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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 |
From Jul 2019 to Jul 2024
Luminex Corporation (NASDAQ:LMNX) today announced financial results for the fourth quarter and year ended December 31, 2008. Recent financial and operating highlights include the following:
Net income for the fourth quarter of 2008 was $2.0 million, or $0.05 per share, compared with a net loss of $2.8 million, or ($0.08) per share for the fourth quarter of 2007, excluding fourth quarter 2007 non-recurring items of $13.9 million. See attached reconciliation to GAAP reported results.
LUMINEX CORPORATION
REPORTABLE SEGMENT HIGHLIGHTS
(unaudited)
(in thousands)
Three Months Ended December 31, Twelve Months Ended December 31, 2008 2007 2008 2007 Revenue Technology group $ 22,071 $ 17,428 $ 83,567 $ 62,436 Assay group 6,126 4,073 20,880 12,574 28,197 21,501 104,447 75,010 Operating income (loss) Technology group 2,445 39 9,033 (526 ) Assay group (291 ) (2,982 ) (5,680 ) (16,892 ) Operating income (loss) 2,154 (2,943 ) 3,353 (17,418 )“2008 was a transformational year for Luminex as the Company delivered a record performance and achieved several major milestones,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “In addition to record revenues and profits, we introduced innovative products, entered into exciting new partnerships and enhanced our balance sheet. Our fourth quarter results demonstrated the Company’s continuing momentum.
“Record revenue growth, combined with the highest gross margins in our history, has positioned Luminex well for the future,” added Balthrop. “The successful execution of our growth strategy has led to our installed base of almost 6,000 instruments which continues to drive demand and high growth in our most profitable product lines. These resources provide Luminex with the ability to invest in the Company’s longer term growth strategies, such as innovative research and development projects, geographic and commercial expansion, and dedication to regulatory compliance. As we look toward 2009 and beyond, we believe that Luminex is well positioned to execute our growth strategy and continue to deliver long term shareholder value.”
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, updated at each quarterly reporting period.
Guidance for Fiscal 2009
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2008, on Thursday, February 5, 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 some time 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, which may include statements regarding the Company’s revenues 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, and the ability of the Company to continue to invest in its long-term growth strategies, including research and development projects, geographic and commercial expansion, and dedication to regulatory compliance. 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 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) December 31, 2008 2007ASSETS
Current assets: Cash and cash equivalents $ 81,619 $ 27,233 Short-term investments 40,501 6,944 Accounts receivable 11,024 11,827 Inventories, net 11,589 6,508 Prepaids and other 1,660 856 Total current assets 146,393 53,368 Property and equipment, net 12,567 12,673 Intangible assets, net 15,796 16,919 Long-term investments 2,000 - Goodwill 39,617 39,617 Other 918 982 Total assets $ 217,291 $ 123,559 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,580 $ 3,346 Accrued liabilities 7,181 6,811 Deferred revenue 2,671 2,276 Current portion of long term debt 445 134 Total current liabilities 14,877 12,567 Long-term debt 2,914 2,976 Deferred revenue 4,960 4,536 Total liabilities 22,751 20,079 Stockholders' equity: Common stock 40 35 Additional paid-in capital 279,255 191,218 Accumulated other comprehensive loss (47 ) (8 ) Accumulated deficit (84,708 ) (87,765 ) Total stockholders' equity 194,540 103,480 Total liabilities and stockholders' equity $ 217,291 $ 123,559
LUMINEX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended December 31, Year Ended December 31, 2008 2007 2008 2007 Revenue $ 28,197 $ 21,501 $ 104,447 $ 75,010 Cost of revenue 8,625 8,191 33,501 28,916 Gross profit 19,572 13,310 70,946 46,094 Operating expenses: Research and development 4,729 4,348 18,628 15,383 Selling, general and administrative 12,689 11,905 48,965 40,729 In-process research and development - - - 7,400 Total operating expenses 17,418 16,253 67,593 63,512 Income (loss) from operations 2,154 (2,943 ) 3,353 (17,418 ) Interest expense from long-term debt (186 ) (116 ) (592 ) (513 ) Other income, net 515 602 1,144 1,665 Settlement of litigation - 11,500 - 11,500 Gain on settlement of liability - 2,345 - 2,345 Income (loss) before income taxes 2,483 11,388 3,905 (2,421 ) Income taxes (474 ) (327 ) (848 ) (290 ) Net income (loss) $ 2,009 $ 11,061 $ 3,057 $ (2,711 ) Net income (loss) per share, basic $ 0.05 $ 0.31 $ 0.08 $ (0.08 ) Shares used in computing net income (loss) per share, basic 40,277 35,302 37,868 34,361 Net income (loss) per share, diluted $ 0.05 $ 0.30 $ 0.08 $ (0.08 )
Shares used in computing net income (loss) per share, diluted
41,963 36,708 39,700 34,361
LUMINEX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended December 31, Year Ended December 31, 2008 2007 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 2,009 $ 11,061 $ 3,057 $ (2,711 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization expense 1,874 1,618 7,001 5,063 In-process research and development expense - - - 7,400 Gain on settlement of liability - (2,345 ) - (2,345 )
Amortization of deferred stock, restricted stock and stock compensation expense
2,049 1,749 7,251 6,593 Loss on disposal of assets 1 - 8 88 Other (820 ) 267 (415 ) 268 Changes in operating assets and liabilities: Accounts receivable, net 1,679 375 694 (3,255 ) Inventories, net (2,041 ) 1,094 (5,081 ) (129 ) Other assets (149 ) 777 (942 ) 1,019 Accounts payable 662 (32 ) 1,760 (2,958 ) Accrued liabilities 1,035 906 (312 ) (715 ) Deferred revenue (292 ) 478 830 75 Net cash provided by operating activities 6,007 15,948 13,851 8,393 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of held-to-maturity securities (19,327 ) (2,000 ) (55,868 ) (6,325 ) Maturities of held-to-maturity securities 13,875 3,649 20,310 17,717 Purchase of property and equipment (1,702 ) (1,355 ) (4,449 ) (6,685 ) Acquisition of business, net of cash acquired - --
(2,686 ) Acquisition activity 24 - (481 )-
Proceeds from sale of assets - - 19 30 Acquired intangible assets - (5 ) - (10 ) Acquired technology rights - - (1,216 ) (265 ) Net cash provided by (used in) investing activities (7,130 ) 289 (41,685 ) 1,776 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt - - (134 ) (12,349 ) Proceeds from secondary offering, net of offering costs 47 - 74,722 - Proceeds from issuance of common stock 637 1,236 7,075 1,868 Other - - - 13 Net cash (used in) provided by financing activities 684 1,236 81,663 (10,468 ) Effect of foreign currency exchange rate on cash 440 35 557 118 Change in cash and cash equivalents 1 17,508 54,386 (181 ) Cash and cash equivalents, beginning of period 81,618 9,725 27,233 27,414 Cash and cash equivalents, end of period $ 81,619 $ 27,233 $ 81,619 $ 27,233 Interest and penalties paid 160 6 160 1,360SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Purchase of leasehold improvements under trade payable arrangement paid in 2007
$ - $ - $ - $ -SUPPLEMENTAL DISCLOSURE OF NON-CASH EFFECT OF ACQUISITIONS:
Purchase price - - - (49,401 ) Common stock issued - - - 41,754 Conversion of Tm options and warrants - - - 2,315 Forgiveness of receivable from acquired company - - - 1,232 Write-off of acquired technology rights - - - 473 Cash acquired - - - 940 Acquisition, net of cash acquired - - - (2,687 )
LUMINEX CORPORATION RECONCILIATION OF NET INCOME EXCLUDING NON-RECURRING ITEMS TO GAAP NET INCOME (In thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31, 2008 2007 2008 2007 Net income (loss) $ 2,009 $ 11,061 $ 3,057 $ (2,711 ) Non-recurring items: Settlement of litigation - (11,500 ) - (11,500 ) Gain on settlement of liability - (2,345 ) - (2,345 ) Net income (loss) excluding non-recurring items $ 2,009 $ (2,784 ) $ 3,057 $ (16,556 ) Net income (loss) per share, basic $ 0.05 $ (0.08 ) $ 0.08 $ (0.48 ) Shares used in computing net income (loss) per share, basic 40,277 35,302 37,868 34,361 Net income (loss) per share, diluted $ 0.05 $ (0.08 ) $ 0.08 $ (0.48 ) Shares used in computing net income (loss) per share, diluted 41,963 36,708 39,700 34,361The 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.
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