Luminex (NASDAQ:LMNX)
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Luminex Corporation (NASDAQ:LMNX) today announced financial results for
the first quarter ended March 31, 2008. Financial and operating
highlights include the following:
Consolidated total revenue of $23.0 million, a 38.6 percent increase
year-over-year
Delivery of the Company’s 5,000th
instrument
System shipments of 220 for the first quarter, up 21 percent from the
first quarter of 2007, for an installed base total of 5,199
Consumables and royalty revenue up 36 percent and 39 percent,
respectively, from the first quarter of 2007
Consolidated gross profit margin of 66 percent for the first quarter
Received U.S. Food & Drug Administration (FDA) clearance of xTAGTM
Respiratory Viral Panel (RVP)
Expanded agreements with Abbott Laboratories for global distribution
of Luminex’ RVP and with Invitrogen to renew
and expand their license and supply agreement for Luminex’
xMAP Technology-based products and platforms
Signed collaboration agreements with Tyson Foods, Inc. for food safety
and animal health tests and with Wageningen UR to develop multiplex
screening solutions for the Agro Biotechnology market
Presented to over 350 participants at Planet xMAP USA 2008, the Company’s
annual North American multiplexing technology symposium held in Boston
Consolidated revenue for the first quarter of 2008 was $23.0 million, a
38.6 percent increase over first quarter 2007 revenue of $16.6 million.
Net loss for the first quarter of 2008 was $1.2 million, or ($0.03) per
share, compared with net income of $136,000, or $0.00 per share, for the
same period last year. Beginning on March 1, 2007, Luminex’
consolidated results included the results of operations of its acquired
subsidiary, Luminex Molecular Diagnostics, or LMD. For the first quarter
of 2008, LMD incurred a net loss of $1.5 million, after the elimination
of inter-segment revenue and expense.
LUMINEX CORPORATION
REPORTABLE SEGMENT HIGHLIGHTS
(unaudited)
(in thousands)
Three Months Ended March 31,
2008
2007
Revenue
Technology Segment
$ 18,656
$ 15,415
Assay Segment
4,356
1,192
23,012
16,607
Operating income (loss)
Technology Segment
899
833
Assay Segment
(2,167
)
(1,205
)
Operating loss
(1,268
)
(372
)
“We are very pleased with our results for the
first quarter, which represents a solid start for Luminex in 2008,”
said Patrick J. Balthrop, president and chief executive officer of
Luminex. “In addition to achieving a number of
significant milestones, we are extremely pleased to report balanced
growth across our product lines and business segments. The Company
continued its organic growth with good performance in our Technology
Segment, an indication of the increased acceptance of our proprietary
xMAP Technology-based products and platforms. Consumables and royalty
revenues grew at several times the market growth rate, favorably
affecting our gross profit margin percentage. We are also pleased with
the progress we have made with our two Assay Group product businesses,
LBG and LMD, both of which have provided additional momentum to the
business,” continued Balthrop. “We
will continue to develop innovative products, like xTAG RVP and FlexmiR™
Select MicroRNA and advance our pipeline through regulatory submissions
and product development initiatives in 2008. Additionally, we had
previously stated that our goal was to hold SG&A expense flat versus the
fourth quarter 2007 run rate, net of one-time or unusual events, and we
are pleased that we also delivered this objective for the quarter.”
FINANCIAL OUTLOOK AND GUIDANCE
The Company reaffirms its specific annual revenue guidance for 2008 of
total revenue between $95 million and $105 million.
CONFERENCE CALL
Management will host a conference call to discuss the operating
highlights and financial results for the first quarter ended March 31,
2008, on Thursday, May 8, 2008, at 5:00 p.m. Eastern time. The
conference call will be webcast live and will be accompanied by a slide
presentation, both of which may be accessed at Luminex Corporation’s
website at http://www.luminexcorp.com.
Simply log on to the web at the address above, go to the Company section
and access the Investor Relations link. Please go to the website at
least 15 minutes prior to the call to register, download and install any
necessary audio/video software. If you are unable to participate during
the live webcast, the call and slides will be archived for one year on
the website using the 'replay' link.
ABOUT LUMINEX CORPORATION
Luminex develops, manufactures and markets proprietary biological
testing technologies with applications throughout the life sciences
industry. The Company’s xMAP®
system is an open-architecture, multi-analyte technology platform that
delivers fast, accurate and cost-effective bioassay results to markets
as diverse as pharmaceutical drug discovery, clinical diagnostics and
biomedical research, including the genomics and proteomics research
markets. The Company’s xMAP®
technology is sold worldwide and is in use in leading research
laboratories as well as major pharmaceutical, diagnostic and
biotechnology companies. Further information on Luminex or xMAP®
can be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this release that express Luminex’
or management’s intentions, plans,
beliefs, expectations or predictions of future events are
forward-looking statements. The words “believe,”
“expect,”
“intend,”
“estimate,”
“anticipate,”
“will,”
“could,”
“should”
and similar expressions are intended to further identify such
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995. It is important to note that the Company’s
actual results or performance could differ materially from those
anticipated or projected in such forward-looking statements. Factors
that could cause Luminex’ actual results or
performance to differ materially include risks and uncertainties
relating to, among others, Luminex’ ability
to execute on the growth potential of its proprietary xMAP
Technology-based products and platforms, Luminex’
ability to continue to develop new products that address unmet clinical
and customer needs in growth market segments, Luminex’
ability to expand its assay product line and obtain regulatory approvals
of any new products, market demand and acceptance of Luminex’
products, the Company’s dependence on
strategic partners for development, commercialization and distribution
of products, concentration of the Company’s
revenue in a limited number of strategic partners, fluctuations in
quarterly results due to a lengthy and unpredictable sales cycle and
bulk purchases of consumables, Luminex’
ability to scale manufacturing operations and manage operating expenses,
gross margins and inventory levels, potential shortages of components,
competition, the timing of regulatory approvals, the implementation,
including any modification, of the Company’s
strategic operating plans, risks and uncertainties associated with
implementing our acquisition strategy and the ability to integrate
acquired companies, or selected assets into our consolidated business
operations, including the ability to recognize the benefits of our
acquisitions, as well as the risks discussed under the heading “Risk
Factors” in Luminex’
Reports on Forms 10-K and 10-Q, as filed with the Securities and
Exchange Commission. The forward-looking statements contained herein
represent the judgment of Luminex as of the date of this press release,
and Luminex expressly disclaims any intent, obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in Luminex’
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based.
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
December 31,
2008
2007
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 26,360
$ 27,233
Short-term investments
7,924
6,944
Accounts receivable, net
11,769
11,827
Inventory, net
7,437
6,508
Other
1,201
856
Total current assets
54,691
53,368
Property and equipment, net
12,423
12,673
Intangible assets, net
16,378
16,919
Goodwill
39,617
39,617
Other
900
982
Total assets
$ 124,009
$ 123,559
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 3,665
$ 3,346
Accrued liabilities
4,838
6,811
Deferred revenue and other
2,927
2,410
Total current liabilities
11,430
12,567
Long-term debt
3,566
2,976
Deferred revenue and other
4,638
4,536
Total liabilities
19,634
20,079
Stockholders' equity:
Common stock
35
35
Additional paid-in capital
193,223
191,218
Accumulated other comprehensive gain
48
(8
)
Accumulated deficit
(88,931
)
(87,765
)
Total stockholders' equity
104,375
103,480
Total liabilities and stockholders' equity
$ 124,009
$ 123,559
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
2008
2007
(unaudited)
Revenue
$ 23,012
$ 16,607
Cost of revenue
7,755
6,251
Gross profit
15,257
10,356
Operating expenses:
Research and development
4,431
2,705
Selling, general and administrative
12,094
8,023
Total operating expenses
16,525
10,728
Loss from operations
(1,268
)
(372
)
Interest expense from long-term debt
(135
)
(84
)
Other income, net
320
606
Income taxes
(83
)
(14
)
Net (loss) income
$ (1,166
)
$ 136
Net (loss) income per share, basic
$ (0.03
)
$ 0.00
Shares used in computing net (loss) income per share, basic
35,422
31,970
Net (loss) income per share, diluted
$ (0.03
)
$ 0.00
Shares used in computing net (loss) income per share, diluted
35,422
33,077
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
2008
2007
(unaudited)
Operating activities:
Net (loss) income
$ (1,166
)
$ 136
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Depreciation and amortization
1,656
540
Stock-based compensation
1,729
1,507
Loss on disposal of assets
-
54
Foreign currency translation and other
471
1
Changes in operating assets and liabilities:
Accounts receivable, net
51
(1,077
)
Inventory, net
(929
)
(32
)
Prepaids and other
(294
)
340
Accounts payable
290
(1,554
)
Accrued liabilities
(2,381
)
(3,126
)
Deferred revenue
625
360
Net cash provided by (used in) operating activities
52
(2,851
)
Investing activities:
Net purchases of held-to-maturity investments
(981
)
7,525
Purchase of property and equipment
(787
)
(1,605
)
Acquisition of business, net of cash acquired
-
(1,991
)
Net cash (used in) provided by investing activities
(1,768
)
3,929
Financing activities:
Payments on debt
-
(12,227
)
Proceeds from issuance of common stock
808
14
Net cash provided by (used in) financing activities
808
(12,213
)
Effect of foreign currency exchange rate on cash
35
(84
)
Change in cash and cash equivalents
(873
)
(11,219
)
Cash and cash equivalents, beginning of period
27,233
27,414
Cash and cash equivalents, end of period
$ 26,360
$ 16,195
Supplemental disclosure of cashflow information:
Interest and penalties paid
$ 2
$ 1,081
Supplemental disclosure of non-cash effect of acquisitions:
Purchase price
$ -
$ (47,001
)
Common stock issued
-
41,755
Conversion of Tm options and warrants
-
2,315
Cash acquired
-
940
Acquisition, net of cash acquired
$ -
$ (1,991
)