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Luminex Q2 Revenues Triple: New Universal Microarray Program Announced

NEW YORK, July 26 - Due to strong sales of its Luminex 100 systems and continuing collaborations, Luminex reported second-quarter 2001 revenues of $4.7 million, more than triple the $1.4 million in revenues the company reported for the second quarter of 2000, the company said Thursday.

The Austin, Texas, bead array company said it sold 174 of its benchtop Luminex 100 system during the quarter, which can perform up to 100 simultaneous assays with the company’s LabMap microarray technology. This brings the total number of systems placed to 678 since the company introduced this instrumentation platform in 1999.  

The company placed 91 sheath delivery units, which allow users to run samples on the Luminex 100 continuously and unattended, during the quarter, realizing revenues of $535,000, and sold one of its new XYP high throughput screening platforms for $108,000.

Additionally, the company said it garnered $711,000 in revenues from the sale of consumables for its LabMap microspheres. LapMap uses the microspheres to assay nucleic acids, antigen-antibody binding, enzymes, and other receptor-ligand interactions. Small lasers, digital processors, and software allow the system to perform up to 100 assays per drop of fluid.

The company has sought to commercialize LabMap and the Luminex 100 through forming a series of strategic partnerships. During the quarter, Luminex added four new strategic partners, including Research & Diagnostics systems, ARUP Laboratories, Lifecodes, and Tm Biosciences. All four will develop diagnostic applications for LabMap. Additionally, Luminex licensed microarray technology from Tm Biosciences, of Toronto.

The LabMap system “represents one of the most successful product launches in the history of our industry,” said Mark Chandler, CEO of Luminex, in the company’s second-quarter conference call. 

Chandler added that the company expected to add an additional four to six strategic partners for the technology in the remainder of 2001.

The company projected that third-quarter revenues would total between $6 million and $7 million, said Frank Reeves, the company’s chief financial officer.

During the call, Luminex also announced plans to develop a universal microarray platform with Tm Biosciences. 

The platform will be “a very simple and flexible method that will allow scientists to do advanced genetic research,” said Chandler.“ The company expects the platform, which it plans to introduce in the fourth quarter and will be able to accommodate gene arrays as well as protein arrays, to constitute a large part of its future business.

Luminex reported that its expenses for the quarter rose slightly, to $5.9 million, from $5.3 million for the same period of last year. R&D expenses actually decreased to $1.8 million, from $2.4 million in the first quarter of 2000—a factor that Reeves attributed to high costs last year associated with the development of the XYP system.

Meanwhile, the company’s net losses widened to $4.4 million, from $3.6 million in the second quarter of 2000. Loss per share totaled 16 cents, beating Wall Street’s expectations by a penny, according to a poll of five brokers conducted by FirstCall/Thomson Financial.

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