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Luminex's Q4 Revenues Climb 51 Percent as Profit Rises on Settlement

NEW YORK (GenomeWeb News) – Luminex today reported a 51 percent increase in fourth-quarter revenues and a sharp uptick in profits, due to a settlement payment received during the quarter.
The results include the combined operations of Luminex and Tm Bioscience, which Luminex acquired for $44 million last March and renamed Luminex Molecular Diagnostics.
The Austin, Texas-based firm reported revenue of $21.5 million for the three months ended Dec. 31, up from revenues of $14.2 million in the fourth quarter of 2006.
Revenues for the Technology Group, which consists of sales of systems and beads, royalties, service, and support, were $18.6 million for the quarter, compared to $14.2 million in the comparable quarter a year ago. Revenues for the Assay Group, which consists of assays sold by Luminex Molecular Diagnostics and the Luminex Bioscience Group, were $4.1 million for the quarter compared to virtually no revenue the year before.
The company shipped 250 of its xMAP multiplex instruments during the fourth quarter, bringing its total installed base of instruments to 4,979 at the end of the year.
Luminex’s fourth-quarter net income was $11.1 million, or $.31 per share, compared to $600,000, or $.02 per share, in Q4 last year. This year’s profit is attributable to an $11.5 million payment the firm received during the quarter for settlement of litigation with Rules Based Medicine.
The firm’s R&D costs climbed 83 percent to $4.3 million in the quarter versus $2.3 million last year, while its SG&A expenses jumped 92 percent year over year to $11.9 million from $6.2 million.
During the quarter, Luminex launched its FlexmiR Select microRNA assay and received US Food and Drug Administration clearance to sell its xTAG Respiratory Virus Panel.
For full-year 2007, Luminex reported revenues of $75 million versus $53 million in 2006, a 41.5 percent increase. The firm posted a net loss of $2.7 million, or $.08 per share, for the year, compared to a profit of $1.5 million, or $.05 per share, in 2006.
Luminex’s R&D expenses for the year rose 77 percent to $15.4 million from $8.7 million, while SG&A costs were up 68 percent to $40.7 million from $24.2 million.
Luminex finished the year with $27.2 million in cash and cash equivalents.
The firm expects full-year 2008 revenue to be in the range of $95 million to $105 million.
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