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Luminex Reorganizes, Reports Preliminary Q4 Revenues Up 20 Percent

NEW YORK (GenomeWeb) – Luminex announced before the opening of the market on Monday that it expects to report fourth quarter revenues of $72 million, and 2016 revenue of $271 million, beating the average analyst estimates of $70.3 million and $268.9 million, respectively.

The preliminary revenues were up 20 percent in Q4 and 14 percent in 2016 over the prior-year periods.

Luminex also said that Verigene-related revenues rose to $9 million in Q4, up 32 percent from the prior year. The firm took ownership of the Verigene multiplexed molecular diagnostics platform when it acquired Nanosphere in 2016 for $77 million.

Luminex said that last month it reorganized “to both facilitate the integration of Nanosphere and to better focus” on its core business, reducing its headcount by more than 50 employees, reallocating responsibilities within the R&D organization, and “significantly” reducing its biodefense efforts. 

The firm added that due to the reorganization it will recognize a charge of around $2.5 million in Q4, and that it expects to save around $9 million.

Luminex also said it expects fiscal year 2017 revenue of $295 million to $305 million. The average Wall Street estimate is for revenues of $293.7 million.

Luminex shares were up nearly 4 percent to $21.15 in mid-morning trading on the Nasdaq. 

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