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Luminex Reports Severe Drop in Q3 Revenue, Widened Net Loss

NEW YORK, Oct. 24 - Luminex today reported a significant drop in third-quarter revenues, fallen R&D spending, and widened net loss.

 

For the three-month period ended Sept. 30, total revenue came to $3.6 million compared with $6.2 million in the same quarter one year ago, a decrease that acting CFO Harris Currie blamed on "slower than anticipated commercialization" of the firm's products.

 

R&D spending in the quarter fell to $1.2 million from $1.9 million, said the company, which reported it burned $1.5 million in the quarter. Consequently, net loss in the third quarter swelled to $5.5 million, or $.19 per share, from $3.6 million, or $.13 per share, year over year, the Luminex said.

 

The company said it had approximately $40.3 million in cash and short-term investments as of Sept. 30.

 

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