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Luminex Sees Revenue Drop, Increased Loss in Q1

SAN FRANCISCO, April 24 - Luminex on Wednesday posted decreased revenues and a widened loss for the first quarter 2002.


For the three months ended March 31, the company reported revenues of $2.3 million, compared with $3.9 million in the same period one year ago.


Luminex also said that net losses widened to $6.4 million, or $.22 a share in the first quarter of 2002, compared with $3.9 million, or $.14 a share one year ago.


"Although we fell short of our expectations for the first quarter, we remain extremely optimistic about the market acceptance of the Luminex platform," Mark Chandler, CEO of Luminex, said in a statement. "Our revenues continue to be negatively impacted by delays in the commercialization efforts of our strategic partners and the lengthy and unpredictable sales cycle for our company's products."


R&D spending decreased approximately $800,000 year-over-year to approximately $2 million.


Luminex said it has roughly $45 million in the bank.

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