NEW YORK (GenomeWeb) – Luminex reported after the close of the market on Monday that its third quarter revenues increased 7 percent year over year as the company beat Wall St. estimates on the top and bottom lines.
For the three months ended Sept. 30, the Austin, Texas-based molecular diagnostics firm logged $60.6 million in revenues compared to $56.7 million in Q3 2014. On average, analysts had expected revenues of $57.2 million.
Luminex's system sales shot up 26 percent to $9.6 million from $7.6 million, while its consumable sales dropped 10 percent to $10.9 million from $12.1 million.
Assay revenue increased 12 percent to $24.6 million from $22.1 million, with infectious disease assay sales comprising 68 percent of total sales and genetic testing assays comprising the remainder.
Meanwhile, royalty revenue jumped 5 percent to $10.2 million from $9.7 million.
The company noted that it was a record quarter as it exceeded $60 million in revenues for the first time. The company shipped 307 multiplexing analyzers during the quarter, including 113 MagPix systems, 164 LX systems, and 30 FlexMap 3D systems.
During the quarter the company received US Food and Drug Administration clearance for its Aries system and Aries HSV 1&2 assay, "an exciting milestone for the company in the large, sample-to-answer molecular diagnostic market," President and CEO Homi Shamir said in a statement.
The company also submitted a 510(k) pre-market submission to FDA for the Aries Group B Streptococcus assay in October. During a conference call following the release of Luminex's earnings, Shamir said that the company also plans complete an FDA submission for a Clostridium difficile Aries assay before the end of this year.
Luminex plans to officially launch Aries this week at the Association for Molecular Pathology meeting in Austin.
"This is a tremendous accomplishment for the company, but we recognize we have a lot of work in front of us," Shamir said during the call. "Luminex is fully prepared for this exciting opportunity. We are focused on executing our go-to-market strategy as we head into 2016. We are progressing well [toward] our target of establishing 30 evaluation systems by the end of this year, and 100 systems under contract by year-end 2016."
Luminex recorded net income in Q3 of $6.4 million, or $.15 per share, compared to $5.6 million, or $.13 per share, in the year-ago period. It beat analysts' expectations of EPS of $.11. On an adjusted basis, net income was $.22 per share.
The company had $10.1 million in R&D expenses in Q3, down from $10.3 million in the prior-year quarter. Its SG&A expenses were down slightly at $21.2 million compared to $21.4 million in Q3 2014.
Luminex finished the quarter with $119.6 million in cash and cash equivalents, and $12.0 million in short-term investments.
The firm updated its revenue guidance range for full-year 2015 to between $235 million and $238 million from a previous range of $232 million to $236 million.