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Luminex Reports 1 Percent Revenue Growth for Q3; Posts Loss

NEW YORK (GenomeWeb news) – Luminex reported after the close of the market on Wednesday that its third-quarter 2009 revenues rose nearly one percent, and it swung to a loss compared to a profit for the year-ago period.

The Austin, Texas-based molecular diagnostics instrumentation and assay maker had revenues of $29.1million for the three-month period ended Sept.30, compared to revenues of $28.9 million for the third quarter last year. Sales for its technology group fell to $22 million from $22.6 million, while sales for its assay group rose to $7.1 million from $6.3 million.

Its revenues fell short of analysts' consensus estimate of $31.5 million.

"We achieved record instrument shipments during the third quarter, and record instrument revenue as continuing to grow our installed base of instruments is a strategic priority," Luminex President and CEO Patrick Balthrop said in a statement.

The firm said it had 259 total system shipments in the quarter, including 11 FlexMap 3D systems. Also during the quarter, Luminex received US Food and Drug Administration clearance for its xTAG Cystic Fibrosis Test 39 v2, which incorporates fast chemistry, and for an update to its Respiratory Viral Panel test to include information regarding the use of the test as an aid in 2009 Influenza A/H1N1 swine flu testing.

Revenue for the firm's assay group were led by the Respiratory Viral Panel sales. However, Balthrop noted that Luminex had a sequential decline in bulk consumable sales, but added, "we believe this is a temporary phenomenon."

Luminex's net loss for the quarter was $609,000, or $.01 per share, compared to a net income of $3.2 million, or $.08 per share, for Q3 2008. Its Q3 2009 included non-cash charges of $2.2 million in stock compensation expense and $2.1 million of depreciation and amortization expense.

Analysts, on average, had expected a profit of $.07 per share.

The firm's R&D spending rose 27 percent to $5.6 million from $4.4 million, and its SG&A expenses increased around 12 percent to $13.6 million from $12.1 million.

Luminex finished the quarter with $95.3 million in cash and cash equivalents and short-term investments.

The company also has lowered its guidance for full-year 2009 revenue to between $118 million and $126 million from earlier expectations of $118 million to $132 million, which would be an increase of between 13 percent and 18 percent over its 2008 revenues.

In early Thursday trade on the Nasdaq, shares of Luminex were down 2 percent at $14.55.

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