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Luminex Corporation Reports Second Quarter 2012 Results

AUSTIN, Texas, July 30, 2012 /PRNewswire/ -- Luminex Corporation (NASDAQ: LMNX) today announced financial results for the second quarter ended June 30, 2012.  Financial and operating highlights include the following:

  • Consolidated second quarter revenue of $48.3 million, a one percent increase over the second quarter of 2011
  • Second quarter assay revenue of $17.5 million, an 89 percent increase over the second quarter of 2011. Growth was largely driven by the inclusion of Luminex Madison, formerly EraGen Biosciences, Inc., which was acquired on June 27, 2011
  • Second quarter shipments of 278 multiplexing analyzers that included 167 MAGPIX® systems, resulting in cumulative life-to-date multiplexing analyzer shipments of 9,162, up 12 percent from a year ago
  • Consolidated gross profit margin of 71 percent for the second quarter of 2012
  • Operating expenses for the second quarter of 2012 increased $2.9 million over the second quarter of 2011. $0.9 million of this increase can be attributed to Luminex Madison, and $0.4 million is related to acquisition costs associated with the recent purchase of GenturaDx. Operating income for the second quarter of 2012 was $6.5 million compared with operating income of $8.8 million for the same period last year
  • Luminex Corporation was added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Life Sciences Tools & Services Sub-Industry Index
  • In July, Luminex Corporation acquired GenturaDx, a private, California-based molecular diagnostic company, for $50 million in cash and potential additional contingent consideration based on achievement of future milestones and/or product revenue performance  
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    "We are pleased with our second quarter results and long-term trajectory. Luminex's strategic plan is focused on providing customers with the tools they need to positively impact human health through reduced complexity and increased speed of the testing process. We continue to invest heavily in our proprietary xMAP® technology, and we have always recognized that one platform may not suit all lab customer needs. In order to access these new opportunities, Luminex has sought to acquire external technologies, such as EraGen Biosciences in 2011 and our recent acquisition of GenturaDx," said Patrick J. Balthrop, president and chief executive officer of Luminex.  "We are excited about GenturaDx technology and believe its simple to use, sample-to-answer platform combined with our proprietary MultiCode RTx chemistry will provide hospital-based molecular diagnostic labs with another powerful tool in their search for answers. When this system is commercialized (anticipated for 2014) Luminex will be able to offer our customers with a broad line of product solutions to fit their specific needs." 

    "Regarding new product updates, I am pleased to report that Luminex has submitted a de-novo 510(k) application to the FDA for our gastrointestinal pathogen panel (xTAG® GPP) assay. This product offering addresses a sizeable new market opportunity for Luminex and is another example of how Luminex is providing advanced solutions and real value to our customers. With new assays like GPP, NeoPlex4 and the exciting portfolio from Luminex Madison, we are positioned for strong growth in the future," Balthrop concluded. 

     REVENUE SUMMARY(in thousands, except percentages)Three Months EndedJune 30,Variance20122011($)(%)(unaudited)System sales

    $   8,386$   9,135$
    (749)-8%Consumable sales

    10,80218,397(7,595)-41%Royalty revenue

    7,7157,4123034%Assay revenue

    17,5109,2618,24989%All other revenue

    3,8603,43342712%$ 48,273$ 47,638$
    351%Six Months EndedJune 30,Variance20122011($)(%)(unaudited)System sales

    $ 15,384$ 16,814$ (1,430)-9%Consumable sales

    22,70233,399(10,697)-32%Royalty revenue

    15,95714,6681,2899%Assay revenue

    34,80718,84515,96285%All other revenue

    8,1507,18796313%$ 97,000$ 90,913$  6,0877%"We are pleased with our revenue progress, notwithstanding the significant decline in current quarter consumable revenue which was primarily the result of volatility in a single customer's purchases," said Harriss T. Currie, vice president and chief financial officer. "We anticipate improved revenue growth in the second half of 2012, as a result of both traction within our LMA and LMD product portfolios and easing consumable revenue comparisons." LUMINEX CORPORATIONREPORTABLE SEGMENT HIGHLIGHTS(in thousands, except percentages)Three Months EndedJune 30,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $  29,565$ 36,211$  (6,646)-18%Assays and related products

    18,70811,4277,28164%Total Revenue

    48,27347,6386351%Operating income (loss)Technology and strategic partnerships

    4,34211,572(7,230)-62%Assays and related products

    2,144(2,775)4,919177%Total Operating income

    6,4868,797(2,311)-26%Six Months EndedJune 30,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $  59,774$ 68,146$  (8,372)-12%Assays and related products

    37,22622,76714,45964%Total Revenue

    97,00090,9136,0877%Operating income (loss)Technology and strategic partnerships

    8,54120,228(11,687)-58%Assays and related products

    3,553(3,137)6,690213%Total Operating income


    FINANCIAL OUTLOOK AND GUIDANCE The Company reaffirms its 2012 annual revenue guidance of between $205 and $215 million.

    CONFERENCE CALL Management will host a conference call to discuss the operating highlights and financial results for the second quarter ended June 30, 2012, on Monday, July 30, 2012, 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 NeoPlex4 and NeoPlex System and products developed and manufactured by Luminex Madison and Luminex Molecular Diagnostics; anticipated FDA clearance of our products, including Gastrointestinal Pathogen Panel, NeoPlex4 and NeoPlex System;status of integration of Luminex Madison; the acquisition of GenturaDx; the addition of Luminex to the S&P Small Cap 600 GICS; Luminex's long-term strategic plan and acquisition strategy; 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 2012 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, 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.LUMINEX CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)June 30,December 31,20122011(unaudited)ASSETSCurrent assets:Cash and cash equivalents

    58,282Restricted cash

    -1,006Short-term investments

    23,15042,574Accounts receivable, net

    26,17623,016Inventories, net

    26,30424,579Deferred income taxes

    4,4165,991Prepaids and other

    4,9243,529Total current assets

    160,868158,977Property and equipment, net

    26,24325,192Intangible assets, net

    27,25629,437Deferred income taxes

    13,46112,817Long-term investments



    6,8997,310Total assets

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

    5,941Accrued liabilities

    9,71411,047Deferred revenue

    4,2304,057Current portion of long term debt

    490999Total current liabilities

    20,37122,044Long-term debt

    2,1912,573Deferred revenue


    2,5843,831Total liabilities

    28,40531,792Stockholders' equity:Common stock

    4141Additional paid-in capital

    294,936297,104Accumulated other comprehensive gain

    895984Accumulated deficit

    (40,795)(47,274)Total stockholders' equity

    255,077250,855Total liabilities and stockholders' equity

    282,647LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months EndedSix Months EndedJune 30,June 30,2012201120122011(unaudited)(unaudited)Revenue

    $  48,273$  47,638$  97,000$ 90,913Cost of revenue

    13,86113,81228,82826,359Gross profit

    34,41233,82668,17264,554Operating expenses:Research and development

    9,6387,94519,07815,515Selling, general and administrative

    17,20416,48234,81630,763Amortization of acquired intangible assets

    1,0846022,1841,185Total operating expenses

    27,92625,02956,07847,463Income from operations

    6,4868,79712,09417,091Interest expense from long-term debt

    (63)(79)(122)(162)Other income, net

    4210899215Income before income taxes

    6,4658,82612,07117,144Income taxes

    (3,513)(4,183)(5,592)(8,040)Net income

    $   2,952$   4,643$   6,479$   9,104Net income per share, basic

    .22Shares used in computing net income per share, basic

    41,06441,26240,99241,251Net income per share, diluted

    .21Shares used in computing net income per share, diluted

    42,39942,44642,24642,398LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)Three Months EndedSix Months EndedJune 30,June 30,2012201120122011(unaudited)(unaudited)Cash flows from operating activities:Net income

    9,104Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization

    3,5332,6227,0555,138Stock-based compensation

    2,5712,9935,2145,540Deferred income tax benefit

    3762,0549293,379Excess income tax benefit from employee stock-based awards


    (49)234183305Changes in operating assets and liabilities:Accounts receivable, net

    83068(3,183)6,656Inventories, net

    (1,860)1,793(1,727)1,207Other assets

    (1,671)(164)(1,631)(1,186)Accounts payable

    555(1,510)69(4,254)Accrued liabilities

    4,8111,953(1,215)167Deferred revenue

    (50)(317)93(460)Net cash provided by operating activities

    9,52212,8689,49321,891Cash flows from investing activities:Purchases of available-for-sale securities

    (1,496)(22,201)(10,495)(29,247)Sales and maturities of available-for-sale securities

    21,4907,25630,00514,177Purchase of property and equipment

    (3,761)(2,644)(5,357)(3,798)Business acquisition consideration, net of cash acquired

    -(33,914)-(33,914)Purchase of cost method investment

    ---(2,000)Acquired technology rights

    (291)(87)(291)(87)Net cash provided by (used in) investing activities

    15,942(51,590)13,862(54,869)Cash flows from financing activities:Payments on debt

    (1,025)(885)(1,025)(885)Proceeds from issuance of common stock

    1,7065902,363818Payments for stock repurchases

    (4,432)(1,436)(9,880)(4,686)Excess income tax benefit from employee stock-based awards

    2,4761,5012,7733,705Net cash used in financing activities

    (1,275)(230)(5,769)(1,048)Effect of foreign currency exchange rate on cash

    (121)130149Change in cash and cash equivalents

    24,068(38,951)17,616(33,877)Cash and cash equivalents, beginning of period

    51,83094,56158,28289,487Cash and cash equivalents, end of period

    $  75,898$  55,610$  75,898$  55,610Contacts:

    Harriss T. Currie

    Matthew ScaloVice President, Finance and Chief Financial Officer

    Sr. Director, Investor Relations512-219-8020

    SOURCE Luminex Corporation
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