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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 |
AUSTIN, Texas, Nov. 4, 2013 /PRNewswire/ -- Luminex Corporation (NASDAQ: LMNX) today announced financial and operating results for the third quarter ended September 30, 2013. Highlights include the following:
(Logo: http://photos.prnewswire.com/prnh/20100104/LUMINEXLOGO)
"We are disappointed that the reimbursement issues concerning certain tests included in the new molecular diagnostic code system in the U.S., which we commented on during our second quarter call, have not been resolved and continue to affect the entire industry including Luminex, as we experienced a significant order delay from our largest customer at the end of the quarter. As we evaluate the recently published reimbursement rates for 2014, we agree with our customers' public comments that this is a transient issue and we expect to see resolution in the near future," said Patrick J. Balthrop, president and chief executive officer of Luminex.
"We strongly believe in our strategic initiatives and that the Company is well-positioned for substantial growth across our entire portfolio when the transient reimbursement problem is resolved. Among these initiatives is the development of our unique 'sample-to-answer' system, Project ARIES, which will be demonstrated at the upcoming Association for Molecular Pathology Annual Meeting in Phoenix on November 14-16th. In addition, we are pleased with the progress our direct sales force made during the quarter selling our family of diagnostic tests including GPP, RVP and our recently approved genotyping assay," added Mr. Balthrop.
REVENUE SUMMARY (in thousands, except percentages) | |||||||
Three Months Ended |
|||||||
September 30, |
Variance | ||||||
2013 |
2012 |
($) |
(%) | ||||
(unaudited) |
|||||||
System sales |
$ 7,568 |
$ 8,550 |
$ (982) |
-11% | |||
Consumable sales |
12,837 |
12,898 |
(61) |
0% | |||
Royalty revenue |
8,996 |
7,690 |
1,306 |
17% | |||
Assay revenue |
16,115 |
16,439 |
(324) |
-2% | |||
All other revenue |
5,264 |
4,470 |
794 |
18% | |||
$ 50,780 |
$ 50,047 |
$ 733 |
1% | ||||
Nine Months Ended |
|||||||
September 30, |
Variance | ||||||
2013 |
2012 |
($) |
(%) | ||||
(unaudited) |
|||||||
System sales |
$ 21,772 |
$ 23,934 |
$ (2,162) |
-9% | |||
Consumable sales |
36,484 |
35,600 |
884 |
2% | |||
Royalty revenue |
27,683 |
23,647 |
4,036 |
17% | |||
Assay revenue |
56,138 |
51,246 |
4,892 |
10% | |||
All other revenue |
16,190 |
12,620 |
3,570 |
28% | |||
$158,267 |
$147,047 |
$11,220 |
8% |
LUMINEX CORPORATION REPORTABLE SEGMENT HIGHLIGHTS (in thousands, except percentages) | ||||||||
Three Months Ended |
||||||||
September 30, |
Variance | |||||||
2013 |
2012 |
($) |
(%) | |||||
(unaudited) |
||||||||
Revenue |
||||||||
Technology and strategic partnerships |
$33,335 |
$31,584 |
$ 1,751 |
6% | ||||
Assays and related products |
17,445 |
18,463 |
(1,018) |
-6% | ||||
Total Revenue |
50,780 |
50,047 |
733 |
1% | ||||
Operating income (loss) |
||||||||
Technology and strategic partnerships |
9,293 |
7,205 |
2,088 |
29% | ||||
Assays and related products |
(13,487) |
(3,838) |
(9,649) |
-251% | ||||
Total Operating income (loss) |
(4,194) |
3,367 |
(7,561) |
-225% | ||||
Nine Months Ended |
||||||||
September 30, |
Variance | |||||||
2013 |
2012 |
($) |
(%) | |||||
(unaudited) |
||||||||
Revenue |
||||||||
Technology and strategic partnerships |
$96,352 |
$91,358 |
$ 4,994 |
5% | ||||
Assays and related products |
61,915 |
55,689 |
6,226 |
11% | ||||
Total Revenue |
158,267 |
147,047 |
11,220 |
8% | ||||
Operating income (loss) |
||||||||
Technology and strategic partnerships |
23,368 |
21,725 |
1,643 |
8% | ||||
Assays and related products |
(24,073) |
(6,264) |
(17,809) |
-284% | ||||
Total Operating income (loss) |
(705) |
15,461 |
(16,166) |
-105% |
FINANCIAL OUTLOOK AND GUIDANCE
The Company has revised its 2013 annual revenue guidance to a range of between $212 and $217 million from $220 and $230 million.
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the third quarter ended September 30, 2013, at 4:00 p.m. CST/5:00 p.m. EST, Monday, November 4, 2013. 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.
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's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding: the expansion of our installed base of multiplexing systems; our efforts to sell our molecular diagnostic products directly to end users; the development progress of our pipeline products, market acceptance of our genetic and infectious disease products, regulatory clearance of our products; the ability of our investment in current initiatives and new products to deliver high performance solutions, and drive long-term value for our shareholders, the financial impact of recent corporate restructuring, status of molecular codes, the impact of delays of Medicare reimbursement on our customers and current and future impact on our business; and, projected 2013 revenue. 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's actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex's 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, our ability to sell products directly to end users, our ability to satisfy market needs with products that we sell, Luminex's 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's 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's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial guidance and 2013 outlook, 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's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contacts: |
Harriss T. Currie |
|
Sr. Vice President, Finance and Chief Financial Officer |
||
512-219-8020 |
||
hcurrie@luminexcorp.com |
LUMINEX CORPORATION | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(in thousands) | |||
September 30, |
December 31, | ||
2013 |
2012 | ||
(unaudited) |
|||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 57,169 |
$ 42,789 | |
Short-term investments |
5,497 |
13,607 | |
Accounts receivable, net |
30,210 |
33,273 | |
Inventories, net |
29,742 |
29,937 | |
Deferred income taxes |
1,603 |
4,783 | |
Prepaids and other |
5,749 |
4,388 | |
Total current assets |
129,970 |
128,777 | |
Property and equipment, net |
32,788 |
26,229 | |
Intangible assets, net |
61,320 |
65,218 | |
Deferred income taxes |
14,462 |
14,360 | |
Long-term investments |
- |
3,000 | |
Goodwill |
50,853 |
51,128 | |
Other |
4,503 |
8,463 | |
Total assets |
$ 293,896 |
$ 297,175 | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 9,038 |
$ 9,650 | |
Accrued liabilities |
11,756 |
12,866 | |
Deferred revenue |
4,949 |
4,134 | |
Current portion of long term debt |
924 |
1,138 | |
Total current liabilities |
26,667 |
27,788 | |
Long-term debt |
788 |
1,702 | |
Deferred revenue |
2,508 |
2,933 | |
Other |
5,038 |
5,085 | |
Total liabilities |
35,001 |
37,508 | |
Stockholders' equity: |
|||
Common stock |
41 |
41 | |
Additional paid-in capital |
291,156 |
293,392 | |
Accumulated other comprehensive gain |
585 |
1,101 | |
Accumulated deficit |
(32,887) |
(34,867) | |
Total stockholders' equity |
258,895 |
259,667 | |
Total liabilities and stockholders' equity |
$ 293,896 |
$ 297,175 |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per share amounts) | |||||||
Three Months Ended |
Nine Months Ended | ||||||
September 30, |
September 30, | ||||||
2013 |
2012 |
2013 |
2012 | ||||
(unaudited) |
(unaudited) | ||||||
Revenue |
$50,780 |
$50,047 |
$158,267 |
$147,047 | |||
Cost of revenue |
19,999 |
15,002 |
51,472 |
43,830 | |||
Gross profit |
30,781 |
35,045 |
106,795 |
103,217 | |||
Operating expenses: |
|||||||
Research and development |
10,346 |
11,186 |
34,852 |
31,467 | |||
Selling, general and administrative |
21,466 |
19,462 |
67,429 |
53,075 | |||
Amortization of acquired intangible assets |
1,021 |
1,030 |
3,077 |
3,214 | |||
Restructuring costs |
2,142 |
- |
2,142 |
- | |||
Total operating expenses |
34,975 |
31,678 |
107,500 |
87,756 | |||
(Loss) income from operations |
(4,194) |
3,367 |
(705) |
15,461 | |||
Interest expense from long-term debt |
(16) |
(40) |
(67) |
(162) | |||
Other income, net |
6,638 |
25 |
6,730 |
124 | |||
Income before income taxes |
2,428 |
3,352 |
5,958 |
15,423 | |||
Income taxes |
(1,632) |
(1,676) |
(3,978) |
(7,268) | |||
Net income |
$ 796 |
$ 1,676 |
$ 1,980 |
$ 8,155 | |||
Net income per share, basic |
$ 0.02 |
$ 0.04 |
$ 0.05 |
$ 0.20 | |||
Shares used in computing net income per share, basic |
40,752 |
41,000 |
40,712 |
40,995 | |||
Net income per share, diluted |
$ 0.02 |
$ 0.04 |
$ 0.05 |
$ 0.19 | |||
Shares used in computing net income per share, diluted |
41,919 |
41,887 |
41,771 |
42,117 |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
Three Months Ended |
Nine Months Ended | ||||||
September 30, |
September 30, | ||||||
2013 |
2012 |
2013 |
2012 | ||||
(unaudited) |
(unaudited) | ||||||
Cash flows from operating activities: |
|||||||
Net income |
$ 796 |
$ 1,676 |
$ 1,980 |
$ 8,155 | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation and amortization |
3,994 |
3,613 |
11,747 |
10,668 | |||
Stock-based compensation |
1,889 |
2,338 |
6,733 |
7,552 | |||
Deferred income tax expense |
1,989 |
1,987 |
3,415 |
2,916 | |||
Excess income tax (benefit) expense from employee stock-based awards |
(15) |
590 |
274 |
(2,183) | |||
Gain on sale of assets |
(5,388) |
- |
(5,305) |
- | |||
Non-cash restructuring charges |
3,695 |
- |
3,695 |
- | |||
Other |
(34) |
472 |
(1,115) |
655 | |||
Changes in operating assets and liabilities: |
|||||||
Accounts receivable, net |
1,384 |
(5,043) |
3,076 |
(8,226) | |||
Inventories, net |
1,769 |
(877) |
(1,914) |
(2,604) | |||
Other assets |
(415) |
(663) |
(2,058) |
(2,294) | |||
Accounts payable |
2,215 |
1,637 |
(718) |
1,706 | |||
Accrued liabilities |
(1,184) |
(792) |
(2,727) |
(2,007) | |||
Deferred revenue |
439 |
(330) |
409 |
(237) | |||
Net cash provided by operating activities |
11,134 |
4,608 |
17,492 |
14,101 | |||
Cash flows from investing activities: |
|||||||
Purchases of available-for-sale securities |
(2,997) |
(2,994) |
(8,489) |
(13,489) | |||
Sales and maturities of available-for-sale securities |
2,996 |
13,070 |
19,632 |
43,075 | |||
Purchase of property and equipment |
(6,914) |
(2,152) |
(15,136) |
(7,509) | |||
Business acquisition consideration, net of cash acquired |
- |
(48,277) |
- |
(48,277) | |||
Purchase of cost method investment |
- |
(1,000) |
- |
(1,000) | |||
Proceeds from sale of assets |
9,533 |
- |
9,564 |
- | |||
Acquired technology rights |
- |
(51) |
(930) |
(342) | |||
Net cash provided by (used in) investing activities |
2,618 |
(41,404) |
4,641 |
(27,542) | |||
Cash flows from financing activities: |
|||||||
Payments on debt |
- |
- |
(1,105) |
(1,025) | |||
Proceeds from employee stock plans and issuance of common stock |
5,973 |
861 |
7,891 |
3,224 | |||
Payments for stock repurchases |
- |
(11,036) |
(14,343) |
(20,916) | |||
Excess income tax (expense) benefit from employee stock-based awards |
15 |
(590) |
(274) |
2,183 | |||
Net cash provided by (used in) financing activities |
5,988 |
(10,765) |
(7,831) |
(16,534) | |||
Effect of foreign currency exchange rate on cash |
(49) |
149 |
78 |
179 | |||
Change in cash and cash equivalents |
19,691 |
(47,412) |
14,380 |
(29,796) | |||
Cash and cash equivalents, beginning of period |
37,478 |
75,898 |
42,789 |
58,282 | |||
Cash and cash equivalents, end of period |
$57,169 |
$28,486 |
$57,169 |
$28,486 |
LUMINEX CORPORATION | |||||||
NON-GAAP RECONCILIATION | |||||||
(in thousands) | |||||||
Three Months Ended |
Nine Months Ended | ||||||
September 30, |
September 30, | ||||||
2013 |
2012 |
2013 |
2012 | ||||
(unaudited) |
(unaudited) | ||||||
Net income |
$ 796 |
$1,676 |
$ 1,980 |
$ 8,155 | |||
Stock-based compensation |
1,889 |
2,338 |
6,733 |
7,552 | |||
Amortization of acquired intangible assets |
1,021 |
1,030 |
3,077 |
3,214 | |||
Costs associated with legal proceedings |
105 |
- |
358 |
- | |||
Resolution of molecular diagnostic distribution agreements |
- |
- |
7,000 |
- | |||
Acquisition and severance costs |
216 |
2,895 |
1,031 |
3,419 | |||
Restructuring costs |
4,343 |
- |
4,343 |
- | |||
Gain on sale of cost method equity investment |
(5,452) |
- |
(5,452) |
- | |||
Contingent consideration adjustments |
(1,220) |
- |
(1,370) |
- | |||
Income tax effect of above adjusting items |
637 |
(1,518) |
(376) |
(2,993) | |||
Adjusted net income |
$2,335 |
$6,421 |
$17,324 |
$19,347 | |||
Adjusted net income per share, basic |
$ 0.06 |
$ 0.16 |
$ 0.43 |
$ 0.47 | |||
Shares used in computing adjusted net income per share, basic |
40,752 |
41,000 |
40,712 |
40,995 | |||
Adjusted net income per share, diluted |
$ 0.06 |
$ 0.15 |
$ 0.41 |
$ 0.46 | |||
Shares used in computing adjusted net income per share, diluted |
41,919 |
41,887 |
41,771 |
42,117 |
The Company makes reference in this release to "non-GAAP net income" which excludes the impact of costs associated with the ENZO Life Sciences, Inc. complaint discussed in the Legal Proceedings section of our 10-Q and certain other recurring and non-recurring expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP.
SOURCE Luminex Corporation
Copyright 2013 PR Newswire
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