NEW YORK (GenomeWeb News) - Luminex last week said first-quarter revenue increased 28 percent as R&D spending rose 23 percent and profit shrank by 75 percent.
Total receipts for the three months ended March 31, 2007, increased to $16.6 million from $13 million year over year. Results included one month of revenues from Tm Bioscience, which Luminex acquired on March 1 and has renamed Luminex Molecular Diagnostics.
Luminex said it is now reporting results for two business segments: the Technology Group, which includes system sales to partners, raw bead sales, royalties, and service and support of the core technology; and the Assay Group, which includes the Luminex Bioscience Group and Luminex Molecular Diagnostics.
First-quarter revenues for the Technology Group rose to $15.7 million from $13 million in the first quarter of 2006. The Assay Group posted revenues of $1.2 million in the current quarter, compared to zero revenues in the prior-year period.
Luminex CEO Patrick Balthrop said in a statement that the quarter was a “strong start” for the year, with record revenues and profit coming from the company's life sciences segment.
System revenue rose 43 percent to $5.7 million; consumables fell 13 percent to $4.8 million; royalties rose 41 percent to $2.5 million; reagent revenue was $1.1 million compared with no revenue in the previous year's first quarter; service revenue increased 24 percent to $1 million; and other revenue increased 53 percent to $1.4 million.
R&D spending increased to $2.7 million from $2.2 million year over year.
The company said its net income fell to $136,000 from $526,000 in the year-ago period.
Luminex said it had around $16.2 million in cash and equivalents and $3.5 million in short-term investments as of March 31.