NEW YORK (GenomeWeb News) – Luminex reported after the close of the market Monday that its first quarter 2014 revenues grew 6 percent, driven by an 18 percent spike in assay sales, as well as an increase in consumables sales.
Austin, Texas-based Luminex reported total revenues of $56.6 million for the three months ended March 31, compared to revenues of $53.2 million for the first quarter of 2013. It beat the consensus Wall Street estimate for revenues of $55.3 million.
Assay revenues rose 18 percent to $21.7 million from $18.3 million in the prior year period. Luminex said that sales of its infectious disease testing panels made up 65 percent of total assay sales, with genetic testing panels rounding out the remaining 35 percent. Consumable sales grew 7 percent to $12.8 million from $11.9 million in Q1 2013.
CEO Patrick Balthrop said on an earnings call that the assay growth "reflects continued momentum in our infectious disease franchise," including double-digit growth in sales of the firm's Respiratory Viral Panel and Gastrointestinal Pathogen Panel.
He also attributed the performance to Luminex's move to a direct sales model for its molecular diagnostics business last year.
"With our sales force now able to focus all of their attention on selling our product, we're realizing the full benefit of this strategic initiative and we expect to continue to build momentum throughout 2014," Balthrop said.
Luminex, however, saw small declines in other parts of its business. Its royalty revenues were down slightly at $10 million compared to $10.1 million in the year-ago quarter. Systems sales fell 2 percent to $6.4 million from $6.6 million in Q1 2013. And all other revenues shrank 10 percent to $5.7 million from $6.3 million.
CFO Harriss Currie attributed the decline in systems sales to the firm's decision to shutter its Australian subsidiary last year.
The company posted net income of $6 million, or $.14 per share, versus a net loss of $2.5 million, or $.06 per share, for Q1 2013. On an adjusted basis, it had EPS of $.24 versus $.19, beating the consensus analysts' estimate of $.12 per share.
Luminex finished the quarter with $77.4 million in cash and cash equivalents and $4.5 million in short-term investments. The company reiterated its 2014 annual revenue guidance of between $225 million and $240 million.
In Tuesday morning trade on the Nasdaq, shares of Luminex jumped nearly 20 percent to $19.