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Luminex Preliminary Q2 Revenues Rise More Than 30 Percent on Pandemic-Related Sales

NEW YORK ─ Luminex on Wednesday announced preliminary financial results for the second quarter of 2020, saying it anticipates revenues would increase more than 30 percent over Q2 2019, driven by pandemic-related sales across all respiratory and COVID-19 products.

For the three months ended June 30, the molecular diagnostics firm said its revenues would be between $109 million and $110 million compared to the $83.1 million that it reported for the prior-year quarter.

Austin, Texas-based Luminex said that it expects to post Q2 molecular diagnostics revenues of about $65 million, up more than 100 percent compared to Q2 2019. Within its molecular diagnostics business, the company anticipates sample-to-answer revenues of about $30 million, up nearly 65 percent; non-automated assay revenues of about $35 million, up nearly 150 percent; and automated assay revenues of about $26 million, up more than 55 percent.

The company said it either sold or signed contracts for the sale of 170 sample-to-answer systems in the second quarter, most of which were Aries Systems.

Strong demand was driven by pandemic-related sales across all respiratory and COVID-19 products, Luminex said.

For Q2, Luminex expects its Licensed Technologies Group revenues would be about $35 million, down 5 percent compared to Q2 2019, partly affected by a slowdown in the research market. Luminex placed about 210 xMap systems in the quarter.

It anticipates Q2 flow cytometry revenues of more than $7 million, down more than 45 percent compared to the prior-year quarter but up about 10 percent sequentially. The company said its flow cytometry business continues to be significantly affected by a slowdown in academic research, and during the quarter it received an additional $2 million of confirmed orders for products that it could not install due to the COVID-19 pandemic.

Nachum Shamir, president and CEO of Luminex, said in a statement that the firm has expanded the breadth of its portfolio and believes it is "well positioned to continue to play a pivotal role in combating the COVID-19 pandemic." In addition, he said, "the remainder of our business continues to be healthy, and with xMap Intelliflex Systems now in our partners' hands, we are positioned to further strengthen our partnership business" with this platform.

The company said it expects to issue full second-quarter 2020 financial results on August 3.