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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Luminex Corporation | NASDAQ:LMNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.99 | 36.94 | 36.98 | 0 | 01:00:00 |
DELAWARE | 000-30109 | 74-2747608 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
12212 TECHNOLOGY BLVD., AUSTIN, TEXAS | 78727 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release issued by Luminex Corporation dated October 27, 2014. |
Date: October 27, 2014 | LUMINEX CORPORATION | ||
By: | /s/ Harriss T. Currie | ||
Name: | Harriss T. Currie | ||
Title: | Chief Financial Officer, Senior Vice President of Finance |
Exhibit No. | Description | |
99.1 | Press Release issued by Luminex Corporation dated October 27, 2014. |
• | Consolidated revenue of $56.7 million, a 12 percent increase over the third quarter of 2013. |
• | Assay revenue of $22.1 million, a 37 percent increase over the third quarter of 2013. Infectious disease assay sales comprised approximately 65 percent of total assay sales, with genetic testing assays representing 35 percent. |
• | Royalty revenue of $9.7 million, an 8 percent increase over the third quarter of 2013. |
• | Shipments of 269 multiplexing analyzers, which included 115 LX systems, 122 MAGPIX systems, and 32 FLEXMAP 3D Systems. |
• | GAAP net income was $5.6 million, or $0.13 per diluted share. This compares to a GAAP net income of $796,000, or $0.02 per diluted share for the third quarter of 2013. |
• | Non-GAAP net income was $11.5 million or $0.27 per diluted share, which compares with $2.3 million, or $0.06 per diluted share in the third quarter of 2013. (see Non-GAAP reconciliation) |
• | Received FDA Clearance to add 3 new clinical targets and additional sample type for use with xTAG® Gastrointestinal Pathogen Panel (GPP). |
Three Months Ended | ||||||||||||||
September 30, | Variance | |||||||||||||
2014 | 2013 | ($) | (%) | |||||||||||
(unaudited) | ||||||||||||||
System sales | $ | 7,624 | $ | 7,568 | $ | 56 | 1 | % | ||||||
Consumable sales | 12,124 | 12,837 | (713 | ) | (6 | )% | ||||||||
Royalty revenue | 9,690 | 8,996 | 694 | 8 | % | |||||||||
Assay revenue | 22,056 | 16,115 | 5,941 | 37 | % | |||||||||
All other revenue | 5,190 | 5,264 | (74 | ) | (1 | )% | ||||||||
$ | 56,684 | $ | 50,780 | $ | 5,904 | 12 | % | |||||||
Nine Months Ended | ||||||||||||||
September 30, | Variance | |||||||||||||
2014 | 2013 | ($) | (%) | |||||||||||
(unaudited) | ||||||||||||||
System sales | $ | 22,328 | $ | 21,772 | $ | 556 | 3 | % | ||||||
Consumable sales | 37,521 | 36,484 | 1,037 | 3 | % | |||||||||
Royalty revenue | 29,215 | 27,683 | 1,532 | 6 | % | |||||||||
Assay revenue | 63,602 | 56,138 | 7,464 | 13 | % | |||||||||
All other revenue | 16,211 | 16,190 | 21 | — | % | |||||||||
$ | 168,877 | $ | 158,267 | $ | 10,610 | 7 | % | |||||||
Three Months Ended | |||||||||||||||
September 30, | Variance | ||||||||||||||
2014 | 2013 | ($) | (%) | ||||||||||||
(unaudited) | |||||||||||||||
Revenue | |||||||||||||||
Technology and strategic partnerships | $ | 32,645 | $ | 33,335 | $ | (690 | ) | (2 | )% | ||||||
Assays and related products | 24,039 | 17,445 | 6,594 | 38 | % | ||||||||||
Total Revenue | 56,684 | 50,780 | 5,904 | 12 | % | ||||||||||
Operating income (loss) | |||||||||||||||
Technology and strategic partnerships | 8,792 | 9,293 | (501 | ) | (5 | )% | |||||||||
Assays and related products | (3,796 | ) | (13,487 | ) | 9,691 | 72 | % | ||||||||
Total Operating income | 4,996 | (4,194 | ) | 9,190 | 219 | % | |||||||||
Nine Months Ended | |||||||||||||||
September 30, | Variance | ||||||||||||||
2014 | 2013 | ($) | (%) | ||||||||||||
(unaudited) | |||||||||||||||
Revenue | |||||||||||||||
Technology and strategic partnerships | 98,094 | 96,352 | $ | 1,742 | 2 | % | |||||||||
Assays and related products | 70,783 | 61,915 | 8,868 | 14 | % | ||||||||||
Total Revenue | 168,877 | 158,267 | 10,610 | 7 | % | ||||||||||
Operating income (loss) | |||||||||||||||
Technology and strategic partnerships | 27,348 | 23,368 | 3,980 | 17 | % | ||||||||||
Assays and related products | (9,396 | ) | (24,073 | ) | 14,677 | 61 | % | ||||||||
Total Operating income | 17,952 | (705 | ) | 18,657 | 2,646 | % |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 89,123 | $ | 67,924 | |||
Short-term investments | — | 4,517 | |||||
Accounts receivable, net | 27,354 | 30,948 | |||||
Inventories, net | 33,129 | 30,487 | |||||
Deferred income taxes | 8,169 | 7,265 | |||||
Prepaids and other | 5,293 | 5,229 | |||||
Total current assets | 163,068 | 146,370 | |||||
Property and equipment, net | 37,096 | 32,793 | |||||
Intangible assets, net | 57,346 | 60,295 | |||||
Deferred income taxes | 11,913 | 11,913 | |||||
Long-term investments | 7,975 | — | |||||
Goodwill | 49,619 | 50,738 | |||||
Other | 3,495 | 3,937 | |||||
Total assets | $ | 330,512 | $ | 306,046 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 10,138 | $ | 10,698 | |||
Accrued liabilities | 13,066 | 11,624 | |||||
Deferred revenue | 5,079 | 4,980 | |||||
Current portion of long term debt | — | 1,194 | |||||
Total current liabilities | 28,283 | 28,496 | |||||
Long-term debt | — | 463 | |||||
Deferred revenue | 2,436 | 2,482 | |||||
Other | 4,924 | 4,985 | |||||
Total liabilities | 35,643 | 36,426 | |||||
Stockholders' equity: | |||||||
Common stock | 42 | 41 | |||||
Additional paid-in capital | 306,766 | 296,931 | |||||
Accumulated other comprehensive (loss) income | (409 | ) | 419 | ||||
Accumulated deficit | (11,530 | ) | (27,771 | ) | |||
Total stockholders' equity | 294,869 | 269,620 | |||||
Total liabilities and stockholders' equity | $ | 330,512 | $ | 306,046 | |||
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Revenue | $ | 56,684 | $ | 50,780 | $ | 168,877 | $ | 158,267 | |||||||
Cost of revenue | 17,674 | 19,999 | 51,766 | 51,472 | |||||||||||
Gross profit | 39,010 | 30,781 | 117,111 | 106,795 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 10,327 | 10,346 | 32,719 | 34,852 | |||||||||||
Selling, general and administrative | 21,423 | 21,466 | 61,838 | 67,429 | |||||||||||
Amortization of acquired intangible assets | 964 | 1,021 | 2,949 | 3,077 | |||||||||||
Restructuring costs | 1,300 | 2,142 | 1,653 | 2,142 | |||||||||||
Total operating expenses | 34,014 | 34,975 | 99,159 | 107,500 | |||||||||||
Income (loss) from operations | 4,996 | (4,194 | ) | 17,952 | (705 | ) | |||||||||
Interest expense from long-term debt | — | (16 | ) | (6 | ) | (67 | ) | ||||||||
Other expense, net | (15 | ) | 6,638 | (35 | ) | 6,730 | |||||||||
Income before income taxes | 4,981 | 2,428 | 17,911 | 5,958 | |||||||||||
Income tax benefit (expense) | 569 | (1,632 | ) | (1,670 | ) | (3,978 | ) | ||||||||
Net income | $ | 5,550 | $ | 796 | $ | 16,241 | $ | 1,980 | |||||||
Net income per share, basic | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | |||||||
Shares used in computing net income per share, basic | 41,714 | 40,752 | 41,496 | 40,712 | |||||||||||
Net income per share, diluted | $ | 0.13 | $ | 0.02 | $ | 0.39 | $ | 0.05 | |||||||
Shares used in computing net income per share, diluted | 42,381 | 41,919 | 42,127 | 41,771 |
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 5,550 | $ | 796 | $ | 16,241 | $ | 1,980 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,400 | 3,994 | 10,935 | 11,747 | |||||||||||
Stock-based compensation | 2,622 | 1,889 | 7,052 | 6,733 | |||||||||||
Deferred income tax (benefit) expense | (3,568 | ) | 1,989 | (1,048 | ) | 3,415 | |||||||||
Excess income tax (benefit) expense from employee stock-based awards | (1,315 | ) | (15 | ) | (1,315 | ) | 274 | ||||||||
Loss (gain) on disposal of assets | 48 | (5,388 | ) | 231 | (5,305 | ) | |||||||||
Non-cash restructuring charges | 1,192 | 3,695 | 2,388 | 3,695 | |||||||||||
Other | (28 | ) | (34 | ) | (360 | ) | (1,115 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable, net | 203 | 1,384 | 3,742 | 3,076 | |||||||||||
Inventories, net | (1,943 | ) | 1,769 | (3,465 | ) | (1,914 | ) | ||||||||
Other assets | (829 | ) | (415 | ) | (792 | ) | (2,058 | ) | |||||||
Accounts payable | 1,227 | 2,215 | (878 | ) | (718 | ) | |||||||||
Accrued liabilities | 4,922 | (1,184 | ) | 407 | (2,727 | ) | |||||||||
Deferred revenue | 46 | 439 | 53 | 409 | |||||||||||
Net cash provided by operating activities | 11,527 | 11,134 | 33,191 | 17,492 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of available-for-sale securities | (8,000 | ) | (2,997 | ) | (10,996 | ) | (8,489 | ) | |||||||
Sales and maturities of available-for-sale securities | 2,996 | 2,996 | 7,509 | 19,632 | |||||||||||
Purchase of property and equipment | (5,540 | ) | (6,914 | ) | (11,795 | ) | (15,136 | ) | |||||||
Proceeds from sale of assets | 5 | 9,533 | 44 | 9,564 | |||||||||||
Acquired technology rights | — | — | (64 | ) | (930 | ) | |||||||||
Net cash (used in) provided by investing activities | (10,539 | ) | 2,618 | (15,302 | ) | 4,641 | |||||||||
Cash flows from financing activities: | |||||||||||||||
Payments on debt | — | — | (1,621 | ) | (1,105 | ) | |||||||||
Proceeds from employee stock plans and issuance of common stock | 327 | 5,973 | 3,807 | 7,891 | |||||||||||
Payments for stock repurchases | — | — | — | (14,343 | ) | ||||||||||
Excess income tax benefit (expense) from employee stock-based awards | 1,315 | 15 | 1,315 | (274 | ) | ||||||||||
Net cash provided by (used in) financing activities | 1,642 | 5,988 | 3,501 | (7,831 | ) | ||||||||||
Effect of foreign currency exchange rate on cash | (217 | ) | (49 | ) | (191 | ) | 78 | ||||||||
Change in cash and cash equivalents | 2,413 | 19,691 | 21,199 | 14,380 | |||||||||||
Cash and cash equivalents, beginning of period | 86,710 | 37,478 | 67,924 | 42,789 | |||||||||||
Cash and cash equivalents, end of period | $ | 89,123 | $ | 57,169 | $ | 89,123 | $ | 57,169 |
LUMINEX CORPORATION | |||||||||||||||
NON-GAAP RECONCILIATION | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Income from operations | $ | 4,996 | $ | (4,194 | ) | $ | 17,952 | $ | (705 | ) | |||||
Stock-based compensation | 2,622 | 1,889 | 7,052 | 6,733 | |||||||||||
Amortization of acquired intangible assets | 964 | 1,021 | 2,949 | 3,077 | |||||||||||
Costs associated with legal proceedings | 1,028 | 105 | 2,628 | 358 | |||||||||||
Resolution of molecular diagnostic distribution agreements | — | — | — | 7,000 | |||||||||||
Severance costs | 942 | 216 | 987 | 1,031 | |||||||||||
Restructuring costs | 1,332 | 4,343 | 2,652 | 4,343 | |||||||||||
Adjusted income from operations | $ | 11,884 | $ | 3,380 | $ | 34,220 | $ | 21,837 | |||||||
Interest expense from long-term debt | — | (16 | ) | (6 | ) | (67 | ) | ||||||||
Other income, net | (15 | ) | 6,638 | (35 | ) | 6,730 | |||||||||
Gain on sale of cost method equity investment | — | (5,452 | ) | — | (5,452 | ) | |||||||||
Contingent consideration adjustments | — | (1,220 | ) | — | (1,370 | ) | |||||||||
Income tax benefit (expense) | 569 | (1,632 | ) | (1,670 | ) | (3,978 | ) | ||||||||
Income tax effect of above adjusting items | (941 | ) | 637 | (1,649 | ) | (376 | ) | ||||||||
Income tax benefit from intercompany debt cancellation | — | — | (994 | ) | — | ||||||||||
Adjusted net income | $ | 11,497 | $ | 2,335 | $ | 29,866 | $ | 17,324 | |||||||
Adjusted net income per share, basic | $ | 0.28 | $ | 0.06 | $ | 0.72 | $ | 0.43 | |||||||
Shares used in computing adjusted net income per share, basic | 41,714 | 40,752 | 41,496 | 40,712 | |||||||||||
Adjusted net income per share, diluted | $ | 0.27 | $ | 0.06 | $ | 0.71 | $ | 0.41 | |||||||
Shares used in computing adjusted net income per share, diluted | 42,381 | 41,919 | 42,127 | 41,771 |
1 Year Luminex Chart |
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