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Luminex Q3 Revenues Soar on Strong xMAP Sales

NEW YORK (GenomeWeb News) – Luminex yesterday reported a 55 percent increase in third-quarter revenues, driven by robust sales of its flagship xMAP technology.
 
Total revenues for the three months ended Sept. 30 rose to $19.4 million from $12.5 million in the third quarter of 2006.
 
The quarter’s results included revenue from Tm Bioscience, which Luminex acquired in March and renamed Luminex Molecular Diagnostics.
  
Third-quarter revenues for the company’s Technology Group -- which includes system sales to partners, raw bead sales, royalties, and service and support of the core xMAP technology -- rose 34 percent to $16.8 million from $12.5 million in the year-ago period.
 
Luminex said it shipped more than 200 xMAP systems in the quarter, bringing its installed base to more than 4,700 -- a 20-percent increase from the same time last year.
 
The company did not break out revenue from consumables and royalties, but said these segments were up 64 percent and 22 percent, respectively, from the prior-year period.
 
The company’s Assay Group, which includes the Luminex Bioscience Group and Luminex Molecular Diagnostics, reported $3.3 million in revenues compared to zero revenues in the third quarter of 2006.
 
Net loss for the third quarter was $3.3 million compared to net income of $111,000 for the same period last year. The current quarter included $3.7 million of non-cash charges, including acquisition-related charges of $1.3 million.
 
R&D spending nearly doubled to $4.5 million from $2.3 million in the prior-year period.
 
As of Sept. 30, Luminex held $9.7 million in cash and cash equivalents.  

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