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Luminex's Revenues Rise, Loss Tumbles in Second Quarter

NEW YORK (GenomeWeb news) – Luminex reported after the close of the market on Thursday that its second-quarter revenues jumped 38.7 percent and its net loss fell 92 percent year over year.
The Austin, Texas-based diagnostics instrumentation and assay developer brought in revenues of $24.3 million for the three-month period ended June 30, compared to revenues of $17.5 million for the second quarter of 2007. Sales for its technology group increased to $20.3 million from $13.6 million, and sales for its assay group inched up to $4.1 million from $4 million.
The firm noted that it shipped 203 of its xMAP systems during the quarter, bringing the total number of shipments for the instrument to date to 5,402.
Luminex’s net loss dropped sharply to $1 million, or $.03 per share, from $12.1 million, or $.34 per share, in the comparable quarter of 2007. The 2007 results include $8 million in charges for in-process research and development.
The firm’s R&D spending increased 28.2 percent to $5 million from $3.9 million, and its SG&A expenses climbed 13.1 percent to $12.1 million from $10.7 million.
Luminex finished the quarter with $102.7 million in cash. During the second quarter, the firm raised $74.3 million in a public offering of 4,025,000 shares of common stock.
Luminex reaffirmed its full-year 2008 revenue guidance of between $95 million and $105 million.