Luminex Corporation Reports Second Quarter 2018 Financial Results

Luminex Corporation (Nasdaq:LMNX) today announced financial results for the second quarter of 2018. Financial and operating highlights for the quarter include:

• Second quarter 2018 consolidated revenue was  USD 79.6 million, an increase of 4 percent compared to the second quarter 2017.
• Second quarter 2018 GAAP net income was  USD 5.7 million, an increase of 2 percent compared to the second quarter 2017. GAAP net income per diluted share was USD 0.13 for the second quarter 2018 and 2017.
• Assay revenue was USD 40.2 million for the quarter ended June 30, 2018, representing a 6 percent increase over assay revenue for the second quarter 2017.
• Total sample-to-answer molecular product revenue for the second quarter of 2018 was USD 14.2 million, representing growth of 33 percent compared to USD 10.7 million in the second quarter of 2017.
• Placed 65 sample-to-answer molecular systems under contract during the second quarter of 2018, compared to 35 in the second quarter of 2017. Total active sample-to-answer customers now number over 500.
• Sample-to-answer utilization per VERIGENE^® customer grew approximately 16 percent, to USD 108,000 from USD 93,000 in the prior year quarter; and utilization per ARIES^® customer grew approximately 43 percent, to USD 53,000 from USD 37,000 in the prior year quarter.
• 361 multiplexing analyzers were shipped during the quarter; a combination of MAGPIX^® systems, LX systems, and FLEXMAP 3D^® systems. This contrasts to 270 multiplexing analyzers shipped in the prior year quarter.
• Total cash at the end of the quarter was approximately USD 139 million after payment of the quarterly dividend.

“I am pleased with our continued success throughout our diversified business,” said Homi Shamir, President and Chief Executive Officer of Luminex.  “Our sample-to-answer portfolio increasing by more than 30 percent from the same quarter last year; and with another 65 contracted systems during the quarter, the Company has solidified the foundation for increasing growth.  Within our Licensed Technologies Group, the Company had a record number of xMAP^® system placements for the quarter, and we are well on our way to exceeding the total placements in 2017.  The Company also made significant strides within our product pipeline during the quarter, moving our Next Gen xMAP^® system into the Development Phase, and initiating clinical trials for VERIGENE^® II.  We are committed to investing in the rapid development of our product pipeline across our entire business and leading innovation within our field.”

Financial Outlook and Guidance

The company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period.  Luminex anticipates third quarter 2018 revenue to be between USD 72.5 million and USD 74.5 million, taking into account the departure of LabCorp Women’s Health, and reaffirms its full year 2018 revenue guidance of between USD 310 million and USD 316 million.

Conference Call

Management will host a conference call at 3:30 p.m. CDT / 4:30 p.m. EDT, Monday, August 6, 2018 to discuss the operating highlights and financial results for the second quarter 2018. The conference call will be webcast live and 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 will be archived for six months on the website using the ‘replay’ link. –Medical Buyer Bureau