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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 |
þ
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2013.
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________.
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DELAWARE
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74-2747608
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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12212 TECHNOLOGY BLVD., AUSTIN, TEXAS
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78727
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if smaller reporting company)
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Smaller reporting company
o
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Page
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EX-101 INSTANCE DOCUMENT
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EX-101 SCHEMA DOCUMENT
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EX-101 CALCULATION LINKBASE DOCUMENT
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EX-101 DEFINITION LINKBASE DOCUMENT
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EX-101 LABELS LINKBASE DOCUMENT
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EX-101 PRESENTATION LINKBASE DOCUMENT
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Statement of Operations
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2013 Restructuring Plan
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||
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||
Non-cash impairment charges:
|
|
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||
Inventory
|
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$
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2,015
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|
Property and equipment
|
|
980
|
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Intangible Assets
|
|
700
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|
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Employee separation costs
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|
598
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|
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Facility exit costs
|
|
—
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|
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Other
|
|
50
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|
|
Total charges
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$
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4,343
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Recorded to cost of revenue
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2,201
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Recorded to restructuring costs
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$
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2,142
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|
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|
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Rollforward of Accrued Restructuring
|
|
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Total charges
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$
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4,343
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Non-cash impairment charges
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(3,695
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)
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Employee separation payments
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(488
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)
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Facility exit costs
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|
—
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Foreign exchange and other adjustments
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(50
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)
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|
Balance at September 30, 2013
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|
$
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110
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|
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||
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Amortized Cost
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Gains in Accumulated Other Comprehensive Income
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Losses in Accumulated Other Comprehensive Income
|
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Estimated Fair Value
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||||||||
Current:
|
|
|
|
|
|
|
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||||||||
Money Market funds
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$
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36,311
|
|
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$
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—
|
|
|
$
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—
|
|
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$
|
36,311
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|
Non-government sponsored debt securities
|
5,498
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|
|
—
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(1
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)
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|
5,497
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||||
Total current securities
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41,809
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—
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(1
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)
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41,808
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||||
Noncurrent:
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|
|
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|
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|
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|
||||
Non-government sponsored debt securities
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—
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|
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—
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|
|
—
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|
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—
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|
||||
Total noncurrent securities
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—
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|
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—
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|
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—
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|
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—
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||||
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|
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||||||||
Total available-for-sale securities
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$
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41,809
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|
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$
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—
|
|
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$
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(1
|
)
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|
$
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41,808
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|
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Amortized Cost
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Gains in Accumulated Other Comprehensive Income
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Losses in Accumulated Other Comprehensive Income
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Estimated Fair Value
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||||||||
Current:
|
|
|
|
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||||||||
Money Market funds
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$
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16,987
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|
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$
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—
|
|
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$
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—
|
|
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$
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16,987
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Non-government sponsored debt securities
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13,602
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|
|
5
|
|
|
—
|
|
|
13,607
|
|
||||
Total current securities
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30,589
|
|
|
5
|
|
|
—
|
|
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30,594
|
|
||||
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-government sponsored debt securities
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3,000
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|
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—
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|
|
—
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|
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3,000
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|
||||
Total noncurrent securities
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3,000
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|
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—
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|
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—
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3,000
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||||
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||||||||
Total available-for-sale securities
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$
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33,589
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$
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5
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|
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$
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—
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$
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33,594
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Estimated Fair Value
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||||||
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September 30, 2013
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|
December 31, 2012
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||||
Due in one year or less
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$
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5,497
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$
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13,607
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Due after one year through two years
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—
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3,000
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||
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$
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5,497
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$
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16,607
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September 30, 2013
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December 31, 2012
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||||
Parts and supplies
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$
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16,668
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$
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18,259
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Work-in-progress
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5,928
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4,831
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Finished goods
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7,146
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6,847
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$
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29,742
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$
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29,937
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Level 1 –
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Quoted prices in active markets for identical assets or liabilities.
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Level 2 –
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Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
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Level 3 –
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Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
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Fair Value Measurements at September 30, 2013 Using
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||||||||||||||
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Level 1
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Level 2
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Level 3
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Total
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||||||||
Assets:
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||||||||
Money Market funds
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$
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36,311
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$
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—
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$
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—
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$
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36,311
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Non-government sponsored debt securities
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—
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5,497
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—
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5,497
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|
||||
Liabilities:
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||||
Contingent consideration
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$
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—
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|
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$
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—
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|
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$
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—
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|
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$
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—
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|
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Fair Value Measurements at December 31, 2012 Using
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||||||||||||||
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Level 1
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Level 2
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Level 3
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Total
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||||||||
Assets:
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||||||||
Money Market funds
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$
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16,987
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$
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—
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$
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—
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$
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16,987
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Non-government sponsored debt securities
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—
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16,607
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|
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—
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|
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16,607
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||||
Liabilities:
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||||
Contingent consideration
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$
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—
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|
$
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—
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|
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$
|
1,370
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|
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$
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1,370
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September 30, 2013
|
|
December 31, 2012
|
||||
Balance at beginning of year
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$
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1,370
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|
|
$
|
—
|
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Contingent consideration recorded at acquisition
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—
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|
|
1,370
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|
||
Fair value adjustments
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(1,370
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)
|
|
—
|
|
||
Balance at end of period
|
$
|
—
|
|
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$
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1,370
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|
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September 30, 2013
|
|
December 31, 2012
|
||||
Balance at beginning of year
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$
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51,128
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|
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$
|
42,763
|
|
Acquisition of GenturaDx
|
—
|
|
|
8,292
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|
||
Foreign currency translation adjustments
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(275
|
)
|
|
73
|
|
||
Balance at end of period
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$
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50,853
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$
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51,128
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Finite-lived
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Indefinite-lived
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||||||||||||||
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Technology, trade secrets and know-how
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Customer lists and contracts
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Other identifiable intangible assets
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IP R&D
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Total
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||||||||||
2012
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||||||||||
Balance at December 31, 2011
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$
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30,000
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|
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$
|
7,981
|
|
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$
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1,933
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|
|
$
|
631
|
|
|
$
|
40,545
|
|
Additions due to acquisition of GenturaDx
|
—
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|
|
—
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|
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—
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|
40,100
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|
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40,100
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|||||
Write-off of IP R&D projects
|
—
|
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
(118
|
)
|
|||||
Foreign currency translation adjustments
|
30
|
|
|
5
|
|
|
8
|
|
|
14
|
|
|
57
|
|
|||||
Balance at December 31, 2012
|
30,030
|
|
|
7,986
|
|
|
1,941
|
|
|
40,627
|
|
|
80,584
|
|
|||||
Less: accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated amortization balance at December 31, 2011
|
(9,999
|
)
|
|
(768
|
)
|
|
(341
|
)
|
|
—
|
|
|
(11,108
|
)
|
|||||
Amortization expense
|
(3,187
|
)
|
|
(790
|
)
|
|
(266
|
)
|
|
—
|
|
|
(4,243
|
)
|
|||||
Foreign currency translation adjustments
|
(7
|
)
|
|
(2
|
)
|
|
(6
|
)
|
|
—
|
|
|
(15
|
)
|
|||||
Accumulated amortization balance at December 31, 2012
|
(13,193
|
)
|
|
(1,560
|
)
|
|
(613
|
)
|
|
—
|
|
|
(15,366
|
)
|
|||||
Net balance at December 31, 2012
|
$
|
16,837
|
|
|
$
|
6,426
|
|
|
$
|
1,328
|
|
|
$
|
40,627
|
|
|
$
|
65,218
|
|
Weighted average life (in years)
|
10
|
|
|
11
|
|
|
9
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at December 31, 2012
|
$
|
30,030
|
|
|
$
|
7,986
|
|
|
$
|
1,941
|
|
|
$
|
40,627
|
|
|
$
|
80,584
|
|
Write-off / Impairment
|
(214
|
)
|
|
(7
|
)
|
|
(20
|
)
|
|
(459
|
)
|
|
$
|
(700
|
)
|
||||
Foreign currency translation adjustments
|
(105
|
)
|
|
(19
|
)
|
|
(29
|
)
|
|
(68
|
)
|
|
(221
|
)
|
|||||
Balance at September 30, 2013
|
29,711
|
|
|
7,960
|
|
|
1,892
|
|
|
40,100
|
|
|
79,663
|
|
|||||
Less: accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated amortization balance at December 31, 2012
|
(13,193
|
)
|
|
(1,560
|
)
|
|
(613
|
)
|
|
—
|
|
|
(15,366
|
)
|
|||||
Amortization expense
|
(2,381
|
)
|
|
(591
|
)
|
|
(105
|
)
|
|
—
|
|
|
(3,077
|
)
|
|||||
Foreign currency translation adjustments
|
61
|
|
|
14
|
|
|
25
|
|
|
—
|
|
|
100
|
|
|||||
Accumulated amortization balance at September 30, 2013
|
(15,513
|
)
|
|
(2,137
|
)
|
|
(693
|
)
|
|
—
|
|
|
(18,343
|
)
|
|||||
Net balance at September 30, 2013
|
$
|
14,198
|
|
|
$
|
5,823
|
|
|
$
|
1,199
|
|
|
$
|
40,100
|
|
|
$
|
61,320
|
|
Weighted average life (in years)
|
10
|
|
|
11
|
|
|
9
|
|
|
|
|
|
|
|
2013 (three months)
|
$
|
1,019
|
|
2014
|
3,917
|
|
|
2015
|
3,232
|
|
|
2016
|
3,100
|
|
|
2017
|
2,144
|
|
|
Thereafter
|
7,808
|
|
|
|
21,220
|
|
|
IP R&D
|
40,100
|
|
|
|
$
|
61,320
|
|
|
Foreign Currency Items
|
|
Available for Sale Investments
|
|
Accumulated Other Comprehensive Income Items
|
||||||
Beginning balance, December 31, 2012
|
$
|
1,100
|
|
|
$
|
1
|
|
|
$
|
1,101
|
|
Other comprehensive (loss) income before reclassifications
|
(515
|
)
|
|
8
|
|
|
(507
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|||
Net current-period other comprehensive (loss)
|
(515
|
)
|
|
(1
|
)
|
|
(516
|
)
|
|||
Ending balance, September 30, 2013
|
$
|
585
|
|
|
$
|
—
|
|
|
$
|
585
|
|
|
Three Months Ended September 30, 2013
|
|
Nine Months Ended September 30, 2013
|
||||||||||||||||||||
|
Before Tax
|
|
Tax Benefit
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Benefit
|
|
Net of Tax
|
||||||||||||
Foreign currency translation adjustments
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
(515
|
)
|
|
$
|
—
|
|
|
$
|
(515
|
)
|
Unrealized (losses) gains on available-for-sale investments
|
1
|
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||||
Other comprehensive (loss) income
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
107
|
|
|
$
|
(517
|
)
|
|
$
|
1
|
|
|
$
|
(516
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
796
|
|
|
$
|
1,676
|
|
|
$
|
1,980
|
|
|
$
|
8,155
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator for basic net income per share - weighted average common stock outstanding
|
40,752
|
|
|
41,000
|
|
|
40,712
|
|
|
40,995
|
|
||||
Effect of dilutive securities: stock options and awards
|
1,167
|
|
|
887
|
|
|
1,059
|
|
|
1,122
|
|
||||
Denominator for diluted net income per share - weighted average shares outstanding - diluted
|
41,919
|
|
|
41,887
|
|
|
41,771
|
|
|
42,117
|
|
||||
Basic net income per share
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.05
|
|
|
$
|
0.20
|
|
Diluted net income per share
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.05
|
|
|
$
|
0.19
|
|
Stock Options (shares in thousands)
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Outstanding at December 31, 2012
|
1,676
|
|
|
$
|
12.13
|
|
Granted
|
159
|
|
|
17.24
|
|
|
Exercised
|
(798
|
)
|
|
8.84
|
|
|
Cancelled or expired
|
(20
|
)
|
|
19
|
|
|
Outstanding at September 30, 2013
|
1,017
|
|
|
$
|
15.37
|
|
Restricted Stock Awards (shares in thousands)
|
Shares
|
|
Weighted Average Grant Price
|
|||
Non-vested at December 31, 2012
|
818
|
|
|
$
|
19.32
|
|
Granted
|
354
|
|
|
17.28
|
|
|
Vested
|
(265
|
)
|
|
18.83
|
|
|
Cancelled or expired
|
(55
|
)
|
|
19.41
|
|
|
Non-vested at September 30, 2013
|
852
|
|
|
$
|
18.62
|
|
|
|
|
|
|||
Restricted Stock Units (in thousands)
|
Shares
|
|
|
|
||
Non-vested at December 31, 2012
|
875
|
|
|
|
|
|
Granted
|
193
|
|
|
|
|
|
Vested
|
(77
|
)
|
|
|
|
|
Cancelled or expired
|
(155
|
)
|
|
|
|
|
Non-vested at September 30, 2013
|
836
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Cost of revenue
|
$
|
233
|
|
|
$
|
222
|
|
|
$
|
635
|
|
|
$
|
697
|
|
Research and development
|
675
|
|
|
520
|
|
|
1,892
|
|
|
1,507
|
|
||||
Selling, general and administrative
|
981
|
|
|
1,596
|
|
|
4,206
|
|
|
5,348
|
|
||||
Stock-based compensation costs reflected in net income
|
$
|
1,889
|
|
|
$
|
2,338
|
|
|
$
|
6,733
|
|
|
$
|
7,552
|
|
|
Three Months Ended September 30, 2013
|
|
Three Months Ended September 30, 2012
|
||||||||||||||||||||
|
TSP Segment
|
|
ARP Segment
|
|
Consolidated
|
|
TSP Segment
|
|
ARP Segment
|
|
Consolidated
|
||||||||||||
Revenues from external customers
|
$
|
33,335
|
|
|
$
|
17,445
|
|
|
$
|
50,780
|
|
|
$
|
31,584
|
|
|
$
|
18,463
|
|
|
$
|
50,047
|
|
Depreciation and amortization
|
2,087
|
|
|
1,907
|
|
|
$
|
3,994
|
|
|
1,801
|
|
|
1,812
|
|
|
$
|
3,613
|
|
||||
Operating profit (loss)
|
9,293
|
|
|
(13,487
|
)
|
|
$
|
(4,194
|
)
|
|
7,205
|
|
|
(3,838
|
)
|
|
$
|
3,367
|
|
||||
Segment assets
|
187,422
|
|
|
106,474
|
|
|
$
|
293,896
|
|
|
166,763
|
|
|
115,742
|
|
|
$
|
282,505
|
|
|
Nine Months Ended September 30, 2013
|
|
Nine Months Ended September 30, 2012
|
||||||||||||||||||||
|
TSP Segment
|
|
ARP Segment
|
|
Consolidated
|
|
TSP Segment
|
|
ARP Segment
|
|
Consolidated
|
||||||||||||
Revenues from external customers
|
$
|
96,352
|
|
|
$
|
61,915
|
|
|
$
|
158,267
|
|
|
$
|
91,358
|
|
|
$
|
55,689
|
|
|
$
|
147,047
|
|
Depreciation and amortization
|
5,826
|
|
|
5,921
|
|
|
$
|
11,747
|
|
|
5,096
|
|
|
5,572
|
|
|
$
|
10,668
|
|
||||
Operating profit (loss)
|
23,368
|
|
|
(24,073
|
)
|
|
$
|
(705
|
)
|
|
21,725
|
|
|
(6,264
|
)
|
|
$
|
15,461
|
|
||||
Segment assets
|
187,422
|
|
|
106,474
|
|
|
$
|
293,896
|
|
|
166,763
|
|
|
115,742
|
|
|
$
|
282,505
|
|
Accrued warranty costs at December 31, 2012
|
$
|
603
|
|
Warranty expenses
|
(783
|
)
|
|
Accrual for warranty costs
|
1,163
|
|
|
Accrued warranty costs at September 30, 2013
|
$
|
983
|
|
•
|
risks and uncertainties relating to market demand and acceptance of our products and technology;
|
•
|
the timing of and process for regulatory approvals;
|
•
|
the impact of the ongoing uncertainty in U.S. and global finance markets and changes in government and government agency funding, including its effects on the capital spending policies of our partners and end users and their ability to finance purchases of our products;
|
•
|
fluctuations in quarterly results due to a lengthy and unpredictable sales cycle, fluctuations in bulk purchases of consumables, fluctuations in product mix, and the seasonal nature of some of our assay products;
|
•
|
dependence on strategic partners for development, commercialization and distribution of products;
|
•
|
concentration of our revenue in a limited number of strategic partners, some of which may be experiencing decreased demand for their products utilizing or incorporating our technology, budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices;
|
•
|
our ability to obtain and enforce intellectual property protections on our products and technologies;
|
•
|
risks and uncertainties associated with implementing our acquisition strategy, including our ability to obtain financing, our ability to integrate acquired companies or selected assets into our consolidated business operations, and the ability to recognize the benefits of our acquisitions;
|
•
|
reliance on third party distributors for distribution of specific assay products;
|
•
|
our ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels;
|
•
|
potential shortages, or increases in costs, of components or other disruptions to our manufacturing operations;
|
•
|
competition;
|
•
|
our ability to successfully launch new products;
|
•
|
our increasing dependency on information technology to enable us to improve the effectiveness of our operations and to monitor financial accuracy and efficiency;
|
•
|
the implementation, including any modification, of our strategic operating plans;
|
•
|
the uncertainty regarding the outcome or expense of any litigation brought against or initiated by us; and
|
•
|
risks relating to our foreign operations, including fluctuations in exchange rates, tariffs, customs and other barriers to importing/exporting materials and products in a cost effective and timely manner; difficulties in accounts receivable collections; the burden of monitoring and complying with foreign and international laws and treaties; and the burden of complying with and change in international taxation policies.
|
•
|
System revenue is generated from the sale of our xMAP multiplexing analyzers and peripherals and automated punching instruments.
|
•
|
Consumable revenue is generated from the sale of our dyed polystyrene microspheres and sheath fluid. Our larger commercial and development partners often purchase these consumables in bulk to minimize the number of incoming qualification events and to allow for longer development and production runs.
|
•
|
Royalty revenue is generated when a partner sells our proprietary microspheres to an end user; a partner sells a kit incorporating our proprietary microspheres to an end user; or when a partner utilizes a kit to provide a testing result to a user. End users can be facilities such as testing labs, development facilities and research facilities that buy prepared kits and have specific testing needs or testing service companies that provide assay results to pharmaceutical research companies or physicians.
|
•
|
Assay revenue is generated from the sale of our kits which are a combination of chemical and biological reagents and our proprietary xMAP bead technology used to perform diagnostic and research assays on samples as well as real-time PCR and multiplexed PCR assays using our proprietary MultiCode technology.
|
•
|
Service revenue is generated when a partner or other owner of a system purchases a service contract from us after the standard warranty has expired or pays us for our time and materials to service instruments. Service contract revenue is amortized over the life of the contract and the costs associated with those contracts are recognized as incurred.
|
•
|
Other revenue consists of items such as training, shipping, parts sales, license revenue, grant revenue, contract research and development fees, milestone revenue and other items that individually amount to less than 5% of total revenue.
|
•
|
Consolidated revenue was
$50.8 million
for the quarter ended
September 30, 2013
, representing a
1%
increase over revenue for the
third
quarter of
2012
.
|
•
|
Shipments of
280
multiplexing analyzers, which included
135
MAGPIX systems, resulting in cumulative life-to-date multiplexing analyzer shipments of
10,410
, up 10% from a year ago.
|
•
|
Royalty revenue was
$9.0 million
, a
17%
increase over the
third
quarter of
2012
.
|
•
|
Realized a gain of
$5.4 million
from the liquidation of our non-controlling, minority interest investment in a private company that was acquired by a third party in July 2013.
|
•
|
Announced a restructuring plan focused on ARP segment's Newborn Screening Group and our Brisbane, Australia office to drive operational excellence and improve focus on the molecular diagnostics market.
|
•
|
Received Food and Drug Administration ("FDA") and European Clearance for an Updated Version of Comprehensive Genotyping Assay, xTAG® CYP2D6 Kit.
|
•
|
Received FDA and European Clearance for a New Personalized Medicine Genotyping Assay, xTAG® CYP2C19 Kit.
|
•
|
development of the next generation sample-to-answer platform for our MultiCode-RTx technology;
|
•
|
development of the next generation multiplex platform;
|
•
|
continued successful execution of our direct sales strategy, including the infrastructure necessary to support our sales force and decreasing reliance on our distributors. For the
three
months ended
September 30, 2013
, direct assay sales comprised 99% of total assay sales compared to 81% for the
three
months ended
September 30, 2012
;
|
•
|
commercialization, regulatory clearance and market adoption of products from our ARP segment;
|
•
|
adoption and use of our platforms and consumables by our customers for testing services;
|
•
|
the expansion and enhancement of our installed base and our market position within our identified target market segments;
|
•
|
maintenance and improvement of our existing products and the timely development, completion and successful commercial launch of our pipeline products;
|
•
|
the effect of the ongoing uncertainty in global finance markets and changes in government funding on planned purchases by end users; and
|
•
|
the continued adoption and development of partner products incorporating Luminex technology through effective partner management.
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
50,780
|
|
|
$
|
50,047
|
|
|
$
|
733
|
|
|
1
|
%
|
Gross profit
|
$
|
30,781
|
|
|
$
|
35,045
|
|
|
(4,264
|
)
|
|
(12
|
)%
|
|
Gross profit margin percentage
|
61
|
%
|
|
70
|
%
|
|
(9
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
34,975
|
|
|
$
|
31,678
|
|
|
3,297
|
|
|
10
|
%
|
|
Income from operations
|
$
|
(4,194
|
)
|
|
$
|
3,367
|
|
|
(7,561
|
)
|
|
(225
|
)%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
System sales
|
$
|
7,568
|
|
|
$
|
8,550
|
|
|
$
|
(982
|
)
|
|
(11
|
)%
|
Consumable sales
|
12,837
|
|
|
12,898
|
|
|
(61
|
)
|
|
—
|
%
|
|||
Royalty revenue
|
8,996
|
|
|
7,690
|
|
|
1,306
|
|
|
17
|
%
|
|||
Assay revenue
|
16,115
|
|
|
16,439
|
|
|
(324
|
)
|
|
(2
|
)%
|
|||
Service revenue
|
2,286
|
|
|
2,078
|
|
|
208
|
|
|
10
|
%
|
|||
Other revenue
|
2,978
|
|
|
2,392
|
|
|
586
|
|
|
24
|
%
|
|||
|
$
|
50,780
|
|
|
$
|
50,047
|
|
|
$
|
733
|
|
|
1
|
%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
33,335
|
|
|
$
|
31,584
|
|
|
$
|
1,751
|
|
|
6
|
%
|
Gross profit
|
$
|
21,223
|
|
|
$
|
21,518
|
|
|
(295
|
)
|
|
(1
|
)%
|
|
Gross profit margin percentage
|
64
|
%
|
|
68
|
%
|
|
(4
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
11,930
|
|
|
$
|
14,313
|
|
|
(2,383
|
)
|
|
(17
|
)%
|
|
Income from operations
|
$
|
9,293
|
|
|
$
|
7,205
|
|
|
2,088
|
|
|
29
|
%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
System sales
|
$
|
7,455
|
|
|
$
|
7,403
|
|
|
$
|
52
|
|
|
1
|
%
|
Consumable sales
|
12,819
|
|
|
12,734
|
|
|
85
|
|
|
1
|
%
|
|||
Royalty revenue
|
8,964
|
|
|
7,670
|
|
|
1,294
|
|
|
17
|
%
|
|||
Service revenue
|
2,159
|
|
|
1,937
|
|
|
222
|
|
|
11
|
%
|
|||
Other revenue
|
1,938
|
|
|
1,840
|
|
|
98
|
|
|
5
|
%
|
|||
|
$
|
33,335
|
|
|
$
|
31,584
|
|
|
$
|
1,751
|
|
|
6
|
%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
17,445
|
|
|
$
|
18,463
|
|
|
$
|
(1,018
|
)
|
|
(6
|
)%
|
Gross profit
|
$
|
9,558
|
|
|
$
|
13,527
|
|
|
(3,969
|
)
|
|
(29
|
)%
|
|
Gross profit margin percentage
|
55
|
%
|
|
73
|
%
|
|
(18
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
23,045
|
|
|
$
|
17,365
|
|
|
5,680
|
|
|
33
|
%
|
|
Loss from operations
|
$
|
(13,487
|
)
|
|
$
|
(3,838
|
)
|
|
(9,649
|
)
|
|
(251
|
)%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
System sales
|
$
|
113
|
|
|
$
|
1,147
|
|
|
$
|
(1,034
|
)
|
|
(90
|
)%
|
Consumable sales
|
18
|
|
|
164
|
|
|
(146
|
)
|
|
(89
|
)%
|
|||
Royalty revenue
|
32
|
|
|
20
|
|
|
12
|
|
|
60
|
%
|
|||
Assay revenue
|
16,115
|
|
|
16,439
|
|
|
(324
|
)
|
|
(2
|
)%
|
|||
Service revenue
|
127
|
|
|
141
|
|
|
(14
|
)
|
|
(10
|
)%
|
|||
Other revenue
|
1,040
|
|
|
552
|
|
|
488
|
|
|
88
|
%
|
|||
|
$
|
17,445
|
|
|
$
|
18,463
|
|
|
$
|
(1,018
|
)
|
|
(6
|
)%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
158,267
|
|
|
$
|
147,047
|
|
|
$
|
11,220
|
|
|
8
|
%
|
Gross profit
|
$
|
106,795
|
|
|
$
|
103,217
|
|
|
3,578
|
|
|
3
|
%
|
|
Gross profit margin percentage
|
67
|
%
|
|
70
|
%
|
|
(3
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
107,500
|
|
|
$
|
87,756
|
|
|
19,744
|
|
|
22
|
%
|
|
Income from operations
|
$
|
(705
|
)
|
|
$
|
15,461
|
|
|
(16,166
|
)
|
|
(105
|
)%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
96,352
|
|
|
$
|
91,358
|
|
|
$
|
4,994
|
|
|
5
|
%
|
Gross profit
|
$
|
63,293
|
|
|
$
|
62,984
|
|
|
309
|
|
|
—
|
%
|
|
Gross profit margin percentage
|
66
|
%
|
|
69
|
%
|
|
(3
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
39,925
|
|
|
$
|
41,259
|
|
|
(1,334
|
)
|
|
(3
|
)%
|
|
Income from operations
|
$
|
23,368
|
|
|
$
|
21,725
|
|
|
1,643
|
|
|
8
|
%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2013
|
|
2012
|
|
Variance
|
|
Variance (%)
|
|||||||
Revenue
|
$
|
61,915
|
|
|
$
|
55,689
|
|
|
$
|
6,226
|
|
|
11
|
%
|
Gross profit
|
$
|
43,502
|
|
|
$
|
40,233
|
|
|
3,269
|
|
|
8
|
%
|
|
Gross profit margin percentage
|
70
|
%
|
|
72
|
%
|
|
(2
|
)%
|
|
N/A
|
|
|||
Operating expenses
|
$
|
67,575
|
|
|
$
|
46,497
|
|
|
21,078
|
|
|
45
|
%
|
|
Loss from operations
|
$
|
(24,073
|
)
|
|
$
|
(6,264
|
)
|
|
(17,809
|
)
|
|
(284
|
)%
|
|
September 30, 2013
|
|
December 31, 2012
|
||||
|
(in thousands)
|
||||||
Cash and cash equivalents
|
$
|
57,169
|
|
|
$
|
42,789
|
|
Short-term investments
|
5,497
|
|
|
13,607
|
|
||
Long-term investments
|
—
|
|
|
3,000
|
|
||
|
$
|
62,666
|
|
|
$
|
59,396
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
|||||||||||||
Period
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
|
||||||
7/1/13 - 7/31/13
|
5,375
|
|
|
$
|
21.60
|
|
|
—
|
|
|
$
|
1,091,889
|
|
8/1/13 - 8/31/13
|
674
|
|
|
20.88
|
|
|
—
|
|
|
1,091,889
|
|
||
9/1/13 - 9/30/13
|
311
|
|
|
20.23
|
|
|
—
|
|
|
1,091,889
|
|
||
Total Third Quarter
|
6,360
|
|
|
$
|
21.46
|
|
|
—
|
|
|
$
|
1,091,889
|
|
(1)
Total shares purchased includes shares attributable to the withholding of shares by Luminex to satisfy the payment of tax obligations related to the vesting of restricted shares.
|
|||||||||||||
(2)
On February 20, 2013, the Board of Directors authorized the repurchase of common stock up to the lesser of $22.5 million worth, or 900,000 shares, of Luminex outstanding common stock. This stock repurchase program was canceled on October 8, 2013 as a result of satisfying the 2013 objectives.
|
Exhibit
Number
|
|
Description of Documents
|
|
|
|
31.1
|
|
Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following materials from Luminex Corporation's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, formatted in XBRL: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Statement of Cash Flows; and (iv) Notes to Condensed Consolidated Financial Statements.
|
Exhibit
Number
|
|
Description of Documents
|
|
|
|
31.1
|
|
Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following materials from Luminex Corporation's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013, formatted in XBRL: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Statement of Cash Flows; and (iv) Notes to Condensed Consolidated Financial Statements.
|
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