AUSTIN, Texas, Feb. 7 /PRNewswire-FirstCall/ -- Luminex Corporation
(NASDAQ:LMNX) today announced financial results for the fourth
quarter and year ended December 31, 2006. Revenue for the fourth
quarter of 2006 was $14.2 million, a 23 percent increase compared
with $11.6 million in the fourth quarter of 2005. Revenue for the
fourth quarter of 2006 consisted of $5.9 million from the sale of
206 Luminex Systems, $3.7 million from the sale of consumables,
$2.2 million in royalties, and $2.4 million of other revenue. Other
revenue includes training revenue, shipping revenue, extended
service contract sales, miscellaneous part sales, amortized license
fees, and grant revenue. Net income for the fourth quarter of 2006
was $0.6 million, or $0.02 per share, compared with a net loss of
$1.3 million, or ($0.04) per share, for the same period last year.
Revenue for the year ended December 31, 2006, was $53.0 million, an
increase of 25 percent compared with $42.3 million for the year
ended December 31, 2005. Revenue for 2006 consisted of $20.6
million from the sale of 717 Luminex Systems, $15.7 million from
the sale of consumables, $8.2 million in royalties and $8.5 million
of other revenue. Net income for 2006 was $1.5 million, or $0.05
per share, compared with a net loss of $2.7 million, or ($0.09) per
share, in 2005. "The fourth quarter performance marked a strong
finish to a year of significant growth and progress for Luminex,"
said Patrick J. Balthrop, president and chief executive officer of
Luminex. "We reported record quarterly sales, reflecting a 23
percent increase in revenues over the fourth quarter last year. In
addition to our solid top-line growth, we had another profitable
quarter with gross profit of over 60 percent of sales, and absolute
dollars of gross profit of 51 percent over the same period last
year." Balthrop added, "At the beginning of 2006 we had ambitious
strategic goals in place to expand our market presence in key
growth areas, increase our market penetration with our strategic
partners, enhance our content development and expand our market
footprint. In addition to our financial progress, we are pleased
with our execution for the year in each of these strategic areas.
Our proprietary xMAP(R) technology has continued to gain acceptance
and we now have over 4,100 Luminex systems placed in major
pharmaceutical companies, clinical laboratories, biodefense
facilities and academic institutions around the world, representing
a 21 percent increase in placements over 2005. Consumable sales
were up 20 percent and royalty revenues, one of the best measures
of acceptance and adoption of our technology in the marketplace,
were up over 57 percent from 2005, reflecting higher utilization by
our partners. Our gross profit improvement for the year reflects
this favorable shift in revenue mix in favor of our higher margin
items, consumables and royalties. "We continued to make strategic
investments in our research efforts and, as a result, made
significant progress in R&D and in assay product development
through the Luminex Bioscience Group. Finally, a milestone event
for Luminex was the December 14, 2006, announcement of an agreement
to acquire Tm Bioscience Corporation, a leader in the commercial
genetic testing market. This transaction, which we expect to close
by the end of the first quarter of 2007, will enhance our ability
to be a leader in the growing molecular diagnostics market. 2006
was a defining year for Luminex and we believe we are well
positioned for continued success in 2007," noted Balthrop.
Management will hold a conference call to discuss the operating
highlights and financial results for the fourth quarter and year
ended December 31, 2006, on February 8, 2007, at 8:00 a.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, including Tm
Bioscience Corporation ("Tm"), or selected assets into our
consolidated business operations, including the ability to
recognize the benefits of our acquisitions, the failure of the Tm
acquisition to close for any reason, including the failure to
obtain the Tm stockholders' approval or the occurrence of any event
or circumstance that could give rise to a termination of the merger
agreement, 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) December 31, December
31, 2006 2005 ----------- ----------- ASSETS Current assets: Cash
and cash equivalents $27,414 $25,206 Short-term investments 10,956
10,947 Accounts receivable, net 8,237 6,580 Inventory, net 4,571
4,281 Other 1,917 1,170 ----------- ----------- Total current
assets 53,095 48,184 Property and equipment, net 4,985 3,222
Long-term investments 7,346 5,466 Other 1,270 1,163 -----------
----------- Total assets $66,696 $58,035 =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $3,255 $3,412 Accrued liabilities 2,905 2,970 Deferred
revenue 2,756 2,438 ----------- ----------- Total current
liabilities 8,916 8,820 Deferred revenue 3,621 4,505 -----------
----------- Total liabilities 12,537 13,325 ----------- -----------
Stockholders' equity: Common stock 32 32 Additional paid-in capital
139,116 135,440 Deferred stock compensation - (4,219) Accumulated
other comprehensive gain 65 18 Accumulated deficit (85,054)
(86,561) ----------- ----------- Total stockholders' equity 54,159
44,710 ----------- ----------- Total liabilities and stockholders'
equity $66,696 $58,035 =========== =========== LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands,
except per share amounts) Three Months Ended Fiscal Year Ended
December 31, December 31, ------------------ ------------------
2006 2005 2006 2005 -------- ------- ------- ------- (unaudited)
Revenue $14,210 $11,577 $52,989 $42,313 Cost of revenue 5,660 5,926
20,737 19,992 -------- ------- ------- ------- Gross profit 8,550
5,651 32,252 22,321 Operating expenses: Research and development
2,338 1,626 8,673 5,600 Selling, general and administrative 6,205
5,736 24,160 20,217 -------- ------- ------- ------- Total
operating expenses 8,543 7,362 32,833 25,817 -------- -------
------- ------- Income (loss) from operations 7 (1,711) (581)
(3,496) Other income, net 597 375 2,108 1,174 Settlement of
litigation - - - (322) Income taxes (5) (12) (20) (22) --------
------- ------- ------- Net income (loss) $599 $(1,348) $1,507
$(2,666) ======== ======= ======= ======= Net income (loss) per
share, basic $0.02 $(0.04) $0.05 $(0.09) ======== ======= =======
======= Shares used in computing net income (loss) per share, basic
31,658 31,100 31,434 30,990 ======== ======= ======= ======= Net
income (loss) per share, diluted $0.02 $(0.04) $0.05 $(0.09)
======== ======= ======= ======= Shares used in computing net
income (loss) per share, diluted 33,022 31,100 32,988 30,990
======== ======= ======= ======= LUMINEX CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months
Twelve Months Ended Ended December 31, December 31,
---------------- ---------------- 2006 2005 2006 2005 -------
------- ------- ------- (unaudited) Operating activities: Net
income (loss) $599 $(1,348) $1,507 $(2,666) Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: Depreciation and amortization 390 289 1,483 1,048 Stock
based compensation 1,654 536 5,511 1,675 Other (38) 50 (24) 79
Changes in operating assets and liabilities: Accounts receivable,
net 59 (737) (1,657) (716) Inventory, net (110) 1,061 (290) 3,369
Prepaids and other (918) (348) (1,009) (332) Accounts payable and
accrued liabilities 1,001 2,955 (909) 1,907 Deferred revenue (191)
1,403 (566) 2,658 ------- ------- ------- ------- Net cash provided
by operating activities 2,446 3,861 4,046 7,022 ------- -------
------- ------- Investing activities: Net purchases of
held-to-maturity investments 519 710 (1,889) 469 Purchase of
property and equipment (668) (1,060) (2,638) (2,830) Other
investing activities 21 - 20 21 ------- ------- ------- ------- Net
cash used in investing activities (128) (350) (4,507) (2,340)
------- ------- ------- ------- Financing activities: Proceeds from
issuance of common stock 189 167 2,622 1,180 ------- -------
------- ------- Net cash provided by financing activities 189 167
2,622 1,180 ------- ------- ------- ------- Effect of foreign
currency exchange rate on cash 21 17 47 106 Change in cash and cash
equivalents 2,528 3,695 2,208 5,968 Cash and cash equivalents,
beginning of period 24,886 21,511 25,206 19,238 ------- -------
------- ------- Cash and cash equivalents, end of period $27,414
$25,206 $27,414 $25,206 ======= ======= ======= =======
Supplemental disclosure of non-cash investing activities: Purchase
of leasehold improvements under trade payable arrangement paid in
2007 $445 $- $445 $- ======= ======= ======= ======= 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/
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