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Luminex Sales Rise 14 Percent in Q2

NEW YORK (GenomeWeb news) – Luminex reported after the close of the market Thursday that its second-quarter 2009 revenues increased 14 percent, and it turned a net loss into a profit when compared with the same period in 2008.

The Austin, Texas-based molecular diagnostics instrumentation and assay maker had revenues of $27.8 million for the three-month period ended June 30, compared to revenues of $24.3 million for the second quarter last year. Analysts, on average, had expected revenues of $29.9 million for Q2 2009.

Sales for its technology group fell to $19.5 million from $20.3 million, while sales for its assay group rose to $8.3 million from $4.1 million.

The firm noted that it launched its FLEXMAP 3D systems in the quarter and shipped 16 of the instruments, and that it launched two new xTAG Cystic Fibrosis Kits in Europe during the period.

"While there were short-term negative effects on quarterly revenue resulting from caution in capital spending, and volatility related to our bulk consumable sales, strong sales in our assay group helped to offset the tightness in instrument placements," Luminex President and CEO Patrick Balthrop said in a statement.

Luminex's net profit was $1.1 million, or $.03 per share, compared to a loss of $959,000, or $.03 per share, for Q2 2008. Its profit also missed analysts' consensus estimate, which was $.07 for the most recent quarter.

The firm's R&D spending was flat at $5 million, and its SG&A expenses increased around 10 percent to $13.3 million from $12.1 million.

Luminex finished the quarter with $66.2 million in cash and cash equivalents.

The firm also has lowered its full-year 2009 revenue guidance from between $125 million and $135 million to between $118 million and $132 million.

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