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Luminex Corporation Reports First Quarter 2011 Results
Date:5/9/2011

e prior year period. Consumable revenue reached an all-time record in the first quarter, growing 53% year-over-year, which reflects the strong demand from our top partners. In addition, we continue to expand our installed base at a healthy rate and look forward to expanding our distribution for our MAGPIX system in the near future."

"During the quarter we announced an exciting collaboration with Partners HealthCare, a premier Boston-based integrated health system, with the goal of accelerating the development and commercialization of novel molecular diagnostic tests. Regarding assay development initiatives, Luminex is on-track with its innovative Gastrointestinal Pathogen Panel, xTAG® GPP, and xMAP® NeoPlex4™ assay products.  In addition, we await FDA clearance for our xTAG RVP FAST assay and are excited about its potential in the marketplace once cleared," added Balthrop. "These initiatives along with our investment in exciting new systems, such as MAGPIX, will help ensure that Luminex delivers high performance solutions to our customers and long term value for our shareholders," Balthrop concluded.

Consolidated revenue for the first quarter of 2011 was $43.3 million, a 30 percent increase over consolidated revenue of $33.3 million for the first quarter of 2010.  GAAP net income for the first quarter of 2011 was $4,461,000, or $0.11 per diluted share, compared with GAAP net income of $1,875,000, or $0.05 per diluted share, for the prior year period.  Net income for the first quarter of 2011 included non-cash charges of $2.5 million in stock compensation expense associated with ASC 718 and $2.5 million of depreciation and amortization expense.  Net income for the first quarter of 2010 included non-cash charges of $2.2 million in stock compensation expense associated with ASC 718 and $2.2 million of depreciation and amortization expense.

LUMINEX CORPORATIONREPORTABLE SEGMENT HIGHLIGHTS(in thousands, exc
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SOURCE Luminex Corporation
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