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Luminex Posts Revenue Boost, Narrowed Losses for Q1 2003

NEW YORK, April 21 - Luminex today reported an increase in revenues accompanied by decreased losses for the quarter ended March 31, 2003.


Revenue for the first quarter of 2003 was $5.1 million, compared with $2.3 million in the year-ago period. The company broke this down to $3.0 million from the sale of 131 Luminex systems, $1.2 million from the sale of consumables, $219,000 in royalties, and $664,000 of other revenues.


Luminex posted a net loss for the first quarter of $906,000, or $0.03 per share, compared with $6.6 million, or $0.23 per share, in the first quarter of 2002. The company said the improvement in net losses was partly due to $1.8 million received in the settlement of a lawsuit with its prior patent counsel. Excluding this amount, Luminex said its net losses for the quarter would have been $2.7 million.


The company also slashed its operating expenses. R&D expenses for the first quarter of 2003 were $831,000 compared to $2.0 million in the year-ago period; and selling, general, and administrative expenses were $3.5 million in Q1 03 compared to $5.1 million in Q1 02.


Full details of the company's earnings report are available here.

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