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Luminex Posts 27-Percent Jump in Q4 Revenue; Greater R&D Spending Contributes to Widened Loss

NEW YORK, Feb. 2 (GenomeWeb News) - Luminex today said that fourth-quarter revenue increased 27 percent atop a surge in R&D spending and widened net loss.

 

Total receipts for the three months ended Dec. 31 increased to $11.6 million from $9.1 million year over year. Luminex said these receipts comprised $6.1 million in sales of its Luminex Systems; $2.3 million in consumables sales; $1.5 million in royalties; and $1.7 million in "other" revenue.

 

CEO Patrick Balthrop said the company is "very pleased with the momentum in our business and our prospects for 2006." He said the firm has more than 3,400 Luminex Systems in the marketplace, "providing us with the opportunity to leverage this asset and we anticipate realizing higher consumables per placed system.

 

"We will continue to work closely with our strategic partners to enhance end-user acceptance of our xMAP technology and we remain committed to making the appropriate R&D investments to keep pace with market demand," Balthrop added.

 

R&D spending in the quarter surged to $1.6 million from $908,000 year over year.

 

Luminex said that net loss during the fourth quarter increased to $1.3 million, or $.04 per share, from $1.2 million, or $.04 per share, in the year-ago quarter.

 

Luminex said it had around $25.2 million in cash and equivalents and $11 million in short-term investments as of Dec. 31.

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