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Consumables Sales Drive Luminex Q2 Revenues Up 43 Percent

NEW YORK (GenomeWeb News) – Luminex reported after the close of the market on Monday that revenues for the second quarter increased 43 percent year over year, driven by record consumables sales and surpassing Wall Street estimates.

For the three months ended June 30, total revenues reached $47.6 million, compared to $33.2 million a year ago, outpacing analysts' consensus forecast of $40.7 million.

The uptick was driven by consumables sales, which rose to $18.4 million during the quarter, up 90 percent from $9.7 million a year ago. During a conference call to discuss the earnings results, Luminex officials reiterated expectations that in the second half of the year consumables revenues would slow down compared to first-half results, but CFO Harriss Currie said that for full-year 2011 consumables sales growth compared to 2010 "are expected to be significant and well in excess of our corporate growth targets of 20-plus percent."

System sales increased 15 percent to $9.1 million from $7.9 million. In a statement, the Austin, Texas-based firm said that shipments of 248 multiplexing analyzers, including 62 Magpix systems, were up 13 percent year over year. In total, the number of shipments of its multiplexing analyzer systems has reached 8,145, it added.

During the second quarter, Luminex also sold 44 sample prep systems through its Australian subsidiary, Currie said.

Luminex's royalty revenue increased 51 percent to $7.4 million from $4.9 million, while assay revenues climbed 26 percent to $9.3 million from $7.4 million, and all other revenues inched up 3 percent to $3.4 million from $3.3 million.

By segment, technology and strategic partnership revenues reached $36.2 million, up 44 percent from $25.2 million a year ago, and assay and related products rose to $11.4 million from $8 million, a 43 percent increase.

Highlights for the quarter included the signing of an agreement with Life Technologies for the Magpix system targeting the research market, and Luminex President and CEO Patrick Balthrop said on the conference call that the deal contributed to the 62 shipments achieved during the quarter, though he did not provide further details.

During the quarter, Luminex also received CE marking for its xTag Gastrointestinal Pathogen Panel, and Balthrop said that the company is on track to submit the assay to the US Food and Drug Administration later this year for a possible 510(k) approval in 2012.

The worldwide market for xTag GPP is "at least $150 million," he added.

Luminex increased its R&D spending 23 percent year over year to $7.9 million from $6.4 million, and its SG&A expenses increased 18 percent to $17.1 million from $14.5 million.

The firm's net income for the second quarter ballooned to $4.6 million, or $.11 per share, from $884,000, or $.02 per share a year ago, and beat analyst estimates of $.06 per share.

The second-quarter 2011 results include non-cash charges of $3 million in stock-based compensation expenses and $2.6 million in depreciation and amortization expenses. The year-ago period includes non-cash charges of $2.4 million associated with stock-based compensation expenses and $2.1 million of depreciation and amortization expenses.

The company ended the quarter with $56.6 million in cash, cash equivalents, and restricted cash. It also had about $30 million in short-term investments.

Luminex raised its full-year 2011 revenue guidance to a range of $180 million to $185 million from an earlier range of $163 million to $170 million. The new range would represent a 27 percent to 31 percent increase over 2010 revenues and includes $5 million to $7 million in contributions from EraGen Biosciences, which Luminex acquired in June.

The purchase contributed $221,000 in revenue during the quarter and on a non-GAAP basis was neutral to the company's reported results, Currie said on the conference call.

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