NEW YORK (GenomeWeb News) – Luminex reported after the close of the market Thursday that its 2009 fourth-quarter revenues increased by 35 percent over Q4 2008, while revenue for the full year was up 16 percent over 2008.
The company reported total revenues of $38.2 million for the quarter ended Dec. 31, 2009, compared to $28.2 million for Q4 2008. Its Technology Group had revenues of $24.8 million compared to $22.1 million, and its Assay Group had revenues of $13.4 million versus $6.1 million.
Luminex's net income for Q4 was $20 million, or $0.48 per share. After adjusting for a release of $14.9 million in valuation allowance on deferred US tax assets, the Q4 2009 net income was $5.2 million, or $0.13 per share, compared with $2 million, or $0.05 per share, for the fourth-quarter of 2008.
Luminex beat analysts' consensus estimates for revenues of $35.8 million and EPS of $.07.
Its R&D spending rose 17 percent to $5.5 million from $4.7 million, while its SG&A expenses also increased 17 percent to $14.9 million from $12.7 million.
For full-year 2009, Luminex had revenues of $120.6 million, with the Technology Group bringing in $87.4 million and the Assay Group generating $33.3 million. This compares to revenues of $104.4 million in 2008, with the Technology Group bringing in $83.6 million and the Assay Group bringing in $20.9 million.
Luminex's net income was $17.7 million, or $0.44 per share, compared with $3.1 million, or $0.08 per share, in 2008. After adjusting for the valuation allowance and a gain of $4.4 million related to a litigation settlement, the net income for the year was $7.2 million, or $.18 per share, compared to $3.1 million, or $.08 per share, in 2008.
Full-year R&D spending increased from $18.6 million in 2008 to $20.8 million in 2009, while S&GA spending increased from $49 million to $53.1 million year over year.
As of Dec. 31, 2009, Luminex held cash and cash equivalents of $90.8 million and short-term investments of $8.5 million.
Luminex expects its 2010 revenues to increase by between 14 percent and 23 percent to $138 million to $148 million.
"Looking toward 2010 and beyond, we are encouraged by the stabilizing markets and are confident in the company's growth strategy, partner and product pipeline and our prospects for continued growth," Luminex President and CEO Patrick Balthrop said in a statement.
In early Friday trade on the Nasdaq, Luminex's shares jumped 8 percent to $14.94.