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Luminex Q4 Revenues Inch Up While Losses Widen

NEW YORK, Feb 1 – Luminex's fourth quarter revenues increased slightly over the quarter, while its net losses widened, the company reported Thursday.

Luminex's Q4 2000 revenues totaled $3.5 million, up from $2.3 million for the year-ago quarter.

The company’s R&D expenses increased slightly to $2.9 million for the fourth quarter, compared to $2 million for the fourth quarter of 1999. Sales and administrative expenses increased to $3.1 million from $1.6 million for the same period last year.

Luminex's fourth quarter net losses also widened to $3.5 million, or 13 cents per share from $2.7 million, or 10 cents per share for the year-ago quarter. These losses met Wall Street’s expectations, based on a survey of three brokers conducted by FirstCall/Thomson Financial.

During the fourth quarter, the company sold 120 of its Luminex 100 benchtop high throughput assay systems, increasing its installed base to 389.

The Luminex 100 systems employ the company's LabMap technology, which assays nucleic acids, antigen-antibody binding, enzymes, and other receptor-ligand interactions on the surface of microbeads.

The company’s fourth quarter report ends a year in which Luminex gained $77 million in an initial public offering, and posted total revenues of $8.6 million.

“2000 was a very exciting year for Luminex," said CEO Mark Chandler in a statement. " We completed a successful initial public offering, significantly increased our installed base of systems, entered into additional development and distribution partnerships with key industry players, extended our LabMap technology to new products and had our strategic partners launch the first commercial kits based on our technology.”

Luminex’s stock was up 1.52% today to 28 1/8. The company’s stock hit a high of 64 1/8 in July.

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