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Luminex Posts 13 Percent Revenue Growth for Q1

NEW YORK (GenomeWeb News) – Luminex reported after the close of the market Monday first-quarter revenue grown of 13 percent driven by a sharp uptick in assay revenues.

The Austin, Texas-based molecular diagnostics developer reported total revenues of $48.7 million for the quarter ended March 31, compared to revenues of $43.3 million for the first quarter of 2011. It beat Wall Street's consensus estimate of $48.2 million.

The firm's assay revenue climbed 80 percent year over year to $17.3 million from $9.6 million, offsetting a 21 percent decline in consumables sales to $11.9 million from $15 million and a 9 percent decline in system sales to $7 million from $7.7 million. Its royalty revenue increased 14 percent year over year to $8.2 million from $7.3 million, and its "other" revenue was $4.3 million, up 14 percent from $3.8 million.

Luminex shipped 206 multiplexing analyzers during the quarter, which included 55 of its Magpix systems.

"Our assay category showed excellent growth, driven by continued execution in our core assay franchises such as our xTAG Cystic Fibrosis product line, growing demand outside the US for our innovative xTAG Gastrointestinal Pathogen Panel, and a strong contribution from Luminex Madison," Luminex President and CEO Patrick Balthrop said in a statement. "As expected, consumable revenue in the first quarter faced a difficult year-over-year comparison, yet grew 18 percent sequentially. In addition, we continue to grow our installed base at a healthy rate and are pleased to have expanded our distribution partners for our Magpix system with the addition of Bio-Rad Laboratories announced in early April."

Luminex posted net income of $3.5 million, or $.08 per share, compared to a profit of $4.5 million, or $.11 per share, for Q1 2011. It matched analysts' consensus estimate for EPS of $.08.

The company's R&D spending increased 24 percent year over year to $9.4 million from $7.6 million, and its SG&A expenses increased 23 percent to $17.6 million from $14.3 million.

Luminex finished the quarter with cash, cash equivalents, and restricted cash of $52.8 million, plus $41.1 million in short-term investments.

The firm reaffirmed its full-year 2012 revenue guidance of between $205 million and $215 million.

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