Luminex Corporation Reports First Quarter 2010 Results
GAAP net income for the first quarter of 2010 was $1.9 million or, $0.05 per share, diluted, compared with GAAP net loss for the first quarter of 2009 of $(2.8) million or $(0.07) per share, diluted. Net income for the first quarter of 2010 included non-cash charges of $2.2 million in stock compensation expense associated with SFAS 123R and $2.2 million associated with depreciation and amortization expense.
"Following our strong results last quarter, we are very pleased to deliver first quarter 2010 revenue of $33.3 million, with growth of 30% over the first quarter of last year," said Patrick J. Balthrop, president and chief executive officer of Luminex. "The growth across every major revenue category, system, assay, consumables and royalty, is particularly exciting. This diversified performance is the foundation of our long-term growth strategy. Additionally, we grew our installed base and delivered healthy gross margins and strong earnings per share.
"During the quarter, Luminex announced several important strategic agreements, including a collaboration and licensing agreement with Advanced Liquid Logic and the announcement of the pending acquisition of Australian-based BSD Robotics," continued Balthrop. "These two agreements underscore our commitment to deliver innovative solutions to our customers and to advancing our automation programs. We are also very excited about the recent announcement of our teaming agreement with Northrop Grumman, which is the culmination of several years of work in the biothreat market. These initiatives demonstrate the creativity of our management team in using our strong balance sheet and differentiated technology solutions to build value over the long-term for our shareholders, customers and employees."
FINANCIAL OUTLOOK AND GUIDANCE
The Company reaffirms its 2010 annual revenue guidance of between $138 million and $148 million. The full year figures represent an increase of between 14 percent and 23 percent over reported 2009 revenue.
Management will host a conference call to discuss the operating highlights and financial results for the first quarter ended March 31, 2010, on Thursday, May 6, 2010, 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 six months on the website using the 'replay' link.
ABOUT LUMINEX CORPORATION
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' 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 our projected revenue, sales growth, the adequacy of our balance sheet, our ability to respond to strategic opportunities and our product and partner pipeline. 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' actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex' 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, Luminex' 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' 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' 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 2010 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' expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
REVENUE SUMMARY (in thousands except percentages)
SOURCE Luminex Corporation
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