NEW YORK (GenomeWeb News) — Luminex today said fourth-quarter revenue increased 23 percent as R&D spending rose 43 percent as it swung to a profit.
News of the earnings caused shares in the company to surge 30 percent, or $3.76, to $16.49 in early-afternoon trading today.
Total receipts for the three months ended Dec. 31, 2006, increased to $14.2 million from $11.6 million year over year.
R&D spending increased to $2.3 million from $1.6 million year over year.
The company said it swung to a profit of $599,000 from a loss of $1.3 million in the year-ago period.
Luminex said it had around $27.4 million in cash and equivalents and $11 million in short-term investments as of Dec. 31, 2006.