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Luminex Cuts Revenue Forecasts as Orders from Strategic Partners Drop

NEW YORK, April 16 – Luminex of Austin on Monday lowered its revenue forecast for first quarter 2001 and the year due to a drop in orders for its genomic analysis products in the last weeks of the period.

"During the final weeks of the first quarter, we saw anticipated orders from our strategic partners slip…” Mark Chandler, Luminex's CEO, said in a statement. “Under our long-standing business model, these sales opportunities comprised a significant part of our overall anticipated revenues. As a result, our first quarter revenues fell below our previous expectations.”

Luminex, which has attempted to sell its LabMap technology through partnerships with other companies, said it expected first-quarter revenues to total $3.9 million, down from a previous forecast that indicated expected revenues of $4.2 million to $4.9 million. The company posted revenues of $1.4 million in first-quarter 2000.

Luminex also said that net losses were expected to total 14 cents a share, at the lower end of its previously announced range of 10 cents to 14 cents.

LabMap is a bead-based genomic analysis system that uses microspheres, small lasers, digital processors, and software to perform up to 100 assays per drop of fluid. 

Luminex said that as a result of an increase in the time it would take for its partners to commercialize and begin selling its bioassay test kits, the company was also lowering its yearly outlook.

 “We now believe that the time schedules for our strategic partners to commercialize and launch bioassay test kits are, on average, approximately one quarter behind our previous estimates,” Chandler said. “Because sales of our systems are largely dependent on the commercial availability of these kits, we have lowered our revenue expectations for the remainder of 2001.”

The company expects to post revenues for the second quarter of between $4.5 million and $5 million and net losses per share of between 15 cents and 17 cents. For the fully year, the Luminex said it expected revenues of $26 million to $30 million and net losses of 48 cents and 52 cents a share.

On a brighter note, the company said it added 30 new customers for its LabMap system during the first quarter of 2001 and had orders to deliver over 100 systems with in the second quarter. Luminex also said additional system purchases brought its installed base to over 500 systems as of the end of March.

Luminex is scheduled to announce its final results for the first quarter after the close of the market next Tuesday.