NEW YORK, April 27 (GenomeWeb News) - Luminex today said that first-quarter revenues increased 40 percent, R&D spending inched up 1.2 percent, and the company swung to a profit.
On the news, Luminex shares were up 17.5 percent, or $2.34, at $15.73 in mid-afternoon trading.
Total receipts for the three months ended March 31 increased to $13 million from $9.3 million in the year-ago period.
R&D spending more than doubled to $2.2 million from $1 million, Luminex said.
The company also said it turned a $526,000 profit, or $.02 per share, from a net loss of $298,000, or $.01, per share.
The company said the results "reflect an improved product mix with consumable revenue up 59 percent and royalty revenue up 50 percent compared with a year ago. The significant increase in consumable revenue and profitability in the first quarter is primarily the result of a higher than expected volume of consumable bulk purchases."
Luminex said it had around $24.6 million in cash and equivalents and $16 million in short-term investments as of March 31.