AUSTIN, Texas, Oct. 25 /PRNewswire-FirstCall/ -- Luminex
Corporation (NASDAQ:LMNX) today announced financial results for the
third quarter ended September 30, 2006. Revenue for the third
quarter of 2006 was $12.5 million, a 16 percent increase over third
quarter 2005 revenues of $10.8 million. Revenue for the third
quarter of 2006 consisted of $4.9 million from the sales of 164
Luminex Systems, $3.5 million from the sale of consumables, $2.2
million in royalties, $928,000 in service contract sales and $1.0
million of other revenue. Net income for the third quarter of 2006
was $111,000, or $0.00 per share, compared with a net loss of
$657,000, or $0.02 per share, for the same period last year. The
net income for the third quarter includes total non-cash stock
compensation expense of $1.4 million of which $559,000 is
associated with the Company's adoption of Statement of Financial
Accounting Standards No. 123R. "Luminex continued to build on its
market presence in the third quarter of 2006," said Patrick J.
Balthrop, president and chief executive officer of Luminex. "These
results reflect our ability to successfully execute our business
strategy and extend the market reach of our patented xMAP(R)
technology. Total systems placements through the first nine months
of 2006 are up 23 percent from a year ago with over 3,900 Luminex
systems placed in major pharmaceutical companies, clinical
laboratories, biodefense facilities and academic institutions
around the world. More importantly, year-to-date royalty revenues
are up 59 percent over the same period in 2005, indicating our
growing market acceptance and partner assay adoption. Our
improvement in gross profit reflects the favorable shift in revenue
mix in favor of our higher margin items, consumables and royalties.
We are pleased with the trends in our business and look forward to
the opportunities ahead for Luminex for the remainder of 2006."
Management will host a conference call to discuss the operating
highlights and financial results for the third quarter ended
September 30, 2006, on Wednesday, October 25, 2006, 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.
Luminex Corporation develops, manufactures and markets proprietary
biological testing technologies with applications throughout the
life sciences industry. The Company's xMAP(R) 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(R) 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 Corporation or xMAP(R) 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. 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, 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'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, risks and
uncertainties associated with implementing our acquisition strategy
and the ability to integrate acquired companies or selected assets
into our consolidated business operations, 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 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.
Contact: Harriss T. Currie Vice President, Finance and Chief
Financial Officer 512-219-8020 LUMINEX CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) September 30, December
31, 2006 2005 ------------ ----------- (unaudited) ASSETS Current
assets: Cash and cash equivalents $ 24,886 $ 25,206 Short-term
investments 11,181 10,947 Accounts receivable, net 8,296 6,580
Inventory, net 4,461 4,281 Other 1,196 1,170 -----------
----------- Total current assets 50,020 48,184 Property and
equipment, net 4,211 3,222 Long-term investments 7,641 5,466 Other
1,103 1,163 ----------- ----------- Total assets $ 62,975 $ 58,035
=========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 1,880 $ 3,412 Accrued
liabilities 2,785 2,970 Deferred revenue 2,305 2,438 -----------
----------- Total current liabilities 6,970 8,820 Deferred revenue
and other 4,264 4,505 ----------- ----------- Total liabilities
11,234 13,325 ----------- ----------- Stockholders' equity: Common
stock 32 32 Additional paid-in capital 137,318 135,440 Deferred
stock compensation --- (4,219) Accumulated other comprehensive gain
44 18 Accumulated deficit (85,653) (86,561) ------------
----------- Total stockholders' equity 51,741 44,710 -----------
----------- Total liabilities and stockholders' equity $ 62,975 $
58,035 =========== =========== LUMINEX CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share amounts) Three Months Ended Nine Months Ended September 30,
September 30, --------------------- --------------------- 2006 2005
2006 2005 --------- --------- --------- --------- (unaudited)
(unaudited) Revenue $ 12,514 $ 10,764 $ 38,779 $ 30,736 Cost of
revenue 4,732 5,294 15,077 14,066 --------- --------- ---------
--------- Gross profit 7,782 5,470 23,702 16,670 Operating
expenses: Research and development 2,348 1,469 6,335 3,974 Selling,
general and administrative 5,869 4,992 17,956 14,481 ---------
--------- --------- --------- Total operating expenses 8,217 6,461
24,291 18,455 --------- --------- --------- --------- Loss from
operations (435) (991) (589) (1,785) Other income, net 544 337
1,511 799 Settlement of litigation --- --- --- (322) Income taxes 2
(3) (14) (10) --------- --------- --------- --------- Net income
(loss) $ 111 $ (657) $ 908 $ (1,318) ========= ========= =========
========= Net income (loss) per share, basic $ 0.00 $ (0.02) $ 0.03
$ (0.04) ========= ========= ========= ========= Shares used in
computing net income (loss) per share, basic 31,507 31,039 31,358
30,954 ========= ========= ========= ========= Net income (loss)
per share, diluted $ 0.00 $ (0.02) $ 0.03 $ (0.04) =========
========= ========= ========= Shares used in computing net income
(loss) per share, diluted 33,155 31,039 32,682 30,954 =========
========= ========= ========= DATASOURCE: Luminex Corporation
CONTACT: Harriss T. Currie, Vice President, Finance and Chief
Financial Officer of Luminex Corporation, +1-512-219-8020, or Web
site: http://www.luminexcorp.com/
Copyright
Luminex (NASDAQ:LMNX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Luminex (NASDAQ:LMNX)
Historical Stock Chart
From Jul 2023 to Jul 2024