This article has been updated to include comments from the firm's Q4 conference call.
NEW YORK (GenomeWeb News) – Luminex today reported a 31 percent increase in fourth-quarter revenues, with full-year revenue growth of 39 percent.
For the three months ended Dec. 31, 2008, Luminex reported total revenues of $28.2 million compared to $21.5 million in the prior-year period. Revenues for the company's technology group climbed 26 percent to $22.1 million from $17.4 million in the fourth quarter of 2007, while revenues for the assay group rose 50 percent to $6.1 million from $4.1 million in the comparable period of 2007.
Luminex reported fourth-quarter consumables revenue of $8.3 million and royalty revenue of $4 million, up 53 percent and 44 percent, respectively, from the fourth quarter of 2007.
During the quarter, the company shipped 250 instruments, bringing its cumulative system shipments to 5,891. Luminex said that this marks its ninth consecutive quarter of system shipments of 200 or more.
Fourth-quarter R&D spending rose 8.8 percent to $4.7 million from $4.3 million, while selling, general, and administrative costs rose 6.6 percent to $12.7 million from $11.9 million.
Luminex posted net income for the fourth quarter of $2 million, or $.05 per share, compared with a net loss of $2.8 million, or $.08 per share, for the fourth quarter of 2007. These figures exclude non-recurring income of $13.9 million that the company posted in the fourth quarter of 2007 related to settlement of litigation.
For full-year 2008, Luminex reported total revenues of $104.4 million, compared to $75 million in 2007. Revenues for the technology group jumped 34 percent to $83.6 million from $62.4 million while assay revenues rose 66 percent to $20.9 million from $12.6 million.
Full-year R&D spending increased 21 percent to $18.6 million from $15.4 million, while S&GA spending increased 20 percent to $49 million from $40.7 million.
Luminex posted a profit of $3.1 million, or $.08 per share, for full-year 2008, compared to a net loss of $2.7 million, or $.08 per share, for 2007. That figure includes the non-recurring income of $13.9 million that the company posted in the fourth quarter of 2007. Excluding that income, The company's net loss for 2007 was $16.6 million.
As of Dec. 31, 2008, Luminex held cash and cash equivalents of $81.6 million. Including investments, the company's cash position was $124.1 million as of that date.
Luminex said that it expects full-year 2009 revenue to be between $130 million and $140 million, which represents an increase of between 25 percent and 34 percent over 2008 revenue.
"This is of course in line with our previously stated long-term guidance around the expected revenue growth of greater than 25 percent annually," said Luminex President and CEO Patrick Balthrop during the firm's conference call last night. "In terms of system sales and placements, as we have previously stated, we continue to currently expect to place between 175 and 225 Luminex systems per quarter in 2009, the pricing dependent on a configuration mix, product mix, and partner mix."
Balthrop said that he expects revenue growth to be balanced among end-user markets. "Over time, we’ve had, in terms of our total revenue mix, an increasing portion of our revenue on a year-to-year basis coming from the diagnostics market. We expect that trend to continue," he said.
In early Friday trade on the Nasdaq, shares of Luminex were down 6 percent at $20.72.