NEW YORK (GenomeWeb News) – Shares of Luminex fell around 10 percent in early Friday trade after the firm reported late Thursday that its first-quarter revenues rose 11 percent but fell short of analysts' expectations.
The Austin, Texas-based maker of multiplex diagnostics and research instruments brought in revenues of $25.6 million for the three-month period ended March 31, compared to revenues of $23 million for the first quarter of 2008. Revenues for its technology group rose to $21.1 million from $18.7 million, while revenues for its assay group rose to $4.5 million from $4.4 million.
Its system placements were down from 220 in the first quarter of 2008 to 203 in the first quarter of 2009. The first quarter of 2009 included two installations of the firm's newer FlexMAP 3D system.
Luminex posted a net loss of $2.8 million, or $.07 per share, up from a net loss of $1.2 million, or $.03 per share. The Q1 2009 figure includes the effect of a $4.35 million charge to settle litigation.
Luminex missed Wall St. estimates on both the top and bottom line. Analysts had expected the firm to report revenues of $29.9 million for the quarter with adjusted EPS of $.05, versus the $.04 the firm posted. The miss sent Luminex's shares down 10 percent to $15.30 in early Friday trade on the Nasdaq.
The firm's R&D costs rose around 5 percent to $4.6 million from $4.4 million, while its SG&A spending decreased 6 percent to $11.4 million from $12.1 million.
Luminex finished the quarter with $70.7 million in cash and cash equivalents and $37.9 million in short-term investments.
"While there were negative effects on sequential quarterly revenue resulting from caution in overall customer spending behavior, volatility related to both our consumable and assay revenue streams, and a lighter than anticipated flu season, we remain confident regarding 2009," Luminex President and CEO Patrick Balthrop said in a statement.
"Our confidence is supported by the 200 instrument shipments for the quarter, and the mild flu season that affected our xTAG Respiratory Viral Panel sales in the first quarter has been offset by favorable effects resulting from recent events related to H1N1, or Swine flu," he added.
Luminex also cut its full-year 2009 revenue guidance to a range of between $125 million and $135 million from its prior estimate of between $130 million and $140 million.