Luminex Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Revenue Guidance for the Full Year of 2014; Provides Capital Expenditures Guidance for the Year 2015
Oct 27 14
Luminex Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $56,684,000 compared to $50,780,000 a year ago. Income from operations was $4,996,000 compared to loss from operations of $4,194,000 a year ago. Income before income taxes was $4,981,000 compared to $2,428,000 a year ago. Net income was $5,550,000 or $0.13 per basic and diluted share compared to $796,000 or $0.02 per basic and diluted share a year ago. Net cash provided by operating activities was $11,527,000 against $11,134,000 a year ago. Purchase of property and equipment was $5,540,000 against $6,914,000 a year ago. Adjusted income from operations was $11,884,000 compared to $3,380,000 a year ago. Adjusted net income was $11,497,000 or $0.27 per diluted share compared to $2,335,000 or $0.06 per basic and diluted share a year ago. Performance during the third quarter was bolstered by the strength of direct sales force, achieving the strongest quarter in assay sales, since going direct at the beginning of the 2013.
For the nine months, the company reported revenue of $168,877,000 compared to $158,267,000 a year ago. Income from operations was $17,952,000 compared to loss from operations of $705,000 a year ago. Income before income taxes was $17,911,000 compared to $5,958,000 a year ago. Net income was $16,241,000 or $0.39 per basic and diluted share compared to $1,980,000 or $0.05 per basic and diluted share a year ago. Net cash provided by operating activities was $33,191,000 against $17,492,000 a year ago. Purchase of property and equipment was $11,795,000 against $15,136,000 a year ago. Adjusted income from operations was $34,220,000 compared to $21,837,000 a year ago. Adjusted net income was $29,866,000 or $0.71 per diluted share compared to $17,324,000 or $0.41 per diluted share a year ago.
The company has revised its 2014 annual revenue guidance to a range of between $225 and $228 million from $225 and $240 million. The company currently expects consolidated R&D expenditures for the full year of 2014 to be in the 20% of revenue range based on current revenue guidance. SG&A costs were also relatively flat, but given the increase in revenue it represented 38% of revenue compared to 42% in the prior year period.
The company expects to increase in aggregate capital expenditures in 2015 related to manufacturing automation initiatives for the ARIES cassettes.
Luminex Corporation Receives FDA Clearance to Add New Clinical Targets and Additional Sample Type for Use With xTAG Gastrointestinal Pathogen Panel
Sep 29 14
Luminex Corporation announced it has received U.S. FDA clearance to add three new targets to its xTAG Gastrointestinal Pathogen Panel. The targets include Adenovirus 40/41, Entamoeba histolytica and Vibrio cholerae. In addition, FDA has now cleared xTAG GPP for use with specimens in Cary-Blair medium, a common transport medium for collection and preservation of microbiological specimens. As the first multiplexed U.S. IVD cleared test for infectious gastroenteritis, xTAG GPP simultaneously detects 14 common viral, bacterial, and parasitic causative pathogens from a single patient sample. By testing for greater than 90% of the causative pathogens of infectious gastroenteritis in a single test, clinicians can more quickly identify and treat the causative agent. Additionally co-infections can be more easily identified. Simultaneous molecular testing on a single sample within a single shift also provides significant benefits to laboratories in terms of workflow and resource utilization. The ability to scale throughput by processing 96-well plates allows laboratories to easily tailor their sample processing to physician demand.