NEW YORK, April 24 - Microbead maker Luminex on Tuesday reported revenues of $3.9 million in the first quarter of 2001, up from $1.4 million in the year-ago quarter and in-line with its recently reduced forecast.
Last week the company slashed its revenue expectations for the first quarter of 2001, citing its partners’ delays in commercializing bioassay kits based on its technology. The company had initially forecasted that its first-quarter revenues would total $4.2 million to $4.9 million.
Overall, the company’s rate of growth slowed slightly compared to the fourth quarter of 2000, but it continued to market its LabMap technology for new commercial applications, signing 30 new customers in the first quarter of 2001, the Austin, Texas-based company said.
"Though we did not experience as steep an increase in quarter-to-quarter growth as we had previously, we continue to be encouraged by the rapid rate at which the markets we address are adopting our LabMap technology,” Mark Chandler, Luminex's CEO, said in a statement.
Luminex’s expenses increased in the quarter of 2000 to $6.3 million, from $3.4 million from the year ago period. These increases included $2.8 million in R&D expenses, compared with $1.3 million in the first quarter of last year, and $3.5 million in selling, general, and administrative expenses, compared with $2.1 million in the year-ago period.
The company's first quarter losses widened to $4 million, or 14 cents per share, compared with $2.6 million, or 19 cents a share, in the first quarter of 2000.