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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 February 2, 2015. |
Date: February 2, 2015 | 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 February 2, 2015. |
• | Consolidated fourth quarter revenue of $58.1 million, a 5 percent increase compared to the fourth quarter of 2013; full-year 2014 revenue was $227.0 million, a 6 percent increase over 2013. |
• | Consolidated gross profit margin was 74 percent for the fourth quarter, and 70 percent for the full year 2014. |
• | Fourth quarter assay revenue of $24.1 million, a 34 percent increase over the fourth quarter of 2013; full-year 2014 assay revenue of $87.7 million, an 18 percent increase over 2013. |
• | GAAP net income for the fourth quarter and full-year of 2014 was $22.8 million and $39.0 million, or $0.53 and $0.92 per diluted share, respectively. Non-GAAP net income for the fourth quarter and full-year 2014 was $8.0 million and $37.8 million, or $0.19 and $0.90 per diluted share, respectively (see Non-GAAP reconciliation). |
Three Months Ended | ||||||||||||||
December 31, | Variance | |||||||||||||
2014 | 2013 | ($) | (%) | |||||||||||
(unaudited) | ||||||||||||||
System sales | $ | 6,872 | $ | 10,014 | $ | (3,142 | ) | (31 | )% | |||||
Consumable sales | 10,779 | 12,056 | (1,277 | ) | (11 | )% | ||||||||
Royalty revenue | 10,194 | 9,267 | 927 | 10 | % | |||||||||
Assay revenue | 24,051 | 17,963 | 6,088 | 34 | % | |||||||||
All other revenue | 6,210 | 5,856 | 354 | 6 | % | |||||||||
$ | 58,106 | $ | 55,156 | $ | 2,950 | 5 | % | |||||||
Twelve Months Ended | ||||||||||||||
December 31, | Variance | |||||||||||||
2014 | 2013 | ($) | (%) | |||||||||||
(unaudited) | ||||||||||||||
System sales | $ | 29,200 | $ | 31,786 | $ | (2,586 | ) | (8 | )% | |||||
Consumable sales | 48,300 | 48,540 | (240 | ) | — | % | ||||||||
Royalty revenue | 39,409 | 36,950 | 2,459 | 7 | % | |||||||||
Assay revenue | 87,653 | 74,101 | 13,552 | 18 | % | |||||||||
All other revenue | 22,421 | 22,046 | 375 | 2 | % | |||||||||
$ | 226,983 | $ | 213,423 | $ | 13,560 | 6 | % | |||||||
• | Fourth quarter shipments of 205 multiplexing analyzers, which included 76 MAGPIX systems, 94 LX systems, and 35 FLEXMAP 3D systems. Cumulative life-to-date multiplexing analyzer shipments are 11,687. |
• | During the quarter, there were 20 bulk purchases of consumables totaling $8.1 million, or 75 percent of total consumables. |
• | Royalty revenues reflect total royalty-bearing end user sales for the fourth quarter and full year 2014 of $111 million and $456 million, respectively. |
• | Infectious disease assay sales comprised approximately 67 percent of total assay sales for the quarter, with genetic testing assays representing 33 percent. |
• | During the full year 2014, the company released a portion of the valuation allowance on deferred tax assets in Canada, benefitted from the closure of our Australian facility, and established a tax asset associated with tax paid on intercompany profits. The tax benefit of these items totaled $19.0 million, giving us a pro forma effective tax rate of 29%. |
• | Operating income for the fourth quarter and full year of 2014 was $10.2 million and $28.1 million, respectively. Non-GAAP operating income for the fourth quarter and full year 2014 was $14.9 million and $49.1 million, respectively (see Non-GAAP reconciliation). |
• | Cash and investments balance at year-end totaled $107.7 million. |
• | Days sales outstanding (DSO) was 46 days at year-end, while days payable outstanding (DPO) was 71 days at year-end. |
• | Moving forward, the Company will no longer present two segments, but will return to presenting one consolidated reporting unit. This change in financial reporting aligns with management’s view of the business and its operational structure. |
• | The Company expects fiscal 2015 revenue to be between $230 million and $236 million. |
• | For 2015, the Company expects consumable revenue to continue to be under pressure due to inventory management challenges by its largest partner. |
• | In addition, the 2015 guidance reflects conservative estimates for the Cystic Fibrosis portion of Assay revenue, given the potential impact of a competitive technology. |
• | The company anticipates first quarter 2015 revenue to be between $55 million and $58 million. |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 91,694 | $ | 67,924 | |||
Short-term investments | — | 4,517 | |||||
Accounts receivable, net | 29,095 | 30,948 | |||||
Inventories, net | 36,616 | 30,487 | |||||
Deferred income taxes | 12,203 | 7,265 | |||||
Prepaids and other | 7,412 | 5,229 | |||||
Total current assets | 177,020 | 146,370 | |||||
Property and equipment, net | 39,945 | 32,793 | |||||
Intangible assets, net | 56,382 | 60,295 | |||||
Deferred income taxes | 15,400 | 11,913 | |||||
Long-term investments | 15,975 | — | |||||
Goodwill | 49,619 | 50,738 | |||||
Other | 3,185 | 3,937 | |||||
Total assets | $ | 357,526 | $ | 306,046 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,841 | $ | 10,698 | |||
Accrued liabilities | 14,118 | 11,624 | |||||
Deferred revenue | 4,407 | 4,980 | |||||
Current portion of long term debt | — | 1,194 | |||||
Total current liabilities | 30,366 | 28,496 | |||||
Long-term debt | — | 463 | |||||
Deferred revenue | 2,297 | 2,482 | |||||
Other | 4,869 | 4,985 | |||||
Total liabilities | 37,532 | 36,426 | |||||
Stockholders' equity: | |||||||
Common stock | 42 | 41 | |||||
Additional paid-in capital | 309,424 | 296,931 | |||||
Accumulated other comprehensive (loss) income | (744 | ) | 419 | ||||
Retained earnings (accumulated deficit) | 11,272 | (27,771 | ) | ||||
Total stockholders' equity | 319,994 | 269,620 | |||||
Total liabilities and stockholders' equity | $ | 357,526 | $ | 306,046 | |||
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Revenue | $ | 58,106 | $ | 55,156 | $ | 226,983 | $ | 213,423 | |||||||
Cost of revenue | 15,365 | 18,325 | 67,131 | 69,797 | |||||||||||
Gross profit | 42,741 | 36,831 | 159,852 | 143,626 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 10,416 | 10,189 | 43,135 | 45,041 | |||||||||||
Selling, general and administrative | 20,947 | 19,872 | 82,785 | 87,301 | |||||||||||
Amortization of acquired intangible assets | 964 | 1,022 | 3,913 | 4,099 | |||||||||||
Restructuring costs | 229 | 276 | 1,882 | 2,418 | |||||||||||
Total operating expenses | 32,556 | 31,359 | 131,715 | 138,859 | |||||||||||
Income from operations | 10,185 | 5,472 | 28,137 | 4,767 | |||||||||||
Interest expense from long-term debt | — | (9 | ) | (6 | ) | (76 | ) | ||||||||
Other expense, net | (11 | ) | 3 | (46 | ) | 6,733 | |||||||||
Income before income taxes | 10,174 | 5,466 | 28,085 | 11,424 | |||||||||||
Income tax benefit (expense) | 12,628 | (350 | ) | 10,958 | (4,328 | ) | |||||||||
Net income | $ | 22,802 | $ | 5,116 | $ | 39,043 | $ | 7,096 | |||||||
Net income per share, basic | $ | 0.55 | $ | 0.12 | $ | 0.94 | $ | 0.17 | |||||||
Shares used in computing net income per share, basic | 41,744 | 41,055 | 41,558 | 40,799 | |||||||||||
Net income per share, diluted | $ | 0.53 | $ | 0.12 | $ | 0.92 | $ | 0.17 | |||||||
Shares used in computing net income per share, diluted | 42,651 | 42,229 | 42,219 | 41,986 | |||||||||||
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 22,802 | $ | 5,116 | $ | 39,043 | $ | 7,096 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,270 | 4,175 | 14,205 | 15,922 | |||||||||||
Stock-based compensation | 2,496 | 2,488 | 9,548 | 9,221 | |||||||||||
Deferred income tax (benefit) expense | (7,501 | ) | (2,864 | ) | (8,549 | ) | 551 | ||||||||
Excess income tax (benefit) expense from employee stock-based awards | 1,028 | (2,843 | ) | (287 | ) | (2,569 | ) | ||||||||
Loss (gain) on disposal of assets | (50 | ) | 132 | 181 | (5,173 | ) | |||||||||
Non-cash restructuring charges | 448 | 442 | 2,836 | 4,137 | |||||||||||
Other | 13 | (94 | ) | (347 | ) | (1,209 | ) | ||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable, net | (1,778 | ) | (730 | ) | 1,964 | 2,346 | |||||||||
Inventories, net | (3,581 | ) | (1,091 | ) | (7,046 | ) | (3,005 | ) | |||||||
Other assets | (2,096 | ) | 588 | (2,888 | ) | (1,470 | ) | ||||||||
Accounts payable | 1,719 | 1,680 | 841 | 962 | |||||||||||
Accrued liabilities | 157 | 2,403 | 564 | (324 | ) | ||||||||||
Deferred revenue | (867 | ) | 8 | (814 | ) | 417 | |||||||||
Net cash provided by operating activities | 16,060 | 9,410 | 49,251 | 26,902 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of available-for-sale securities | (8,003 | ) | (1,516 | ) | (18,999 | ) | (10,005 | ) | |||||||
Sales and maturities of available-for-sale securities | — | 2,496 | 7,509 | 22,128 | |||||||||||
Purchase of property and equipment | (5,283 | ) | (2,952 | ) | (17,078 | ) | (18,088 | ) | |||||||
Proceeds from sale of assets | 54 | 34 | 98 | 9,598 | |||||||||||
Acquired technology rights | — | — | (64 | ) | (930 | ) | |||||||||
Net cash (used in) provided by investing activities | (13,232 | ) | (1,938 | ) | (28,534 | ) | 2,703 | ||||||||
Cash flows from financing activities: | |||||||||||||||
Payments on debt | — | — | (1,621 | ) | (1,105 | ) | |||||||||
Proceeds from employee stock plans and issuance of common stock | 939 | 786 | 4,746 | 8,677 | |||||||||||
Payments for stock repurchases | — | (213 | ) | — | (14,556 | ) | |||||||||
Excess income tax benefit (expense) from employee stock-based awards | (1,028 | ) | 2,843 | 287 | 2,569 | ||||||||||
Net cash (used in) provided by financing activities | (89 | ) | 3,416 | 3,412 | (4,415 | ) | |||||||||
Effect of foreign currency exchange rate on cash | (168 | ) | (133 | ) | (359 | ) | (55 | ) | |||||||
Change in cash and cash equivalents | 2,571 | 10,755 | 23,770 | 25,135 | |||||||||||
Cash and cash equivalents, beginning of period | 89,123 | 57,169 | 67,924 | 42,789 | |||||||||||
Cash and cash equivalents, end of period | $ | 91,694 | $ | 67,924 | $ | 91,694 | $ | 67,924 | |||||||
LUMINEX CORPORATION | |||||||||||||||
NON-GAAP RECONCILIATION | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Income from operations | $ | 10,185 | $ | 5,472 | $ | 28,137 | $ | 4,767 | |||||||
Stock-based compensation | 2,496 | 2,488 | 9,548 | 9,221 | |||||||||||
Amortization of acquired intangible assets | 964 | 1,022 | 3,913 | 4,099 | |||||||||||
Costs associated with legal proceedings | 578 | 373 | 3,206 | 731 | |||||||||||
Resolution of molecular diagnostic distribution agreements | — | — | — | 7,000 | |||||||||||
Severance costs | 243 | 29 | 1,230 | 1,060 | |||||||||||
Restructuring costs | 448 | 626 | 3,100 | 4,969 | |||||||||||
Adjusted income from operations | $ | 14,914 | $ | 10,010 | $ | 49,134 | $ | 31,847 | |||||||
Interest expense from long-term debt | — | (9 | ) | (6 | ) | (76 | ) | ||||||||
Other income, net | (11 | ) | 3 | (46 | ) | 6,733 | |||||||||
Gain on sale of cost method equity investment | — | — | — | (5,452 | ) | ||||||||||
Contingent consideration adjustments | — | — | — | (1,370 | ) | ||||||||||
Income tax benefit (expense) | 12,628 | (350 | ) | 10,958 | (4,328 | ) | |||||||||
Income tax effect of above adjusting items | (1,507 | ) | (826 | ) | (3,156 | ) | (1,202 | ) | |||||||
Income tax benefit from discrete tax items | (18,046 | ) | — | (19,040 | ) | — | |||||||||
Adjusted net income | $ | 7,978 | $ | 8,828 | $ | 37,844 | $ | 26,152 | |||||||
Adjusted net income per share, basic | $ | 0.19 | $ | 0.22 | $ | 0.91 | $ | 0.64 | |||||||
Shares used in computing adjusted net income per share, basic | 41,744 | 41,055 | 41,558 | 40,799 | |||||||||||
Adjusted net income per share, diluted | $ | 0.19 | $ | 0.21 | $ | 0.9 | $ | 0.62 | |||||||
Shares used in computing adjusted net income per share, diluted | 42,651 | 42,229 | 42,219 | 41,986 |
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