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Luminex's Q1 Revenues up 30 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Luminex today said its first-quarter revenues spiked 30 percent year over year, led by record consumables sales.

The Austin, Texas-based molecular diagnostics and multiplex test technologies firm said that revenues rose to $43.3 million for the three months ended March 31, compared to $33.3 million in the first quarter of 2010, exceeding Wall Street expectations of $39.9 million.

Sales of its consumables reached an all-time high in the quarter, increasing 53 percent to $15 million, compared to $9.8 million a year ago. System sales climbed 15 percent year over year to $7.7 million, royalty revenues increased 26 percent to $7.3 million, assay revenues jumped 25 percent to $9.6 million, and all other revenues rose 19 percent to $3.8 million.

In a statement, Luminex CEO Patrick Balthrop said that the firm is on track with its gastrointestinal pathogen panel, xTAG GPP, and newborn screening panel, xMAP NeoPlex4, assay products. Luminex also is awaiting a decision by the US Food and Drug Administration on the xTAG RVP FAST assay for respiratory viruses.

By segment, technology and strategic partnerships revenues totaled $31.9 million, up 27 percent from $25.2 million a year ago, and assays and related product revenues were up 41 percent to $11.3 million from $8 million a year ago.

During the quarter, Luminex shipped 197 multiplexing analyzers, including 38 MagPix systems, which were launched in the third quarter of 2010, and 34 BSD sample handling systems, it said.

The firm's R&D costs rose to $7.6 million, up 38 percent from $5.5 million a year ago, and SG&A spending rose 10 percent to $14.9 million from $13.5 million.

Luminex's net income more than doubled to $4.5 million, or $.11 per share, from $1.9 million, or $.05 per share, during the first quarter of 2010, easily beating analyst estimates of $.06 per share.

Luminex ended the quarter with $121.6 million in cash, cash equivalents, and short-term investments.

In late afternoon trading today, Luminex shares were up more than 6 percent on Nasdaq to $19.22.

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