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Luminex's Q3 Revenues Increase 16 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Luminex reported after the close of the market yesterday that its third-quarter revenues increased 16 percent, though it reported a drop in system sales.

The Austin, Texas-based manufacturer of multiplex instruments and diagnostic assays reported total revenues of $33.9 million for the three-month period ended Sept. 30, compared to revenues of $29.1 million for the third quarter of 2009. The results fell short of Wall Street's consensus estimate of $35.4 million.

Sales for the firm's systems declined 12 percent to $8.1 million from $9.2 million. During the quarter, Luminex shipped 231 of its multiplex analyzers, including 41 of its recently launched Magpix, compared to 259 multiplex analyzers in the third quarter of 2009.

The firm's consumables sales, however, increased 42 percent to $8.6 million from $6.1 million, while its royalty revenues were up 20 percent to 45.7 million from $4.7 million, and its assay revenue increased 27 percent to $7.9 million from $6.2 million.

Luminex's net loss for the quarter was $727,000, or $.02 per share, compared to $609,000, or $.01 per share, for Q3 2009. Analysts had expected the firm to post earning per share of $.04.

The firm's R&D spending increased around 4 percent to $5.8 million from $5.6 million, and its SG&A expenses climbed 17 percent to $15.9 million from $13.6 million.

Luminex President and CEO Patrick Balthrop called the results "solid … though we faced a difficult year-over year comparison."

The firm finished the quarter with $80.2 million in cash, cash equivalents, and restricted cash, plus $27.9 million in short-term investments.

Luminex said that it expects to report full-year 2010 revenues of between $138 million and $140 million, below analysts' current consensus estimate of $143.1 million.

In early Friday trade on the Nasdaq, shares of Luminex fell 5 percent to $17.56.

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