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Revenues Flat, Net Losses Balloon at Luminex in Q1

Luminex's net loss for the first quarter increased to $298,000 from $143,000 year over year, not to $298 million from $143 million. The company's research and development expenses increased from 958,000 to $1 million, not $958 million to $1 billion.

NEW YORK, April 28 (GenomeWeb News) -
Flat revenues and a surge in net loss greeted Luminex investors at the end of the first quarter of 2005, according to documents filed yesterday with the US Securities and Exchange Commission.


The Austin, Tex.-based company reported revenues of $9.3 million for the period ended March 31, 2005, a rise of $25,000 over first-quarter 2004 revenues.


Net loss for the recent period grew 48 percent to $298,000 from $143,000 year over year. Per-share net loss for the first quarter of 2005 was $.01, and $.00 for the first quarter of 2004.


The company invested an additional $59,000 in research and development, reporting expenses in that category of $1 million in the current quarter of 2005, compared to $958,000 in the similar quarter of 2004.


Cash and cash equivalents on hand at the end of the recent quarter amounted to $14.3 million.

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