We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 |
From Jul 2019 to Jul 2024
Luminex Corporation (NASDAQ:LMNX) today announced financial results for the first quarter ended March 31, 2009. Recent financial and operating highlights include the following:
As reflected in the financial results, during the first quarter of 2009, Luminex settled its litigation with The Research Foundation for the State University of New York and the Board of Trustees of the University of Illinois (“Plaintiffs”). The Plaintiffs received a one time cash payment of $4.35 million with no admission of fault by Luminex and a complete release of all claims.
GAAP net loss for the first quarter of 2009 of ($0.07) included the settlement of litigation of $4.35 million, as well as non-cash charges of $1.8 million in stock compensation expense associated with SFAS 123R and $0.7 million associated with the amortization of intangible assets. Adjusted net income for the first quarter of 2009 was $1.6 million, or adjusted net income per share of $0.04, excluding the non-recurring item of the SUNY litigation settlement of $4.35 million, compared with a net loss of $1.2 million, or ($0.03) per share for the first quarter of 2008. See attached reconciliation to GAAP reported results.
LUMINEX CORPORATION
REPORTABLE SEGMENT HIGHLIGHTS
(unaudited)
(in thousands)
Three Months Ended March 31, 2009 2008 Revenue Technology group $ 21,098 $ 18,656 Assay group 4,459 4,356 25,557 23,012 Operating income (loss) Technology group 3,518 899 Assay group (1,934 ) (2,167 ) Operating income (loss) 1,584 (1,268 )“We are pleased with our performance in the first quarter of 2009. In these unprecedented economic times, the company continued to execute well,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “While there were negative effects on sequential quarterly revenue resulting from caution in overall customer spending behavior, volatility related to both our consumable and assay revenue streams, and a lighter than anticipated flu season, we remain confident regarding 2009.
“Our confidence is supported by the 200 instrument shipments for the quarter, and the mild flu season that affected our xTAG® Respiratory Viral Panel sales in the first quarter has been offset by favorable effects resulting from recent events related to H1N1, or Swine flu,” continued Balthrop. “We did an excellent job controlling costs and expenses, delivering 69 percent gross margin and earnings per share excluding non-recurring items of $0.04.”
FINANCIAL OUTLOOK AND GUIDANCE
The Company is lowering 2009 full year revenue guidance from between $130 million and $140 million to between $125 million and $135 million. The adjusted full year figures represent an increase of between 20 percent and 29 percent over reported 2008 revenue.
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the first quarter ended March 31, 2009, on Thursday, May 7, 2009, 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 six months on the website using the 'replay' link.
ABOUT LUMINEX CORPORATION
Luminex Corporation develops, manufactures and markets proprietary biological testing technologies with applications throughout the diagnostic and life sciences industries. The Company’s xMAP® multiplex solutions include 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 markets. The Company’s xMAP Technology is sold worldwide and is already in use in leading clinical laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex Corporation or xMAP Technology can be obtained at 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, which may include statements regarding the Company’s revenues and outlook for 2009, the Company’s continuing momentum, the Company’s position for the future and for executing on its growth strategy and delivering long term shareholder value, the ability of the Company’s installed base of instruments to continue to drive demand and growth for the Company’s business, the ability of the Company to continue to invest in its long-term growth strategies, including research and development projects, geographic and commercial expansion, dedication to regulatory compliance and the impact of various viral developments, including, but not limited to H1N1 or Swine Flu. Factors that could cause Luminex’ actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex’ products (including systems, consumables and assay kits) and technology, 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, the uncertainty regarding the outcome or expense of any litigation brought against Luminex, risks relating to Luminex’ foreign operations, 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, including the financial guidance, 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
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 31, December 31, 2009 2008 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 70,715 $ 81,619 Short-term investments 37,903 40,784 Accounts receivable, net 13,922 11,024 Inventory, net 11,446 11,589 Other 1,069 1,377 Total current assets 135,055 146,393 Property and equipment, net 12,805 12,567 Intangible assets, net 14,410 14,901 Long-term investments 13,531 2,000 Goodwill 39,617 39,617 Other 1,640 1,813 Total assets $ 217,058 $ 217,291 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,064 $ 4,580 Accrued liabilities 4,227 7,181 Deferred revenue 3,032 2,671 Current portion of long term debt 538 445 Total current liabilities 15,861 14,877 Long-term debt 3,322 2,914 Deferred revenue and other 4,714 4,960 Total liabilities 23,897 22,751 Stockholders' equity: Common stock 40 40 Additional paid-in capital 280,723 279,255 Accumulated other comprehensive loss (104 ) (47 ) Accumulated deficit (87,498 ) (84,708 ) Total stockholders' equity 193,161 194,540 Total liabilities and stockholders' equity $ 217,058 $ 217,291LUMINEX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended March 31, 2009 2008 (unaudited)Revenue $ 25,557 $ 23,012 Cost of revenue 7,989 7,755 Gross profit 17,568 15,257 Operating expenses: Research and development 4,626 4,431 Selling, general and administrative 11,358 12,094 Total operating expenses 15,984 16,525 Income (loss) from operations 1,584 (1,268 ) Interest expense from long-term debt (118 ) (135 ) Settlement of Litigation (4,350 ) - Other income, net 271 320 Loss before income taxes (2,613 ) (1,083 ) Income taxes (177 ) (83 ) Net loss $ (2,790 ) $ (1,166 ) Net loss per share, basic $ (0.07 ) $ (0.03 )
Shares used in computing net loss per share, basic
40,347 35,422 Net loss per share, diluted $ (0.07 ) $ (0.03 )Shares used in computing net loss per share, diluted
40,347 35,422LUMINEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31, 2009 2008 (unaudited) Cash flows from operating activities: Net loss $ (2,790 ) $ (1,166 )Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 1,963 1,656 Stock-based compensation and other 1,771 1,729 Loss on disposal of assets 10 - Other (131 ) 609 Changes in operating assets and liabilities: Accounts receivable, net (3,100 ) 51 Inventory, net 142 (929 ) Prepaids and other 559 (294 ) Accounts payable 3,481 290 Accrued liabilities (3,309 ) (2,519 ) Deferred revenue 116 625 Net cash (used in) provided by operating activities (1,288 ) 52 Cash flows from investing activities: Net sales (purchases) of available-for-sale investments (31,481 ) (981 ) Maturities of held-to-maturity investments 22,699 - Purchase of property and equipment (1,531 ) (787 ) Acquired technology rights (7 ) - Net cash (used in) investing activities (10,320 ) (1,768 ) Cash flows from financing activities: Proceeds from debt 454 - Proceeds from issuance of common stock 139 808 Net cash provided by financing activities 593 808 Effect of foreign currency exchange rate on cash 111 35 Change in cash and cash equivalents (10,904 ) (873 ) Cash and cash equivalents, beginning of period 81,619 27,233 Cash and cash equivalents, end of period $ 70,715 $ 26,360 LUMINEX CORPORATION RECONCILIATION OF NET INCOME EXCLUDING NON-RECURRING ITEMS TO GAAP NET INCOME (in thousands, except per share amounts) Three Months Ended March 31, 2009 2008 Net loss $ (2,790 ) $ (1,166 ) Non-recurring items: Settlement of litigation 4,350 - Adjusted net income (loss) excluding non-recurring items $ 1,560 $ (1,166 ) Adjusted net income (loss) per share, basic $ 0.04 $ (0.03 ) Shares used in computing net income (loss) per share, basic 40,347 35,422 Adjusted net income (loss) per share, diluted $ 0.04 $ (0.03 ) Shares used in computing adjusted net income (loss) per share, diluted 40,347 35,422The Company believes that the non-GAAP measure used in this presentation, when presented in conjunction with the comparable GAAP measure, is useful to both management and investors in analyzing financial and business trends regarding the Company’s ongoing business and operating performance. This non-GAAP measure should be considered in addition to, but not as a substitute for, items prepared in accordance with GAAP.
1 Year Luminex Chart |
1 Month Luminex Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
