NEW YORK – Luminex reported on Sunday an 11 percent year-over-year increase in its preliminary fourth quarter revenues.
For Q4 2019, the Austin, Texas-based company recorded $90.4 million in revenues compared to $81.1 million in revenues in the year-ago period. The revenue figure misses the consensus Wall Street estimate of $91.2 million.
Luminex said it anticipates it will be profitable for Q4 2019.
For full-year 2019, total revenues are expected to be $334.6 million, up 6 percent year over year from $315.8 million in FY 2018 but below analysts' average estimate of $335.3 million.
Excluding the consideration of Laboratory Corporation of America revenue but including the effect of the acquisition in October 2018 of Millipore Sigma's flow cytometry portfolio, revenues were up 19 percent year over year.
Luminex had said that LabCorp confirmed that its last order to Luminex for its NuSwab product, a component of LabCorp women's health portfolio, was placed in the Q2 2018, but in its Q2 2019 earnings call, Luminex said that it would continue seeing unfavorable year-over-year comparisons in Q3 and Q4 of 2019 of about $7 million and $3 million, respectively.
Sample-to-answer full-year 2019 revenues grew more than 20 percent year over year to $75.7 million, which included 200 additional systems that were contracted, the firm said.
Revenues for the Licensed Technologies Group were unchanged year over, though end user sales of the technology grew 12 percent, while flow cytometry revenues for 2019 were up 11 percent year over year to $45 million.
For 2020, Luminex expects revenues of between $352 million and $362 million, which would represent growth of about 7 percent to the midpoint relative to 2019, including a headwind of 2 to 3 percent attributable to the departure of remaining sales to LabCorp.
"2019 was a transition year for Luminex as we adjusted to the departure of certain sales to LabCorp and the integration of the Flow Cytometry acquisition," said Luminex President and CEO Nachum Shamir, in a statement. "Luminex is now a more diversified company, with opportunities for strong organic growth, profitability, and cash flow, and exciting new platforms being launched across each of our major product lines. We are well positioned to achieve our mid-term target of $500 million of annual revenue in the next four to five years."