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Luminex's Q2 Revenues Increase 19 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Luminex reported after the close of the market Thursday that its second-quarter revenues rose 19 percent, with double-digit increases for its systems and consumables sales.

The Austin, Texas-based maker of multiplex systems for research and diagnostics brought in total revenues of $33.2 million for the three months ended June 30, up 19 percent from $27.8 million for Q2 2009. It fell just short of analysts' consensus estimate of $33.6 million in revenues for the quarter.

Its systems sales jumped 20 percent to $7.9 million from $6.1 million, year over year, while consumables were up 45 percent to $9.7 million from $6.7 million. The firm's royalty revenues increased 13 percent to $4.9 million from $4.3 million, but its assay revenues declined 4 percent to $7.4 million from $7.8 million. Luminex reported other revenue of $3.3 million versus $2.9 million for the comparable period of 2009.

The firm noted that system shipments for the second quarter were 219, up 15 percent from the same period a year ago.

Luminex posted net income of $884,000, or $.02 per share, for the quarter, compared to $1.1 million, or $.03 per share, for Q2 2009. Analysts, on average, had expected EPS of $.05.

Its R&D spending increased to $5.9 million from $5 million, and its SG&A spending rose to $15 million from $13.3 million.

Luminex finished the quarter with cash, cash equivalents, and restricted cash of $85 million, as well as $16.5 million in short-term investments.

The firm re-affirmed its FY 2010 revenue guidance of between $138 million and $148 million, which would be between 14 percent and 23 percent growth over 2009.

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