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Luminex Posts 30 Percent Q1 Revenue Growth

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Luminex reported after the close of the market Thursday that its first-quarter revenues increased 30 percent, with a particularly strong quarter for its assay sales.

The Austin, Texas-based multiplex diagnostics and research products firm brought in total revenues of $33.3 million for the three-month period ended March 31, compared to $25.6 million for the first quarter of 2009. The firm beat analysts' consensus estimate for revenue of $32.4 million.

Sales for all of its reporting segments were up for the quarter, with assay revenue 83 percent to $7.7 million; royalty revenue up 29 percent to $5.8 million; consumables revenue also up 29 percent at $9.8 million; system revenue up 9 percent at $6.7 million; and other revenue up 4 percent at $3.2 million.

Luminex placed 197 instruments during the quarter.

"The growth across every major revenue category, system, assay, consumables and royalty, is particularly exciting," Luminex President and CEO Patrick Balthrop said in a statement. "This diversified performance is the foundation of our long-term growth strategy."

Luminex posted a profit of $1.9 million, or $.05 per share, versus a loss in Q1 2009 of $2.8 million, or $.07 per share. The comparable quarter of 2009 included a $4.4 million charge for the settlement of litigation.

Its R&D expenses increased 9 percent to $5 million from $4.6 million, while its SG&A spending increased 23 percent to $14 million from $11.4 million.

Luminex finished the quarter with $87.2 million in cash and cash equivalents.

The firm reaffirmed its full-year 2010 revenue guidance of between $138 million and $148 million.

During the first quarter, Luminex inked a deal to collaborate with Northrop Grumman on the development of biodetector systems that can continuously monitor the environment and serve as an early warning system for dangerous airborne pathogens. The multiplexed system, which is being developed for evaluation by the US government as part of a national network of automated environmental monitoring devices, will be based on Luminex's xMAP technology.

Thomas Weisel Partners analyst Peter Lawson wrote in a research note last night that bioterrorism applications "presents what could be Luminex's largest market opportunity."

In addition to the bioterrorism program with Northrop Grumman, other new revenue drivers for the company are likely to include its MagPix instrument, a lower-cost, entry-level instrument designed for smaller labs that is expected to be launched in the second half of this year. Luminex also has a handful of new assays, including a newborn screening panel, expected to be launched in Europe this year, followed by the US in 2011.

Shares of Luminex were down nearly 3 percent at $15.32 in early Friday trading on the Nasdaq.

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