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Luminex Q3 Net Loss Lowered on Valuation of Acquired Tm Assets

NEW YORK (GenomeWeb News) – Luminex said Friday that it has completed a preliminary valuation of acquired intangible assets related to its March acquisition of Tm Bioscience, which has since been renamed Luminex Molecular Diagnostics.
As a result of the updated valuation, Luminex lowered its third-quarter net loss to $1.9 million from the previously reported $3.3 million.
Luminex has recorded $30.8 million of goodwill related to the acquisition and has increased the goodwill balance to $39.6 million with $26.2 million being allocated to “identified acquired intangible assets.” Of that $26.2 million, $7.4 million represents in-process research and development, said Luminex.
Overall, the modifications consist of $8.8 million being allocated from intangible assets to goodwill, and $1.1 million being allocated from in-process research and development to goodwill. Luminex said these changes enabled it to recapture $600,000 during the three-month period ended Sept. 30.
The intangible assets will contribute $566,000 in amortization expense to each of the next three quarters and then decrease to roughly $500,000 per quarter for an unspecified period thereafter.
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