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Luminex Revenue Climbs 49 Percent on Rising Assay, Technology Sales

NEW YORK (GenomeWeb news) – Luminex reported after the close of the market on Thursday that its third-quarter revenues jumped 49 percent as the firm swung from a loss to profitability.
 
The molecular diagnostics tools and assay developer brought in revenues of $28.9 million for the three-month period ended Sept. 30, compared to revenues of $19.4 million for the third quarter of 2007.
 
Sales for its technology group increased to $22.6 million from $16 million, and sales for its assay group swelled to $6.3 million from $3.3 million. Company CEO Patrick Balthrop said in a statement that the assay division’s revenue growth was the result of the successful integration of Luminex Molecular Diagnostics — formerly Tm Biosciences, which he said is “on the verge of operating profitability.”
 
The firm said that it sold 239 xMAP systems during the quarter, bringing the total number of shipments for the instrument to date to 5,641.
 
Luminex’s net income for the quarter was $3.2 million, or $.08 per share, compared to a net loss of $1.9 million, or $.05 per share, for the comparable quarter of 2007.
 
The firm’s R&D spending remained flat at around $4.4 million, and its SG&A expenses climbed 21 percent to $12.1 million from $10 million.
 
Luminex finished the quarter with $81.6 million in cash and cash equivalents.
 
The firm also upped its full-year 2008 revenue guidance to between $102 million and $107 million from a previous range of between $95 million and $105 million.
 
In early Friday trade on the Nasdaq, Luminex shares soared 23 percent to $21.48.

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