Luminex Corporation (LMNX) reported a third-quarter loss of $0.6 million or 1 cent per share as opposed to a net income of $3.2 million or 8 cents in the comparable period of 2008. The Zacks Consensus Estimate for the reported quarter was a gain of 7 cents. The loss in the quarter was attributable to the higher operating expenses which more than offset the increase in revenues.
Total revenues for the reported quarter came in at $29.1 million as against $28.9 million in the year-ago period, up 1%. As per segments, revenues from the Technology segment came in at 22 million as against $22.6 million in the year-ago quarter. Assay group sales for the quarter came in at approximately $7.1 million, up 12% over the comparable quarter of 2008. Total assay sales by Luminex and its partners for the reported quarter came in at $80.8 million, up 16% from the third quarter of 2008.
The company shipped a record 259 systems in the quarter including 11 of the new FlexMAP 3D instruments. Cumulative systems shipments stood at 6,514 at the end of the quarter, up 15% from a year ago.
Operating expenses for the quarter came in at $19.3 million as against $16.6 million in the year-ago quarter. Research and development spend was $5.6 million, up 27%. Selling, general and administrative expenses came in at $ 13.7 million, up 12%. The increase was attributable to additional personnel cost and related stock compensation travel cost associated with an increase in the number of employees, which increased from 381 to 423 in the reported quarter.
The company exited the quarter with cash and investments of $115 million as against $124.4 million at the end of 2008. Luminex has narrowed the full year revenue forecast to $118 – $126 million from $118 – $132 million.
Luminex Corporation, founded in 1995 and based in Austin, Texas, develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. It competes with players such as Life Technologies Corporation (LIFE), Affymetrix Inc. (AFFX) and Sequenom Inc. (SQNM) in the industry.
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