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Luminex Says Q2 Revenues Rise 32 Percent as Profit Turns to Loss

NEW YORK (GenomeWeb News) — Luminex said Wednesday that second-quarter revenue increased 32 percent as R&D spending rose 116 percent and a modest profit turned to a loss.
Total receipts for the three months ended June 30 increased to $17.5 million from $13.3 million year over year.
The quarter’s results included three months of revenue from Tm Bioscience, which Luminex acquired on March 1 and renamed Luminex Molecular Diagnostics.
Luminex now reports results for two business segments: the Technology Group, which includes system sales to partners, raw bead sales, royalties, and service and support of the core technology; and the Assay Group, which includes the Luminex Bioscience Group and Luminex Molecular Diagnostics.
Second-quarter revenues for the Technology Group grew to $14.8 million from $13.3 million in the second quarter of 2006. The Assay Group posted revenues of $4 million in the current quarter, compared to $14,000 in the prior-year period.
System revenue slipped 3.4 percent to $5.6 million; consumables rose 10 percent to $3.3 million; royalties rose 10 percent to $2.2 million; reagent revenue was $3.7 million compared with $14,000 in the previous year's second quarter; service revenue increased to $1.1 million from $811,000 year over year; and other revenue ticked up one percent to $1.6 million.
"Our xMAP platform continues to build critical mass across many segments of the life sciences marketplace,” Luminex CEO Patrick Balthrop said in a statement.
“We also continued to make strategic investments in our research efforts and, as a result, made significant progress in assay product development,” Balthrop added.
R&D spending increased to $3.9 million from $1.8 million year over year.
The company's net loss was $3.2 million, compared with a $271,000 profit in the year-ago period.
Luminex said it had around $11.8 million in cash and equivalents and $3.3 million in short-term investments as of June 30.

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