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Luminex Corporation Reports Fourth Quarter And Full Year 2012 Results

AUSTIN, Texas, Feb. 4, 2013 /PRNewswire/ -- Luminex Corporation (NASDAQ: LMNX) today announced financial results for the fourth quarter and year ended December 31, 2012.  Financial and operating highlights include the following:

  • Consolidated fourth quarter revenue of $55.5 million, a 16 percent increase over the fourth quarter of 2011; full-year 2012 revenue was $202.6 million, a 10 percent increase over 2011
  • Fourth quarter assay revenue of $23.8 million, a 45 percent increase over the fourth quarter of 2011; full-year 2012 assay revenue was $75.0 million, a 54 percent increase over 2011
  • Fourth quarter shipments of 226 multiplexing analyzers; cumulative life-to-date multiplexing analyzer shipments are 9,659  
  • Achieved a consolidated gross profit margin in the fourth quarter of 71 percent
  • Operating income for the fourth quarter of 2012 was $7.3 million. Non-GAAP operating income for the fourth quarter of 2012 was $8.6 million, excluding approximately $1.3 million of expenses related to integration costs associated with the purchase of GenturaDx (see Non-GAAP reconciliation)
  • GAAP net income for the fourth quarter and full-year of 2012 was $4.3 million and $12.4 million, or $0.10 and $0.30 per diluted share, respectively. Excluding the certain one-time costs associated with a strategic study and costs associated with the acquisition of GenturaDx, non-GAAP net income for the fourth quarter and 2012 was $5.1 million and $16.2 million or $0.12 and $0.39 per diluted share, respectively (see Non-GAAP reconciliation)
  • (Logo:

    "We are pleased with our fourth quarter execution, driven by another excellent performance in our proprietary assay segment. This performance reflects our unwavering focus on providing our customers with innovative, first-to-market assays that make a difference to patient outcomes. 2013 will be similar, as we received FDA clearance for our xTAG Gastrointestinal Pathogen Panel (GPP) in early January. This molecular diagnostic assay tests for greater than 90% of bacterial, viral, and parasitic causes of infectious gastroenteritis, a worldwide market we estimate at over $150 million. We believe this important assay will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex."We are also excited about the company taking its next evolutionary step forward in serving our molecular diagnostic customers directly. We have planned this transition for some time and I am confident in our ability to execute on this plan. So with this powerful combination of unique platforms, differentiated test menu, a strong direct sales force and our focus on the customer, we are excited about the prospects in 2013 and beyond," Balthrop concluded. REVENUE SUMMARY(in thousands, except percentages)Three Months EndedDecember 31,Variance20122011($)(%)(unaudited)System sales

    7,149$  10,449$ (3,300)-32%Consumable sales

    12,41210,0932,31923%Royalty revenue

    7,5137,0874266%Assay revenue

    23,77416,4017,37345%All other revenue

    4,6873,83984822%$  55,535$  47,869$  7,66616%Twelve Months EndedDecember 31,Variance20122011($)(%)(unaudited)System sales

    $  31,083$  35,901$ (4,818)-13%Consumable sales

    48,01255,457(7,445)-13%Royalty revenue

    31,16029,2051,9557%Assay revenue

    75,02048,67026,35054%All other revenue


     LUMINEX CORPORATIONREPORTABLE SEGMENT HIGHLIGHTS(in thousands, except percentages)Three Months EndedDecember 31,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $  29,674$  29,715$
    (41)0%Assays and related products

    25,86118,1547,70742%Total Revenue

    55,53547,8697,66616%Operating income (loss)Technology and strategic partnerships

    2,3254,239(1,914)-45%Assays and related products

    4,930(307)5,2371706%Total Operating income

    7,2553,9323,32385%Twelve Months EndedDecember 31,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $121,032$127,779$(6,747)-5%Assays and related products

    81,55056,56024,99044%Total Revenue

    202,582184,33918,24310%Operating income (loss)Technology and strategic partnerships

    15,04729,895(14,848)-50%Assays and related products

    7,669(6,052)13,721227%Total Operating income

    22,71623,843(1,127)-5%"In the fourth quarter, we experienced a healthy rebound in sales growth while maintaining tight cost controls, as demonstrated by both our gross and operating margins," said Harriss T. Currie, vice president and chief financial officer.  "Our 2013 revenue guidance takes into account our current progress combined with a cautiously optimistic view of the macro environment."

    FINANCIAL OUTLOOK AND GUIDANCE The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2013 is as follows:

  • The Company expects fiscal 2013 revenue to be between $220 million to $230 million, or an increase of between 9 to 14 percent over reported 2012 revenue.
  • CONFERENCE CALL Management will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2012, on Monday, February 4, 2013, at 5:00 p.m. Eastern time / 4:00 p.m. Central 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  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 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

    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. Forward-looking statements in this release include statements regarding: the expansion of our installed base; distribution for our instruments; purchases of our consumable products; the development progress and market acceptance of our assay products, including Gastrointestinal Pathogen Panel (GPP) and products developed and manufactured by Luminex Madison and Luminex Molecular Diagnostics; direct sales of our molecular diagnostic products to customers and transition from our distribution partners; FDA clearance of our products, including GPP, the acquisition of GenturaDx and the status of the integration; Luminex's long-term strategic plan; the ability of our investment in current initiatives and new products to deliver high performance solutions, and drive long-term value for our shareholders; and, projected 2013 revenue. 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 and technology, 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, ability to effectively develop, manufacture, market and sell our products; ability to obtain regulatory clearance for our products; 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, the uncertainty regarding the outcome or expense of any litigation brought against Luminex, risks relating to Luminex's foreign operations, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies, or selected assets into our consolidated business operations, including the ability to recognize the benefits of our acquisitions, 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, including the financial guidance and 2012 outlook, 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.



    Harriss T. Currie

    Matthew ScaloVice President, Finance and Chief Financial Officer

    Sr. Director, Investor Relations512-219-8020  


     LUMINEX CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)December 31,December 31,20122011(unaudited)ASSETSCurrent assets:Cash and cash equivalents

    58,282Restricted cash

    -1,006Short-term investments

    13,60742,574Accounts receivable, net

    33,27323,016Inventories, net

    29,93724,579Deferred income taxes

    6,1485,991Prepaids and other

    4,3883,529Total current assets

    130,142158,977Property and equipment, net

    26,22925,192Intangible assets, net

    65,21829,437Deferred income taxes

    12,81912,817Long-term investments



    8,4637,310Total assets

    282,647LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

    5,941Accrued liabilities

    12,69011,047Deferred revenue

    4,1344,057Current portion of long term debt

    1,138999Total current liabilities

    27,61222,044Long-term debt

    1,7022,573Deferred revenue


    5,0853,831Total liabilities

    37,33231,792Stockholders' equity:Common stock

    4141Additional paid-in capital

    293,392297,104Accumulated other comprehensive gain

    1,101984Accumulated deficit

    (34,867)(47,274)Total stockholders' equity

    259,667250,855Total liabilities and stockholders' equity



     LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months EndedTwelve Months EndedDecember 31,December 31,2012201120122011(unaudited)(unaudited)Revenue

    $ 55,535$ 47,869$   202,582$ 184,339Cost of revenue

    16,17815,35060,00858,849Gross profit

    39,35732,519142,574125,490Operating expenses:Research and development

    10,9909,88240,77533,394Selling, general and administrative

    20,08317,61074,84064,878Amortization of acquired intangible assets

    1,0291,0954,2433,375Total operating expenses

    32,10228,587119,858101,647Income from operations

    7,2553,93222,71623,843Interest expense from long-term debt

    (36)(73)(198)(308)Other income, net

    138107262394Income before income taxes

    7,3573,96622,78023,929Income taxes

    (3,105)(524)(10,373)(9,455)Net income

    $   4,252$   3,442$
    2,407$   14,474Net income per share, basic

    .35Shares used in computing net income per share, basic

    40,72441,15340,92741,262Net income per share, diluted

    .34Shares used in computing net income per share, diluted



     LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)Three Months EndedTwelve Months EndedDecember 31,December 31,2012201120122011(unaudited)(unaudited)Cash flows from operating activities:Net income

    2,407$  14,474Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization

    3,6963,46214,36411,887Stock-based compensation

    2,3633,1169,91511,417Deferred income tax expense (benefit)

    (217)(2,058)2,699(592)Excess income tax expense (benefit) from employee stock-based awards


    5023541,157232Changes in operating assets and liabilities:Accounts receivable, net

    (2,041)(2,303)(10,267)(899)Inventories, net

    (2,742)1,410(5,346)4,783Other assets

    1,677(575)(617)(1,279)Accounts payable

    1,580(786)3,286(2,680)Accrued liabilities

    5,4705,1313,4639,324Deferred revenue

    (84)(283)(321)(763)Net cash provided by operating activities

    10,1829,64124,28338,290Cash flows from investing activities:Purchases of available-for-sale securities

    (1,498)(13,474)(14,987)(47,743)Sales and maturities of available-for-sale securities

    4,0428,03747,11733,753Purchase of property and equipment

    (2,258)(2,434)(9,767)(9,554)Business acquisition consideration, net of cash acquired

    78-(48,199)(33,914)Purchase of cost method investment

    --(1,000)(2,000)Acquired technology rights

    (1,250)(1,331)(1,592)(1,857)Net cash used in investing activities

    (886)(9,202)(28,428)(61,315)Cash flows from financing activities:Payments on debt

    --(1,025)(885)Proceeds from employee stock plans and issuance of common stock

    7981094,0223,543Payments for stock repurchases

    -(8,600)(20,916)(18,340)Excess income tax (expense) benefit from employee stock-based awards

    4,2741,2696,4577,614Net cash provided by (used in) financing activities

    5,072(7,222)(11,462)(8,068)Effect of foreign currency exchange rate on cash

    (65)(16)114(112)Change in cash and cash equivalents

    14,303(6,799)(15,493)(31,205)Cash and cash equivalents, beginning of period

    28,48665,08158,28289,487Cash and cash equivalents, end of period

    $  42,789$  58,282$
    42,789$  58,282 


     LUMINEX CORPORATIONNON-GAAP RECONCILIATION(in thousands)Three Months EndedTwelve Months EndedDecember 31,December 31,20122012(unaudited)(unaudited)Income from operations

    22,716Strategic study consulting costs

    -1,096GDx acquisition related costs

    1,2974,263Adjusted income from operations

    28,075Net income

    2,407Strategic study consulting costs

    -1,096GDx acquisition related costs

    1,2974,263Income tax effect of the above items

    (404)(1,588)Adjusted net income

    ,178Adjusted net income per share, basic

    .40Shares used in computing adjusted net income per share, basic

    40,72440,927Adjusted net income per share, diluted

    .39Shares used in computing adjusted net income per share, diluted

    41,33241,884The Company makes reference in this release to "non-GAAP operating income" and "non-GAAP net income" which exclude the impact of acquisition and strategic study consulting expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP."

    SOURCE Luminex Corporation
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