869 4,992 17,956 14,481 --------- --------- --------- --------- Total operating expenses 8,217 6,461 24,291 18,455 --------- --------- --------- --------- Loss from operations (435) (991) (589) (1,785) Other income, net 544 337 1,511 799 Settlement of litigation --- --- --- (322) Income taxes 2 (3) (14) (10) --------- --------- --------- --------- Net income (loss) $ 111 $ (657) $ 908 $ (1,318) ========= ========= ========= ========= Net income (loss) per share, basic $ 0.00 $ (0.02) $ 0.03 $ (0.04) ========= ========= ========= ========= Shares used in computing net income (loss) per share, basic 31,507 31,039 31,358 30,954 ========= ========= ========= ========= Net income (loss) per share, diluted $ 0.00 $ (0.02) $ 0.03 $ (0.04) ========= ========= ========= ========= Shares used in computing net income (loss) per share, diluted 33,155 31,039 32,682 30,954 ========= ========= ========= =========
Luminex Corporation
CONTACT: Harriss T. Currie, Vice President, Finance and Chief FinancialOfficer of Luminex Corporation, +1-512-219-8020, or hcurrie@luminexcorp.com
Web site: http://www.luminexcorp.com/
