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Luminex Corporation Reports Fourth Quarter and Full Year 2010 Results

AUSTIN, Texas, Feb. 7, 2011 /PRNewswire/ -- Luminex Corporation (Nasdaq: LMNX) today announced financial results for the fourth quarter and year ended December 31, 2010. Recent financial and operating highlights include the following:

  • Fourth quarter 2010 consolidated revenue was $41.2 million, an 8 percent increase over the fourth quarter of 2009; full year 2010 revenue was $141.6 million, a 17 percent increase over 2009.
  • Record system revenue of $10.3 million for the fourth quarter of 2010 reflects an increase of 11 percent over the same prior year period, and full year system revenue of $33.0 million, a 7 percent increase over the full year 2009; total shipments of multiplexing analyzers for the quarter were 286. Cumulative life to date multiplexing analyzer shipments reached 7,700, up 14 percent from a year ago.
  • Fourth quarter 2010 consumable revenue of $12.0 million, an increase of 49 percent from the year ago period due to broad based growth in bulk orders. 2010 full year consumable revenue of $40.1 million grew 41% over 2009.
  • Luminex's Assay Group realized assay revenue of $9.2 million for the fourth quarter 2010, down 28 percent over the same prior year period, while full year assay revenue was $32.2 million, up 4 percent over 2009.
  • Signed long-term renewal of our 10-year strategic partnership with One Lambda, Inc., one of our top partners and the worldwide leader in the HLA typing and antibody screening market.
  • Signed global OEM agreement with Tecan Group, a global leader in sample prep automation, to develop high volume automation solutions.

  • GAAP net income for the fourth quarter of 2010 was $3.2 million or, $0.07 per diluted share.  GAAP net income for 2010 was $5.2 million or $0.12 per diluted share, compared with 2009 net income of $17.7 million or $0.43, per diluted share.  For comparability purposes, adjusted net income for 2009, excluding the effect of the release of the valuation allowance and the settlement of litigation, was $2.4 million or $0.06 per diluted share. A reconciliation of adjusted net income to GAAP net income is provided at the end of this press release.LUMINEX CORPORATIONREVENUE SUMMARY(unaudited)Three Months EndedDecember 31,Variance20102009($)(%)(in thousands, except percentages)System sales

    $   10,304$
    99711%Consumable sales

    11,9548,0333,92149%Royalty revenue

    6,0444,7881,25626%Assay revenue

    9,24212,890(3,648)-28%All other revenue

    3,6463,14949716%$   41,190$   38,167$   3,0238%Twelve Months EndedDecember 31,Variance20102009($)(%)(in thousands, except percentages)System sales

    $   32,984$   30,711$   2,2737%Consumable sales

    40,10428,38011,72441%Royalty revenue

    22,41418,3124,10222%Assay revenue

    32,20431,0541,1504%All other revenue

    13,85112,1861,66514%$ 141,557$ 120,643$ 20,91417%LUMINEX CORPORATIONREPORTABLE SEGMENT HIGHLIGHTS(unaudited)Three Months EndedTwelve Months EndedDecember 31,December 31,2010200920102009(in thousands)RevenueTechnology and strategic partnerships

    $ 30,550$ 24,794$ 105,586$ 87,389Assays and related products

    10,64013,37335,97133,254Total Revenue

    41,19038,167141,557120,643Operating income (loss)Technology and strategic partnerships

    5,8722,66915,9778,122Assays and related products

    (789)2,629(4,726)(723)Total Operating income

    5,0835,29811,2517,399"We are very pleased with the record fourth quarter performance and what we accomplished in 2010," said Patrick J. Balthrop, president and chief executive officer of Luminex. "Despite the tough year-over-year comparison due to strong H1N1-related demand for xTAG RVP in 2009, we delivered 17% consolidated annual revenue growth. Our performance reflects increasing adoption of our proprietary technology due to the power of multiplexing, the commitment of our partners and the dedication of our employees. We are particularly pleased with the performance of our proprietary consumable and royalty revenue streams, which grew 41% and 22%, respectively, in 2010. We are pleased with the successful launch of our newest multiplexing analyzer, MAGPIX, and anticipate it will make a strong contribution to our overall capital equipment sales in the future.  

    "Our solid performance generated nearly $10 million in operating cashflow in the quarter, adding to an already strong balance sheet, and enhancing the Company's ability to respond to strategic opportunities," continued Balthrop. "Looking at 2011 and beyond, we are excited about the broad growth opportunities in which Luminex, through its solid product pipeline and strong partnership model, can further develop its market leadership position."

    FINANCIAL OUTLOOK AND GUIDANCEThe Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2011 is as follows:

  • The Company expects full year 2011 revenue to be between $163 million and $170 million.  The full year figures represent an increase of between 15 percent and 20 percent over reported 2010 revenue.

  • CONFERENCE CALLManagement will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2010, on Monday, February 7, 2011, 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  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.

    ABOUT LUMINEX CORPORATIONLuminex 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' 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 our projected revenue, sales growth, future MAGPIX sales, the adequacy of our balance sheet, our ability to respond to strategic opportunities and our product and partner pipeline.  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' actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex' 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, Luminex' 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' 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' 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 2011 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' expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.Contacts:

    Harriss T. Currie

    Matthew ScaloVice President, Finance and Chief Financial Officer

    Sr. Director of Investor Relations512-219-8020

    mscalo@luminexcorp.comLUMINEX CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)December 31,20102009(unaudited)ASSETSCurrent assets:Cash and cash equivalents

    89,487$   90,843Restricted cash

    1,002-Short-term investments

    28,4048,511Accounts receivable, net

    20,93622,108Inventories, net

    24,93217,524Deferred income taxes

    4,2251,040Prepaids and other

    2,7322,130Total current assets

    171,718142,156Property and equipment, net

    22,08417,255Intangible assets, net

    12,94412,938Deferred income taxes

    6,36314,732Long-term investments



    4,4301,087Total assets

    265,810$ 248,013LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

    8,430Accrued liabilities

    7,4447,493Deferred revenue

    3,8662,967Current portion of long term debt

    849868Total current liabilities

    19,78019,758Long-term debt

    3,3513,591Deferred revenue


    3,5111,312Total liabilities

    30,94529,275Stockholders' equity:Common stock

    4141Additional paid-in capital

    295,422285,648Accumulated other comprehensive gain

    1,15028Accumulated deficit

    (61,748)(66,979)Total stockholders' equity

    234,865218,738Total liabilities and stockholders' equity

    265,810$ 248,013LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months EndedTwelve Months EndedDecember 31,December 31,2010200920102009(unaudited)(unaudited)Revenue

    $ 41,190$ 38,167$
    41,557$ 120,643Cost of revenue

    12,61112,51245,18039,349Gross profit

    28,57925,65596,37781,294Operating expenses:Research and development

    6,7365,50623,41020,752Selling, general and administrative

    16,76014,85161,71653,143Total operating expenses

    23,49620,35785,12673,895Income from operations

    5,0835,29811,2517,399Interest expense from long-term debt

    (85)(123)(419)(481)Other income, net

    119126519719Settlement of litigation

    ---(4,350)Income before income taxes

    5,1175,30111,3513,287Income taxes

    (1,918)14,715(6,120)14,442Net income

    $   3,199$ 20,016$
    5,231$   17,729Net income per share, basic

    .44Shares used in computing net income per share, basic

    41,19940,69741,03040,562Net income per share, diluted

    .43Shares used in computing net income per share, diluted

    42,67141,60442,43841,633LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)Three Months EndedTwelve Months EndedDecember 31,December 31,2010200920102009(unaudited)(unaudited)Cash flows from operating activities:Net income

    $   3,199$ 20,016$
    5,231$ 17,729Adjustments to reconcile net income to net   cash provided by operating activities:Depreciation and amortization

    2,4042,3348,8988,329Stock-based compensation

    2,5112,3439,4368,160Deferred income tax benefit

    1,515(15,498)5,005(15,496)Excess income tax benefit from employee  stock-based awards

    1,290---Loss on disposal of assets


    (140)4087091,665Changes in operating assets and liabilities:Accounts receivable, net

    (1,867)(2,839)2,199(10,827)Inventories, net

    (746)(4,827)(5,811)(5,935)Other assets

    (178)(671)(332)(699)Accounts payable

    6463,296(1,776)3,672Accrued liabilities

    1,1172,25880(765)Deferred revenue

    (654)(368)536(55)Net cash provided by operating activities

    9,0976,45224,1755,803Cash flows from investing activities:Purchases of available-for-sale securities

    (3,008)(6,115)(29,673)(62,764)Maturities of available-for-sale securities

    7,50010,98823,69333,968Maturities of held-to-maturity securities

    -2,423-42,501Purchase of property and equipment

    (2,540)(1,751)(11,102)(10,369)Business acquisition consideration, net of cash acquired

    24-(5,012)-Increase in restricted cash

    --(1,000)-Purchase of cost method investment

    (5)-(2,081)-Acquired technology rights

    (625)(8)(1,825)(29)Net cash provided by (used in) investing activities

    1,3465,537(27,000)3,307Cash flows from financing activities:Payments on debt

    --(895)(440)Proceeds from debt

    ---453Proceeds from issuance of common stock

    7262042,173567Excess income tax benefit from employee  stock-based awards

    (1,290)---Net cash (used in) provided by financing activities

    (564)2041,278580Effect of foreign currency exchange rate on cash

    379(90)191(466)Change in cash and cash equivalents

    10,25812,103(1,356)9,224Cash and cash equivalents, beginning of period

    79,22978,74090,84381,619Cash and cash equivalents, end of period

    $ 89,487$ 90,843$
    89,487$ 90,843LUMINEX CORPORATIONRECONCILIATION OF ADJUSTED NET INCOME TO GAAP NET INCOME(in thousands, except per share amounts)Three Months EndedTwelve Months EndedDecember 31,December 31,2010200920102009(unaudited)Net income

    $ 3,199$ 20,016$ 5,231$ 17,729Adjusting items:Settlement of litigation

    ---4,350Income tax adjustment*

    -(15,707)-(19,665)Adjusted net income

    $ 3,199$   4,309$ 5,231$   2,414Adjusted net income per share, basic

    $   0.08$
    .11$   0.13$
    .06Shares used in computing adjusted net income   per share, basic

    41,19940,69741,03040,562Adjusted net income per share, diluted

    $   0.07$
    .10$   0.12$
    .06Shares used in computing adjusted net   income per share, diluted

    42,67141,60442,43841,633* Income tax adjustment illustrates 2009 financial results without the effect of the release of the valuationallowance on the U.S. deferred tax assets for comparison to 2010 financial resultsThe Company believes that the non-GAAP measure used in this presentation, when presented in conjunction with the comparable GAAP measure, is useful to both management and investors in analyzing financial and business trends regarding the Company's ongoing business and operating performance. This non-GAAP measure should be considered in addition to, but not as a substitute for, items prepared in accordance with GAAP.



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