NEW YORK (GenomeWeb News) — Luminex yesterday said third-quarter revenues increased 17 percent as the company swung to a profit.
Total receipts for the three months ended Sept. 30 increased to $12.5 million from $10.7 million year over year.
The majority of the company’s revenue came from sales of its Luminex systems, about a third came from consumables, and the rest was from royalties.
R&D spending in the quarter increased by more than half to $2.3 million from $1.5 million in the year-ago period.
Luminex this quarter posted a $111,000 profit compared to a net loss of $657,000 year over year.
Luminex said the income for the quarter includes $1.4 million in non-cash stock compensation expenses, of which about $560 thousand came from the adoption of new accounting standards.
The company had around $24.8 million in cash and equivalents and $11.2 million in short-term investments as of Sept. 30.