Luminex Corporation (NASDAQ:LMNX) today announced financial
results for the fourth quarter and year ended December 31, 2008.
Recent financial and operating highlights include the
following:
- Net income of $2.0 million for
the fourth quarter of 2008 and $3.1 million of net income for
2008
- Consolidated fourth quarter
revenue of $28.2 million, a 31 percent increase over the fourth
quarter of 2007; and 2008 consolidated revenue of $104.4 million, a
39 percent increase over 2007
- System shipments of 250,
resulting in cumulative life-to-date shipments of 5,891, up
18�percent from the fourth quarter a year ago; representing the
ninth consecutive quarter of system shipments of 200 or more
- Fourth quarter consumables
revenue of $8.3 million and royalty revenue of $4.0 million, up
53�percent and 44 percent, respectively, from the fourth quarter of
2007. For the year ended 2008 royalties increased 45 percent and
consumables increased 65 percent over the prior calendar year
- Consolidated gross profit margin
of 69 percent for the fourth quarter 2008, and 68�percent for the
year 2008, compared with fourth quarter 2007 gross profit margin of
62 percent and 61 percent for 2007
- Finished the year with $124.1
million in cash and investments
- Delivered first commercial
shipments of new instrument, FLEXMAP 3D�
Net income for the fourth quarter of 2008 was $2.0 million, or
$0.05 per share, compared with a net loss of $2.8 million, or
($0.08) per share for the fourth quarter of 2007, excluding fourth
quarter 2007 non-recurring items of $13.9 million. See attached
reconciliation to GAAP reported results.
LUMINEX CORPORATION
REPORTABLE SEGMENT
HIGHLIGHTS
(unaudited)
(in thousands)
� � � �
Three Months Ended December 31, �
Twelve Months
Ended December 31, 2008 �
2007 2008 �
2007 � Revenue Technology group $ 22,071 $ 17,428 $ 83,567 $
62,436 Assay group � 6,126 � � 4,073 � � 20,880 � � 12,574 � 28,197
21,501 104,447 75,010 � Operating income (loss) Technology group
2,445 39 9,033 (526 ) Assay group � (291 ) � (2,982 ) � (5,680 ) �
(16,892 ) Operating income (loss) 2,154 (2,943 ) 3,353 (17,418 )
�2008 was a transformational year for Luminex as the Company
delivered a record performance and achieved several major
milestones,� said Patrick J. Balthrop, president and chief
executive officer of Luminex. �In addition to record revenues and
profits, we introduced innovative products, entered into exciting
new partnerships and enhanced our balance sheet. Our fourth quarter
results demonstrated the Company�s continuing momentum.
�Record revenue growth, combined with the highest gross margins
in our history, has positioned Luminex well for the future,� added
Balthrop. �The successful execution of our growth strategy has led
to our installed base of almost 6,000 instruments which continues
to drive demand and high growth in our most profitable product
lines. These resources provide Luminex with the ability to invest
in the Company�s longer term growth strategies, such as innovative
research and development projects, geographic and commercial
expansion, and dedication to regulatory compliance. As we look
toward 2009 and beyond, we believe that Luminex is well positioned
to execute our growth strategy and continue to deliver long term
shareholder value.�
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, updated
at each quarterly reporting period.
Guidance for Fiscal 2009
- The Company currently expects
full year 2009 revenue to be between $130 million and $140�million.
The full year figures represent an increase of between 25 percent
and 34 percent over reported 2008 revenue.
CONFERENCE CALL
Management will host a conference call to discuss the operating
highlights and financial results for the fourth quarter ended
December 31, 2008, on Thursday, February 5, 2009, 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 some time 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. 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, which may include statements regarding
the Company�s revenues for 2009, the Company�s continuing momentum,
the Company�s position for the future and for executing on its
growth strategy and delivering long term shareholder value, the
ability of the Company�s installed base of instruments to continue
to drive demand and growth for the Company�s business, and the
ability of the Company to continue to invest in its long-term
growth strategies, including research and development projects,
geographic and commercial expansion, and dedication to regulatory
compliance. 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, 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.
LUMINEX CORPORATION
CONSOLIDATED BALANCE SHEETS (In thousands, except share
and per share amounts) � � � �
December 31, 2008
2007 �
ASSETS
Current assets: Cash and cash equivalents $ 81,619 $ 27,233
Short-term investments 40,501 6,944 Accounts receivable 11,024
11,827 Inventories, net 11,589 6,508 Prepaids and other � 1,660 � �
856 � � Total current assets 146,393 53,368 � Property and
equipment, net 12,567 12,673 Intangible assets, net 15,796 16,919
Long-term investments 2,000 - Goodwill 39,617 39,617 Other � 918 �
� 982 � � Total assets $ 217,291 � $ 123,559 � � LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,580
$ 3,346 Accrued liabilities 7,181 6,811 Deferred revenue 2,671
2,276 Current portion of long term debt � 445 � � 134 � � Total
current liabilities 14,877 12,567 � Long-term debt 2,914 2,976
Deferred revenue � 4,960 � � 4,536 � � Total liabilities � 22,751 �
� 20,079 � � Stockholders' equity: � Common stock 40 35 Additional
paid-in capital 279,255 191,218 Accumulated other comprehensive
loss (47 ) (8 ) Accumulated deficit � (84,708 ) � (87,765 ) � Total
stockholders' equity � 194,540 � � 103,480 � � Total liabilities
and stockholders' equity $ 217,291 � $ 123,559 �
LUMINEX
CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share amounts) � � � � � � �
Three
Months Ended December 31, �
Year Ended December 31,
2008 2007 2008 2007 � Revenue $ 28,197
$ 21,501 $ 104,447 $ 75,010 � Cost of revenue � 8,625 � � 8,191 � �
33,501 � � 28,916 � � Gross profit 19,572 13,310 70,946 46,094 �
Operating expenses: � Research and development 4,729 4,348 18,628
15,383 � Selling, general and administrative 12,689 11,905 48,965
40,729 � In-process research and development � - � � - � � - � �
7,400 � � Total operating expenses � 17,418 � � 16,253 � � 67,593 �
� 63,512 � � Income (loss) from operations 2,154 (2,943 ) 3,353
(17,418 ) � Interest expense from long-term debt (186 ) (116 ) (592
) (513 ) � Other income, net 515 602 1,144 1,665 � Settlement of
litigation - 11,500 - 11,500 � Gain on settlement of liability -
2,345 - 2,345 � Income (loss) before income taxes � 2,483 � �
11,388 � � 3,905 � � (2,421 ) � Income taxes � (474 ) � (327 ) �
(848 ) � (290 ) � Net income (loss) $ 2,009 � $ 11,061 � $ 3,057 �
$ (2,711 ) � Net income (loss) per share, basic $ 0.05 � $ 0.31 � $
0.08 � $ (0.08 ) � Shares used in computing net income (loss) per
share, basic 40,277 35,302 37,868 34,361 � Net income (loss) per
share, diluted $ 0.05 � $ 0.30 � $ 0.08 � $ (0.08 ) �
Shares used in computing net
income (loss) per share, diluted
41,963 36,708 39,700 34,361
LUMINEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
� � � � � � �
Three Months Ended December 31, �
Year
Ended December 31, 2008 2007 �
2008
2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss)
$ 2,009 $ 11,061 $ 3,057 $ (2,711 ) Adjustments to reconcile net
income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 1,874 1,618 7,001 5,063
In-process research and development expense - - - 7,400 Gain on
settlement of liability - (2,345 ) - (2,345 )
Amortization of deferred stock,
restricted stock and stock compensation expense
2,049 1,749 7,251 6,593 Loss on disposal of assets 1 - 8 88 Other
(820 ) 267 (415 ) 268 Changes in operating assets and liabilities:
Accounts receivable, net 1,679 375 694 (3,255 ) Inventories, net
(2,041 ) 1,094 (5,081 ) (129 ) Other assets (149 ) 777 (942 ) 1,019
Accounts payable 662 (32 ) 1,760 (2,958 ) Accrued liabilities 1,035
906 (312 ) (715 ) Deferred revenue � (292 ) � 478 � � � 830 � � 75
� Net cash provided by operating activities � 6,007 � � 15,948 � �
� 13,851 � � 8,393 � � CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of held-to-maturity securities (19,327 ) (2,000 ) (55,868
) (6,325 ) Maturities of held-to-maturity securities 13,875 3,649
20,310 17,717 Purchase of property and equipment (1,702 ) (1,355 )
(4,449 ) (6,685 ) Acquisition of business, net of cash acquired - -
-
(2,686 ) Acquisition activity 24 - (481 )
-
Proceeds from sale of assets - - 19 30 Acquired intangible assets -
(5 ) - (10 ) Acquired technology rights � - � � - � � � (1,216 ) �
(265 ) Net cash provided by (used in) investing activities � (7,130
) � 289 � � � (41,685 ) � 1,776 � � CASH FLOWS FROM FINANCING
ACTIVITIES: Payments on debt - - (134 ) (12,349 ) Proceeds from
secondary offering, net of offering costs 47 - 74,722 - Proceeds
from issuance of common stock 637 1,236 7,075 1,868 Other � - � � -
� � � - � � 13 � Net cash (used in) provided by financing
activities � 684 � � 1,236 � � � 81,663 � � (10,468 ) Effect of
foreign currency exchange rate on cash 440 35 557 118 Change in
cash and cash equivalents 1 17,508 54,386 (181 ) Cash and cash
equivalents, beginning of period � 81,618 � � 9,725 � � � 27,233 �
� 27,414 � Cash and cash equivalents, end of period $ 81,619 � $
27,233 � � $ 81,619 � $ 27,233 � � Interest and penalties paid 160
6 160 1,360 �
SUPPLEMENTAL DISCLOSURE OF
NON-CASH INVESTING ACTIVITIES:
Purchase of leasehold improvements
under trade payable arrangement paid in 2007
$ - � $ - � � $ - � $ - � �
SUPPLEMENTAL DISCLOSURE OF
NON-CASH EFFECT OF ACQUISITIONS:
Purchase price - - - (49,401 ) Common stock issued - - - 41,754
Conversion of Tm options and warrants - - - 2,315 Forgiveness of
receivable from acquired company - - - 1,232 Write-off of acquired
technology rights - - - 473 Cash acquired � - � � - � � � - � � 940
� Acquisition, net of cash acquired � - � � - � � � - � � (2,687 )
LUMINEX CORPORATION RECONCILIATION OF NET INCOME
EXCLUDING NON-RECURRING ITEMS TO GAAP NET INCOME (In
thousands, except per share amounts) � � � � �
Three Months Ended December
31,
�
Year Ended December 31, 2008 2007
2008 2007 � Net income (loss) $ 2,009 $ 11,061 $
3,057 $ (2,711 ) � Non-recurring items: � Settlement of litigation
- (11,500 ) - (11,500 ) � Gain on settlement of liability � - �
(2,345 ) � - � (2,345 ) � Net income (loss) excluding non-recurring
items $ 2,009 $ (2,784 ) $ 3,057 $ (16,556 ) � Net income (loss)
per share, basic $ 0.05 $ (0.08 ) $ 0.08 $ (0.48 ) � Shares used in
computing net income (loss) per share, basic 40,277 35,302 37,868
34,361 � Net income (loss) per share, diluted $ 0.05 $ (0.08 ) $
0.08 $ (0.48 ) � Shares used in computing net income (loss) per
share, diluted 41,963 36,708 39,700 34,361
The Company believes that the non-GAAP measure used in this
presentation, when presented in conjunction with the comparable
GAAP measure, is useful to both management and investors in
analyzing financial and business trends regarding the Company�s
ongoing business and operating performance. This non-GAAP measure
should be considered in addition to, but not as a substitute for,
items prepared in accordance with GAAP.
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