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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 November 2, 2015. |
Date: November 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 November 2, 2015. |
• | Increased third quarter 2015 revenue by 7 percent to $60.6 million, over the third quarter of 2014. |
• | Increased Q3 2015 system sales by 26 percent to $9.6 million over the third quarter of 2014. |
• | Grew third quarter 2015 assay revenue by 12 percent to $24.6 million over results from the third quarter of 2014. |
• | Decreased operating expenses as a percentage of revenue to 53 percent for the third quarter of 2015, a 7 point improvement from the third quarter of 2014. |
• | Improved operating profits for the quarter by 94% as a result of both increased revenues and significant expense control. |
• | Delivered GAAP net income for the third quarter of $6.4 million, or $0.15 per diluted share. Non-GAAP net income for the third quarter was $9.3 million, or $0.22 per diluted share (see Non-GAAP reconciliation). |
• | Cash and short and long-term investments at quarter’s end totaled approximately $136 million, an increase of approximately $28 million compared with year-end 2014. |
• | Raising 2015 revenue guidance range to between $235 million and $238 million from the prior range of between $232 million and $236 million. |
• | In October, Luminex submitted a 510(k) pre-market submission to the FDA for the ARIES® Group B Streptococcus (GBS) Assay. |
Three Months Ended | |||||||||||||
September 30, | Variance | ||||||||||||
2015 | 2014 | ($) | (%) | ||||||||||
(unaudited) | |||||||||||||
System sales | $ | 9,622 | $ | 7,624 | $ | 1,998 | 26% | ||||||
Consumable sales | 10,940 | 12,124 | (1,184 | ) | -10% | ||||||||
Royalty revenue | 10,249 | 9,690 | 559 | 6% | |||||||||
Assay revenue | 24,639 | 22,056 | 2,583 | 12% | |||||||||
All other revenue | 5,151 | 5,190 | (39 | ) | -1% | ||||||||
$ | 60,601 | $ | 56,684 | $ | 3,917 | 7% | |||||||
Nine Months Ended | |||||||||||||
September 30, | Variance | ||||||||||||
2015 | 2014 | ($) | (%) | ||||||||||
(unaudited) | |||||||||||||
System sales | $ | 22,129 | $ | 22,328 | $ | (199 | ) | -1% | |||||
Consumable sales | 32,714 | 37,521 | (4,807 | ) | -13% | ||||||||
Royalty revenue | 32,024 | 29,215 | 2,809 | 10% | |||||||||
Assay revenue | 74,323 | 63,602 | 10,721 | 17% | |||||||||
All other revenue | 16,069 | 16,211 | (142 | ) | -1% | ||||||||
$ | 177,259 | $ | 168,877 | $ | 8,382 | 5% | |||||||
• | Infectious disease assay sales were approximately 68 percent of total assay sales for the quarter and genetic testing assays were 32 percent. |
• | Royalty revenues reflect total royalty-bearing end-user sales for the quarter of $120.8 million. |
• | 307 multiplexing analyzers were shipped during the quarter, which included 113 MAGPIX® systems, 164 LX systems, and 30 FLEXMAP 3D® systems. |
• | Cash and investments at quarter-end totaled $135.6 million. |
• | Days sales outstanding (DSO) was 40 days at quarter-end. |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
September 30, | December 31, | ||||||
2015 | 2014 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 119,553 | $ | 91,694 | |||
Short-term investments | 12,006 | — | |||||
Accounts receivable, net | 26,161 | 28,272 | |||||
Inventories, net | 29,315 | 36,616 | |||||
Deferred income taxes | 5,125 | 12,203 | |||||
Prepaids and other | 9,694 | 8,235 | |||||
Total current assets | 201,854 | 177,020 | |||||
Property and equipment, net | 48,037 | 39,945 | |||||
Intangible assets, net | 53,927 | 56,382 | |||||
Deferred income taxes | 15,129 | 15,400 | |||||
Long-term investments | 4,003 | 15,975 | |||||
Goodwill | 49,619 | 49,619 | |||||
Other | 3,758 | 3,185 | |||||
Total assets | 376,327 | 357,526 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 9,283 | $ | 11,841 | |||
Accrued liabilities | 13,005 | 14,118 | |||||
Deferred revenue | 4,373 | 4,407 | |||||
Total current liabilities | 26,661 | 30,366 | |||||
Deferred revenue | 2,119 | 2,297 | |||||
Other | 5,041 | 4,869 | |||||
Total liabilities | 33,821 | 37,532 | |||||
Stockholders' equity: | |||||||
Common stock | 42 | 42 | |||||
Additional paid-in capital | 315,803 | 309,424 | |||||
Accumulated other comprehensive loss | (1,095 | ) | (744 | ) | |||
Retained earnings | 27,756 | 11,272 | |||||
Total stockholders' equity | 342,506 | 319,994 | |||||
Total liabilities and stockholders' equity | $ | 376,327 | $ | 357,526 | |||
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Revenue | $ | 60,601 | $ | 56,684 | $ | 177,259 | $ | 168,877 | |||||||
Cost of revenue | 18,789 | 17,674 | 51,958 | 51,766 | |||||||||||
Gross profit | 41,812 | 39,010 | 125,301 | 117,111 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 10,093 | 10,327 | 31,748 | 32,719 | |||||||||||
Selling, general and administrative | 21,236 | 21,423 | 61,740 | 61,838 | |||||||||||
Amortization of acquired intangible assets | 777 | 964 | 2,455 | 2,949 | |||||||||||
Restructuring costs | — | 1,300 | — | 1,653 | |||||||||||
Total operating expenses | 32,106 | 34,014 | 95,943 | 99,159 | |||||||||||
Income from operations | 9,706 | 4,996 | 29,358 | 17,952 | |||||||||||
Interest expense from long-term debt | — | — | — | (6 | ) | ||||||||||
Other income, net | 13 | (15 | ) | 964 | (35 | ) | |||||||||
Settlement of litigation | — | — | (7,300 | ) | — | ||||||||||
Income before income taxes | 9,719 | 4,981 | 23,022 | 17,911 | |||||||||||
Income tax expense | (3,317 | ) | 569 | (6,538 | ) | (1,670 | ) | ||||||||
Net income | $ | 6,402 | $ | 5,550 | $ | 16,484 | $ | 16,241 | |||||||
Net income per share, basic | $ | 0.15 | $ | 0.13 | $ | 0.39 | $ | 0.39 | |||||||
Shares used in computing net income per share, basic | 42,152 | 41,714 | 42,041 | 41,496 | |||||||||||
Net income per share, diluted | $ | 0.15 | $ | 0.13 | $ | 0.39 | $ | 0.39 | |||||||
Shares used in computing net income per share, diluted | 42,556 | 42,381 | 42,354 | 42,127 |
LUMINEX CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 6,402 | $ | 5,550 | $ | 16,484 | $ | 16,241 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 3,411 | 3,400 | 9,733 | 10,935 | |||||||||||
Stock-based compensation | 3,099 | 2,622 | 7,768 | 7,052 | |||||||||||
Deferred income tax (benefit) expense | 176 | (3,568 | ) | 6,207 | (1,048 | ) | |||||||||
Excess income tax (benefit) expense from employee stock-based awards | 14 | (1,315 | ) | 1,005 | (1,315 | ) | |||||||||
(Gain) loss on sale or disposal of assets | (62 | ) | 48 | (743 | ) | 231 | |||||||||
Non-cash restructuring charges | — | 1,192 | — | 2,388 | |||||||||||
Other | (25 | ) | (28 | ) | (128 | ) | (360 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable, net | (3,985 | ) | 203 | 2,101 | 3,742 | ||||||||||
Inventories, net | 3,364 | (1,943 | ) | 7,414 | (3,465 | ) | |||||||||
Other assets | 764 | (829 | ) | (1,629 | ) | (792 | ) | ||||||||
Accounts payable | 1,238 | 1,227 | (2,536 | ) | (878 | ) | |||||||||
Accrued liabilities | (3,466 | ) | 4,922 | (3,078 | ) | 407 | |||||||||
Deferred revenue | (36 | ) | 46 | (212 | ) | 53 | |||||||||
Net cash provided by operating activities | 10,894 | 11,527 | 42,386 | 33,191 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of available-for-sale securities | — | (8,000 | ) | — | (10,996 | ) | |||||||||
Sales and maturities of available-for-sale securities | — | 2,996 | — | 7,509 | |||||||||||
Purchase of property and equipment | (2,731 | ) | (5,540 | ) | (15,299 | ) | (11,795 | ) | |||||||
Proceeds from sale of assets | — | 5 | 893 | 44 | |||||||||||
Acquired technology rights | (650 | ) | — | (852 | ) | (64 | ) | ||||||||
Net cash used in investing activities | (3,381 | ) | (10,539 | ) | (15,258 | ) | (15,302 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Payments on debt | — | — | — | (1,621 | ) | ||||||||||
Proceeds from employee stock plans and issuance of common stock | 977 | 327 | 1,690 | 3,807 | |||||||||||
Excess income tax (benefit) expense from employee stock-based awards | (14 | ) | 1,315 | (1,005 | ) | 1,315 | |||||||||
Net cash provided by financing activities | 963 | 1,642 | 685 | 3,501 | |||||||||||
Effect of foreign currency exchange rate on cash | 13 | (217 | ) | 46 | (191 | ) | |||||||||
Change in cash and cash equivalents | 8,489 | 2,413 | 27,859 | 21,199 | |||||||||||
Cash and cash equivalents, beginning of period | 111,064 | 86,710 | 91,694 | 67,924 | |||||||||||
Cash and cash equivalents, end of period | $ | 119,553 | $ | 89,123 | $ | 119,553 | $ | 89,123 | |||||||
LUMINEX CORPORATION | |||||||||||||||
NON-GAAP RECONCILIATION | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Income from operations | $ | 9,706 | $ | 4,996 | $ | 29,358 | $ | 17,952 | |||||||
Stock-based compensation | 3,099 | 2,622 | 7,768 | 7,052 | |||||||||||
Amortization of acquired intangible assets | 777 | 964 | 2,455 | 2,949 | |||||||||||
Costs associated with legal proceedings | 10 | 1,028 | 630 | 2,628 | |||||||||||
Severance costs | 90 | 942 | 284 | 987 | |||||||||||
Restructuring costs | — | 1,332 | — | 2,652 | |||||||||||
Adjusted income from operations | $ | 13,682 | $ | 11,884 | $ | 40,495 | $ | 34,220 | |||||||
Interest expense from long-term debt | — | — | — | (6 | ) | ||||||||||
Other income, net | 13 | (15 | ) | 964 | (35 | ) | |||||||||
Gain on sale of cost method equity investment | — | — | (892 | ) | — | ||||||||||
Income tax expense | (3,317 | ) | 569 | (6,538 | ) | (1,670 | ) | ||||||||
Income tax effect of above adjusting items | (1,115 | ) | (941 | ) | (3,588 | ) | (1,649 | ) | |||||||
Income tax benefit from intercompany debt cancellation | — | — | — | (994 | ) | ||||||||||
Adjusted net income | $ | 9,263 | $ | 11,497 | $ | 30,441 | $ | 29,866 | |||||||
Adjusted net income per share, basic | $ | 0.22 | $ | 0.28 | $ | 0.72 | $ | 0.72 | |||||||
Shares used in computing adjusted net income per share, basic | 42,152 | 41,714 | 42,041 | 41,496 | |||||||||||
Adjusted net income per share, diluted | $ | 0.22 | $ | 0.27 | $ | 0.72 | $ | 0.71 | |||||||
Shares used in computing adjusted net income per share, diluted | 42,556 | 42,381 | 42,354 | 42,127 |
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