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Luminex's First-Quarter Revenues Rise 39 Percent; Posts Loss on Higher Costs

This article has been updated to include comments from a conference call and a stock quote.
NEW YORK (GenomeWeb News) – Luminex reported after the close of the market on Thursday that its first-quarter revenues increased 38.6 percent, but it swung from a profit to a loss on higher SG&A costs.
The Austin, Texas-based firm had revenues of $23 million for the three-month period ended March 31, compared to $16.6 million in the first quarter of 2007. Its consumables revenues rose 36 percent year over year, while its royalties increased 39 percent.
Luminex’s results a year ago include only one month of revenues from its purchase of Tm Bioscience, which Luminex acquired on March 1, 2007, and renamed Luminex Molecular Diagnostics.
Company officials said during a conference call that the firm had sold and shipped 220 xMAP systems during the quarter, bringing its total installed base of instruments to nearly 5,200.

LMD contributed $3.2 million in revenue during the quarter, while the firm’s Assay Group generated total revenues of $4.1 million.

During the quarter, Luminex received US Food and Drug Administration clearance for its xTAG respiratory virus panel, which was launched in the US in early January, President and CEO Pat Balthrop said during the call.

“We’re very pleased with xTAG RVP’s acceptance so far,” he said. “We’re doing as well or better than we expected in terms of market acceptance, customer response, and revenue.”

Luminex posted a net loss of $1.2 million, or $.03 per share, versus a profit of $136,000, or $.00 per share, in the first quarter of 2007. The firm noted that Luminex Molecular Diagnostics, which is developing a variety of molecular diagnostic assays, “incurred a net loss of $1.5 million, after the elimination of inter-segment revenue and expense.”
Its operating expenses climbed sharply for the first quarter, with R&D spending up 63 percent to $4.4 million from $2.7 million, while the firm’s SG&A costs climbed 51.2 percent to $12.1 million from $8 million.
Luminex finished the quarter with $26.4 million in cash and cash equivalents.
The company reaffirmed its 2008 revenue guidance of between $95 million and $105 million.
In early Friday trade on the Nasdaq, shares of Luminex were down 4.2 percent at $18.23.

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