AUSTIN, Texas, Feb. 6, 2017 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the fourth quarter and full year 2016 ended December 31, 2016. Financial and operating highlights include the following:
- Consolidated fourth quarter and full year 2016 revenue of $72.3 million and $270.6 million, an increase of 20% and 14% compared to the fourth quarter and full year 2015.
- In the fourth quarter, Nanosphere contributed revenue of $9.5 million, growth of 39% over year-ago period.
- GAAP net loss for the fourth quarter was $3.4 million, or $0.08 per diluted share. GAAP net income for the full year 2016 was $13.8 million, or $0.32 per diluted share. Non-GAAP net income for the fourth quarter and full year 2016 was $4.6 million and $40.0 million, or $0.11 and $0.93 per diluted share (see Non-GAAP reconciliation).
- The company recognized a charge of $2.5 million in the fourth quarter of 2016 in conjunction with reorganization activities and expects total annualized savings of approximately $9 million.
- In December, we received FDA clearance for the ARIES® Group B Strep assay and end 2016 with three ARIES FDA IVD cleared assays.
"When I joined Luminex more than two years ago my immediate goals were to simplify our business, improve operating efficiency and drive profitability. In addition, a pivotal goal was to set the Company on a strategic growth path that would increase shareholder value for the foreseeable future. We remain laser focused on delivering it. During 2016 we acquired Nanosphere, eliminated several lines of business and redeployed those personnel to our family of molecular sample-to-answer solutions which now include ARIES®, Verigene®, and in the future, Project ATLAS. These platform solutions enable our clinical laboratory customers to simplify complex workflows while delivering accurate and timely data to improve patient care," said Homi Shamir, President and Chief Executive Officer of Luminex.
"We recorded over 14% growth in 2016 with solid contributions from our core businesses and the successful integration and expansion of Nanosphere. We see that strong momentum continuing in 2017, supported by our balanced business model a solid, profitable partner business and a rapidly expanding portfolio of molecular sample-to-answer solutions and an experienced and dedicated management team," he added.
REVENUE SUMMARY | |||||||
(in thousands, except percentages) | |||||||
Three Months Ended | |||||||
December 31, | Variance | ||||||
2016 | 2015 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 9,611 | $ 8,547 | $ 1,064 | 12% | |||
Consumable sales | 11,107 | 10,568 | 539 | 5% | |||
Royalty revenue | 10,157 | 9,489 | 668 | 7% | |||
Assay revenue | 36,697 | 26,893 | 9,804 | 36% | |||
All other revenue | 4,699 | 4,952 | (253) | -5% | |||
$ 72,271 | $ 60,449 | $11,822 | 20% | ||||
Twelve Months Ended | |||||||
December 31, | Variance | ||||||
2016 | 2015 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 37,416 | $ 30,676 | $ 6,740 | 22% | |||
Consumable sales | 48,596 | 43,282 | 5,314 | 12% | |||
Royalty revenue | 44,045 | 41,513 | 2,532 | 6% | |||
Assay revenue | 122,064 | 101,216 | 20,848 | 21% | |||
All other revenue | 18,518 | 21,021 | (2,503) | -12% | |||
$270,639 | $237,708 | $32,931 | 14% | ||||
Additional Highlights:
- Infectious disease assay sales were approximately 78% of total assay sales for the fourth quarter and genetic testing assays were 22%.
- 272 multiplexing analyzers were shipped during the quarter; included in this figure is a combination of MAGPIX® systems, LX systems, FLEXMAP 3D® systems.
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Following the corporate announcement on January 9, Luminex reiterates its 2017 annual revenue guidance range to between $295 million and $305 million. The company anticipates first quarter 2017 revenue to be between $73 million and $75 million.
CONFERENCE CALL
Management will host a conference call at 3:30 p.m. CST / 4:30 p.m. EST, Monday, February 6, 2017 to discuss the operating highlights and financial results for the fourth quarter and full year 2016 ended December 31, 2016. The conference call will be webcast live and 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 will be archived for six months on the website using the 'replay' link.
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 as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company's xMAP 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 or xMAP can be obtained on the Internet at http://www.luminexcorp.com.
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