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Luminex Corporation Reports Third Quarter 2012 Results

AUSTIN, Texas, Oct. 29, 2012 /PRNewswire/ -- Luminex Corporation (NASDAQ: LMNX) today announced financial results for the third quarter ended September 30, 2012.  Financial and operating highlights include the following:

  • Completed the acquisition of GenturaDx, Inc., effective July 11, 2012. Integration activities are  on-track
  • Consolidated third quarter revenue of $50.0 million, a 10 percent increase over the third quarter of 2011
  • Third quarter assay revenue of $16.4 million, a 22 percent increase over the third quarter of 2011
  • Third quarter shipments of 271 multiplexing analyzers that included 127 MAGPIX® systems; cumulative life-to-date multiplexing analyzer shipments are 9,433  
  • Achieved a consolidated gross profit margin of 70 percent
  • Operating income for the third quarter of 2012 was $3.4 million compared with operating income of $2.8 million for the same period last year, including recognizing $2.7 million of expenses related to acquisition costs associated with the purchase of GenturaDx
  • Luminex was awarded Defense Threat Reduction Agency (DTRA) contract worth up to $11.6 million over three and one half years
  • Announced that Public Health Wales used Luminex's CE marked xTAG® Gastrointestinal Pathogen Panel for activities during Olympic and Paralympic events that took place in Wales
  • (Logo:

    "We are pleased with the revenue growth in the third quarter, driven by another solid performance by our proprietary assay segment.  Our broad and innovative portfolio of assays is a key differentiator in the market and a driver of long term growth for the company.  In addition, we are seeing strong and growing interest among labs wishing to evaluate and validate our latest innovative assays, the CE-Marked gastrointestinal pathogen panel and NeoPlex4.  We believe that after FDA clearance, these two important assays will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex."With a long standing goal to reduce complexity and increase speed of the testing process, Luminex is constantly evaluating internal and external projects that address every component of the process - chemistry, hardware and software. To this end, the technology we acquired in our acquisition of GenturaDx will provide an elegant, easy to use and scalable platform which combined with our MultiCode® chemistry, will expand our product offerings to current customers as well as attract new customers where low-plex testing and ease of use are top priorities," Balthrop concluded. REVENUE SUMMARY(in thousands, except percentages)Three Months EndedSeptember 30,Variance20122011($)(%)(unaudited)System sales

    (88)-1%Consumable sales

    12,89811,9659338%Royalty revenue

    7,6907,4502403%Assay revenue

    16,43913,4243,01522%All other revenue

    4,4704,08039010%$  50,047$  45,557$  4,49010%Nine Months EndedSeptember 30,Variance20122011($)(%)(unaudited)System sales

    $  23,934$  25,452$ (1,518)-6%Consumable sales

    35,60045,364(9,764)-22%Royalty revenue

    23,64722,1181,5297%Assay revenue

    51,24632,26918,97759%All other revenue

    12,62011,2671,35312%$147,047$136,470$10,5778%"In the third quarter, we experienced a healthy rebound in sales growth while maintaining tight cost controls, as demonstrated by both our gross and operating margins," said Harriss T. Currie, vice president and chief financial officer.  "While we anticipate continued revenue growth in the fourth quarter, we believe it prudent to adjust our annual revenue guidance to account for an increasingly unpredictable budgetary environment among our lab customers, particularly in Europe. This environment has primarily impacted our expectations for systems and assay revenue."LUMINEX CORPORATIONREPORTABLE SEGMENT HIGHLIGHTS(in thousands, except percentages)Three Months EndedSeptember 30,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $31,584$29,918$ 1,6666%Assays and related products

    18,46315,6392,82418%Total Revenue

    50,04745,5574,49010%Operating income (loss)Technology and strategic partnerships

    4,1815,428(1,247)-23%Assays and related products

    (814)(2,608)1,79469%Total Operating income

    3,3672,82054719%Nine Months EndedSeptember 30,Variance20122011($)(%)(unaudited)RevenueTechnology and strategic partnerships

    $91,358$98,064$(6,706)-7%Assays and related products

    55,68938,40617,28345%Total Revenue

    147,047136,47010,5778%Operating income (loss)Technology and strategic partnerships

    12,72225,656(12,934)-50%Assays and related products

    2,739(5,745)8,484148%Total Operating income

    15,46119,911(4,450)-22%FINANCIAL OUTLOOK AND GUIDANCE The Company has revised its 2012 annual revenue guidance to a range of $200 and $204 million from $205 and $215 million.

    CONFERENCE CALL Management will host a conference call to discuss the operating highlights and financial results for the third quarter ended September 30, 2012, on Monday, October 29, 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, Gastrointestinal Pathogen Panel (GPP) and products developed and manufactured by Luminex Madison and Luminex Molecular Diagnostics; the use of GPP at the Olympics and Paralympic events in Wales; anticipated FDA clearance of our products, including GPP, NeoPlex4 and NeoPlex System; the award of a DTRA contract to Luminex; the acquisition of GenturaDx and the status of the integration; 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)September 30,December 31,20122011(unaudited)ASSETSCurrent assets:Cash and cash equivalents

    58,282Restricted cash

    -1,006Short-term investments

    13,11742,574Accounts receivable, net

    31,22923,016Inventories, net

    27,21324,579Deferred income taxes

    3,3945,991Prepaids and other

    5,7593,529Total current assets

    109,198158,977Property and equipment, net

    26,58425,192Intangible assets, net

    65,75729,437Deferred income taxes

    15,16412,817Long-term investments



    7,7457,310Total assets

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

    5,941Accrued liabilities

    12,42511,047Deferred revenue

    4,0714,057Current portion of long term debt

    748999Total current liabilities

    25,11122,044Long-term debt

    2,1022,573Deferred revenue


    4,2423,831Total liabilities

    34,55131,792Stockholders' equity:Common stock

    4141Additional paid-in capital

    285,871297,104Accumulated other comprehensive gain

    1,161984Accumulated deficit

    (39,119)(47,274)Total stockholders' equity

    247,954250,855Total liabilities and stockholders' equity



     LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)Three Months EndedNine Months EndedSeptember 30,September 30,2012201120122011(unaudited)(unaudited)Revenue

    $ 50,047$ 45,557$  147,047$  136,470Cost of revenue

    15,00217,14043,83043,499Gross profit

    35,04528,417103,21792,971Operating expenses:Research and development

    10,7077,99729,78523,512Selling, general and administrative

    19,94116,50554,75747,268Amortization of acquired intangible assets

    1,0301,0953,2142,280Total operating expenses

    31,67825,59787,75673,060Income from operations

    3,3672,82015,46119,911Interest expense from long-term debt

    (40)(73)(162)(235)Other income, net

    2572124287Income before income taxes

    3,3522,81915,42319,963Income taxes

    (1,676)(891)(7,268)(8,931)Net income

    $   1,676$   1,928$
    8,155$   11,032Net income per share, basic

    .27Shares used in computing net income per share, basic

    41,00041,39140,99541,298Net income per share, diluted

    .26Shares used in computing net income per share, diluted



     LUMINEX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)Three Months EndedNine Months EndedSeptember 30,September 30,2012201120122011(unaudited)(unaudited)Cash flows from operating activities:Net income

    8,155$  11,032Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization

    3,6133,28710,6688,425Stock-based compensation

    2,3382,7617,5528,301Deferred income tax expense (benefit)

    1,987(1,913)2,9161,466Excess income tax expense (benefit) from employee stock-based awards


    472(427)655(122)Changes in operating assets and liabilities:Accounts receivable, net

    (5,043)(5,252)(8,226)1,404Inventories, net

    (877)2,166(2,604)3,373Other assets

    (663)482(2,294)(704)Accounts payable

    1,6372,3601,706(1,894)Accrued liabilities

    (792)4,026(2,007)4,193Deferred revenue

    (330)(20)(237)(480)Net cash provided by operating activities

    4,6086,75814,10128,649Cash flows from investing activities:Purchases of available-for-sale securities

    (2,994)(5,022)(13,489)(34,269)Sales and maturities of available-for-sale securities

    13,07011,53943,07525,716Purchase of property and equipment

    (2,152)(3,322)(7,509)(7,120)Business acquisition consideration, net of cash acquired

    (48,277)-(48,277)(33,914)Purchase of cost method investment

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

    (51)(439)(342)(526)Net cash (used in) provided by investing activities

    (41,404)2,756(27,542)(52,113)Cash flows from financing activities:Payments on debt

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

    8612,6163,2243,434Payments for stock repurchases

    (11,036)(5,054)(20,916)(9,740)Excess income tax (expense) benefit from employee stock-based awards

    (590)2,6402,1836,345Net cash (used in) provided by financing activities

    (10,765)202(16,534)(846)Effect of foreign currency exchange rate on cash

    149(245)179(96)Change in cash and cash equivalents

    (47,412)9,471(29,796)(24,406)Cash and cash equivalents, beginning of period

    75,89855,61058,28289,487Cash and cash equivalents, end of period

    $   28,486$  65,081$   28,486$  65,081 


    Harriss T. Currie

    Matthew ScaloVice President, Finance and Chief Financial Officer

    Sr. Director, Investor Relations512-219-8020

    SOURCE Luminex Corporation
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