AUSTIN, Texas, Feb. 3, 2014 /PRNewswire/ -- Luminex Corporation
(NASDAQ:LMNX) today announced financial results for the fourth
quarter and year ended December 31,
2013. Financial and operating highlights include the
following:
- Consolidated fourth quarter revenue of $55.2 million, a 1 percent decline compared to
the fourth quarter of 2012; full-year 2013 revenue was $213.4 million, a 5 percent increase over
2012
- Fourth quarter royalty revenue of $9.3
million, a 23 percent increase over the fourth quarter of
2012; full-year 2013 royalty revenue was $37
million, a 19 percent increase over 2012
- Fourth quarter system sales of $10
million, a 40 percent increase over the fourth quarter of
2012
- Fourth quarter shipments of 327 multiplexing analyzers, which
included 162 MAGPIX systems, 132 LX systems, and 33 FLEXMAP 3D
systems. Cumulative life-to-date multiplexing analyzer shipments
are 10,737, up 11 percent from a year ago.
- Cash and investments balance at year-end of $72.4 million
- Operating income for the fourth quarter of 2013 was
$5.5 million. Non-GAAP operating
income for the fourth quarter of 2013 was $10 million (see Non-GAAP reconciliation)
- GAAP net income for the fourth quarter and full-year of 2013
was $5.1 million and $7.1 million, or $0.12 and $0.17 per
diluted share, respectively. Non-GAAP net income for the fourth
quarter and 2013 was $8.8 million and
$26.2 million or $0.21 and $0.62 per
diluted share, respectively (see Non-GAAP reconciliation)
(Logo:
http://photos.prnewswire.com/prnh/20100104/LUMINEXLOGO)
"Although 2013 was a year marked by unexpected challenges,
Luminex responded to these challenges by remaining committed to our
strategic programs and long term financial objectives. We
have remained focused on accelerating both revenue and earnings
growth driven by several key company initiatives in our molecular
diagnostics business," said Patrick J.
Balthrop, president and chief executive officer of Luminex.
"In 2014, we expect to build momentum with an exciting pipeline and
a full year of our direct sales force in the molecular diagnostics
market. We are also excited about the traction we are seeing
in new product adoption in the molecular segment and expect these
new products to drive growth in 2014."
"Our R&D team is on track in the development of new products
that will provide value to our laboratory customers by improving
workflow, simplifying sample preparation and enabling our customers
to run a wide variety of tests in an automated manner. These
products include our sample-to-answer real-time PCR instrument,
ARIES, which is on schedule to launch in Europe this year and in the U.S. early in
2015. We look forward to reviewing our achievements and progress
with our investors as we move through 2014."
REVENUE
SUMMARY
(in thousands,
except percentages)
|
|
|
Three Months
Ended
|
|
|
|
December
31,
|
|
Variance
|
|
2013
|
|
2012
|
|
($)
|
|
(%)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
System
sales
|
$
10,014
|
|
$
7,149
|
|
$
2,865
|
|
40%
|
Consumable
sales
|
12,056
|
|
12,412
|
|
(356)
|
|
-3%
|
Royalty
revenue
|
9,267
|
|
7,513
|
|
1,754
|
|
23%
|
Assay
revenue
|
17,963
|
|
23,774
|
|
(5,811)
|
|
-24%
|
All other
revenue
|
5,856
|
|
4,687
|
|
1,169
|
|
25%
|
|
$
55,156
|
|
$
55,535
|
|
$
(379)
|
|
-1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
Variance
|
|
2013
|
|
2012
|
|
($)
|
|
(%)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
System
sales
|
$
31,786
|
|
$
31,083
|
|
$
703
|
|
2%
|
Consumable
sales
|
48,540
|
|
48,012
|
|
528
|
|
1%
|
Royalty
revenue
|
36,950
|
|
31,160
|
|
5,790
|
|
19%
|
Assay
revenue
|
74,101
|
|
75,020
|
|
(919)
|
|
-1%
|
All other
revenue
|
22,046
|
|
17,307
|
|
4,739
|
|
27%
|
|
$213,423
|
|
$202,582
|
|
$10,841
|
|
5%
|
LUMINEX
CORPORATION
REPORTABLE SEGMENT
HIGHLIGHTS
(in thousands,
except percentages)
|
|
|
Three Months
Ended
|
|
|
|
|
|
December
31,
|
|
Variance
|
|
2013
|
|
2012
|
|
($)
|
|
(%)
|
|
(unaudited)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
Technology and
strategic partnerships
|
$
35,671
|
|
$
29,674
|
|
$
5,997
|
|
20%
|
Assays and related
products
|
19,485
|
|
25,861
|
|
(6,376)
|
|
-25%
|
Total
Revenue
|
55,156
|
|
55,535
|
|
(379)
|
|
-1%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Technology and
strategic partnerships
|
10,393
|
|
6,104
|
|
4,289
|
|
70%
|
Assays and related
products
|
(4,921)
|
|
1,151
|
|
(6,072)
|
|
-528%
|
Total Operating
income
|
5,472
|
|
7,255
|
|
(1,783)
|
|
-25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
Variance
|
|
2013
|
|
2012
|
|
($)
|
|
(%)
|
|
(unaudited)
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
Technology and
strategic partnerships
|
$132,023
|
|
$121,032
|
|
$10,991
|
|
9%
|
Assays and related
products
|
81,400
|
|
81,550
|
|
(150)
|
|
0%
|
Total
Revenue
|
213,423
|
|
202,582
|
|
10,841
|
|
5%
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Technology and
strategic partnerships
|
33,761
|
|
27,829
|
|
5,932
|
|
21%
|
Assays and related
products
|
(28,994)
|
|
(5,113)
|
|
(23,881)
|
|
-467%
|
Total Operating
income
|
4,767
|
|
22,716
|
|
(17,949)
|
|
-79%
|
"In the fourth quarter, we maintained steady sales with double
digit growth from systems and royalty revenue, offset by what we
believe to be temporary softness in our assay segment. During
2013, our assays and related products segment profitability was
significantly affected by a number of items, including resolution
of our molecular diagnostics distribution agreements, restructuring
costs, and the write off of the Natural Molecular Testing
Corporation receivable," said Harriss T.
Currie, senior vice president and chief financial
officer. "Our 2014 revenue guidance takes into account
increasing contributions from our assay product portfolio, combined
with a prudent view of the macro environment in the near term."
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be
updated, as appropriate, at each quarterly reporting period.
Guidance for fiscal 2014 is as follows:
- The Company expects fiscal 2014 revenue to be between
$225 million and $240 million, or an
increase of 5 to 12 percent over reported 2013 revenue.
CONFERENCE CALL
Management will host a conference call to discuss the operating
highlights and financial results for the fourth quarter ended
December 31, 2013, at 4:00 p.m. CST/5:00 p.m.
EST, Monday, February 3, 2014.
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.
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's 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: the expansion of our installed base of multiplexing
systems; our efforts to sell our molecular diagnostic products
directly to end users; the development progress of our pipeline
products, including ARIES systems and assay menu, market acceptance
of our genetic and infectious disease products, regulatory
clearance of our products; the ability of our investment in current
initiatives and new products to drive long-term value for our
shareholders, status of molecular codes, the impact of Medicare
reimbursement on our customers and current and future impact on our
business; and, projected 2014 revenue. 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's actual results or performance to differ materially
include risks and uncertainties relating to, among others, market
demand and acceptance of Luminex's 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, our
ability to sell products directly to end users, our ability to
launch products on time that satisfy market needs with products
that we sell, setting of medicare reimbursement codes that
adequately reflect the value of our products, Luminex's 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's 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's 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 2014 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's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
Contacts:
|
Harriss T.
Currie
|
Matt
Norman
|
|
Sr. Vice President,
Finance and Chief Financial Officer
|
Manager, Government
and Investor Relations
|
|
512-219-8020
|
512-219-8020
|
|
hcurrie@luminexcorp.com
|
mnorman@luminexcorp.com
|
LUMINEX
CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
67,924
|
|
$
42,789
|
Short-term
investments
|
4,517
|
|
13,607
|
Accounts receivable,
net
|
30,948
|
|
33,273
|
Inventories,
net
|
30,487
|
|
29,937
|
Deferred income
taxes
|
7,265
|
|
4,783
|
Prepaids and
other
|
5,229
|
|
4,388
|
|
|
|
|
Total current
assets
|
146,370
|
|
128,777
|
|
|
|
|
Property and
equipment, net
|
32,793
|
|
26,229
|
Intangible assets,
net
|
60,295
|
|
65,218
|
Deferred income
taxes
|
11,913
|
|
14,360
|
Long-term
investments
|
-
|
|
3,000
|
Goodwill
|
50,738
|
|
51,128
|
Other
|
3,937
|
|
8,463
|
|
|
|
|
Total
assets
|
$
306,046
|
|
$
297,175
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
10,698
|
|
$
9,650
|
Accrued
liabilities
|
11,624
|
|
12,866
|
Deferred
revenue
|
4,980
|
|
4,134
|
Current portion of
long term debt
|
1,194
|
|
1,138
|
|
|
|
|
Total current
liabilities
|
28,496
|
|
27,788
|
|
|
|
|
Long-term
debt
|
463
|
|
1,702
|
Deferred
revenue
|
2,482
|
|
2,933
|
Other
|
4,985
|
|
5,085
|
|
|
|
|
Total
liabilities
|
36,426
|
|
37,508
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
41
|
|
41
|
Additional paid-in
capital
|
296,931
|
|
293,392
|
Accumulated other
comprehensive gain
|
419
|
|
1,101
|
Accumulated
deficit
|
(27,771)
|
|
(34,867)
|
|
|
|
|
Total stockholders'
equity
|
269,620
|
|
259,667
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
306,046
|
|
$
297,175
|
LUMINEX
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$ 55,156
|
|
$ 55,535
|
|
$
213,423
|
|
$ 202,582
|
Cost of
revenue
|
18,325
|
|
16,178
|
|
69,797
|
|
60,008
|
|
|
|
|
|
|
|
|
Gross
profit
|
36,831
|
|
39,357
|
|
143,626
|
|
142,574
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
10,189
|
|
11,522
|
|
45,041
|
|
42,989
|
Selling, general and
administrative
|
19,872
|
|
19,551
|
|
87,301
|
|
72,626
|
Amortization of
acquired intangible assets
|
1,022
|
|
1,029
|
|
4,099
|
|
4,243
|
Restructuring
costs
|
276
|
|
-
|
|
2,418
|
|
-
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
31,359
|
|
32,102
|
|
138,859
|
|
119,858
|
|
|
|
|
|
|
|
|
Income from
operations
|
5,472
|
|
7,255
|
|
4,767
|
|
22,716
|
Interest expense from
long-term debt
|
(9)
|
|
(36)
|
|
(76)
|
|
(198)
|
Other income,
net
|
3
|
|
138
|
|
6,733
|
|
262
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
5,466
|
|
7,357
|
|
11,424
|
|
22,780
|
Income
taxes
|
(350)
|
|
(3,105)
|
|
(4,328)
|
|
(10,373)
|
|
|
|
|
|
|
|
|
Net income
|
$
5,116
|
|
$
4,252
|
|
$
7,096
|
|
$
12,407
|
|
|
|
|
|
|
|
|
Net income per share,
basic
|
$
0.12
|
|
$
0.10
|
|
$
0.17
|
|
$
0.30
|
|
|
|
|
|
|
|
|
Shares used in
computing net income per share, basic
|
41,055
|
|
40,724
|
|
40,799
|
|
40,927
|
|
|
|
|
|
|
|
|
Net income per share,
diluted
|
$
0.12
|
|
$
0.10
|
|
$
0.17
|
|
$
0.30
|
|
|
|
|
|
|
|
|
Shares used in
computing net income per share, diluted
|
42,229
|
|
41,332
|
|
41,986
|
|
41,884
|
LUMINEX
CORPORATION
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
5,116
|
|
$
4,252
|
|
$
7,096
|
|
$ 12,407
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,175
|
|
3,696
|
|
15,922
|
|
14,364
|
Stock-based
compensation
|
2,488
|
|
2,363
|
|
9,221
|
|
9,915
|
Deferred income tax
expense (benefit)
|
(2,864)
|
|
(217)
|
|
551
|
|
2,699
|
Excess income tax
(benefit) expense from employee stock-based awards
|
(2,843)
|
|
(4,274)
|
|
(2,569)
|
|
(6,457)
|
Loss (gain) on sale
of assets
|
132
|
|
-
|
|
(5,173)
|
|
-
|
Non-cash
restructuring charges
|
442
|
|
-
|
|
4,137
|
|
-
|
Other
|
(94)
|
|
502
|
|
(1,209)
|
|
1,157
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(730)
|
|
(2,041)
|
|
2,346
|
|
(10,267)
|
Inventories,
net
|
(1,091)
|
|
(2,742)
|
|
(3,005)
|
|
(5,346)
|
Other
assets
|
588
|
|
1,677
|
|
(1,470)
|
|
(617)
|
Accounts
payable
|
1,680
|
|
1,580
|
|
962
|
|
3,286
|
Accrued
liabilities
|
2,403
|
|
5,470
|
|
(324)
|
|
3,463
|
Deferred
revenue
|
8
|
|
(84)
|
|
417
|
|
(321)
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
9,410
|
|
10,182
|
|
26,902
|
|
24,283
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of
available-for-sale securities
|
(1,516)
|
|
(1,498)
|
|
(10,005)
|
|
(14,987)
|
Sales and maturities
of available-for-sale securities
|
2,496
|
|
4,042
|
|
22,128
|
|
47,117
|
Purchase of property
and equipment
|
(2,952)
|
|
(2,258)
|
|
(18,088)
|
|
(9,767)
|
Business acquisition
consideration, net of cash acquired
|
-
|
|
78
|
|
-
|
|
(48,199)
|
Purchase of cost
method investment
|
-
|
|
-
|
|
-
|
|
(1,000)
|
Proceeds from sale of
assets
|
34
|
|
-
|
|
9,598
|
|
-
|
Acquired technology
rights
|
-
|
|
(1,250)
|
|
(930)
|
|
(1,592)
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by investing activities
|
(1,938)
|
|
(886)
|
|
2,703
|
|
(28,428)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Payments on
debt
|
-
|
|
-
|
|
(1,105)
|
|
(1,025)
|
Proceeds from
employee stock plans and issuance of common stock
|
786
|
|
798
|
|
8,677
|
|
4,022
|
Payments for stock
repurchases
|
(213)
|
|
-
|
|
(14,556)
|
|
(20,916)
|
Excess income tax
(expense) benefit from employee stock-based awards
|
2,843
|
|
4,274
|
|
2,569
|
|
6,457
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
3,416
|
|
5,072
|
|
(4,415)
|
|
(11,462)
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate on cash
|
(133)
|
|
(65)
|
|
(55)
|
|
114
|
Change in cash and
cash equivalents
|
10,755
|
|
14,303
|
|
25,135
|
|
(15,493)
|
Cash and cash
equivalents, beginning of period
|
57,169
|
|
28,486
|
|
42,789
|
|
58,282
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$ 67,924
|
|
$ 42,789
|
|
$
67,924
|
|
$ 42,789
|
|
|
|
|
|
|
|
|
LUMINEX
CORPORATION
|
NON-GAAP
RECONCILIATION
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
5,472
|
|
$
7,255
|
|
$
4,767
|
|
$
22,716
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
2,488
|
|
2,363
|
|
9,221
|
|
9,915
|
Amortization of
acquired intangible assets
|
1,022
|
|
1,029
|
|
4,099
|
|
4,243
|
Costs associated with
legal proceedings
|
373
|
|
-
|
|
731
|
|
-
|
Resolution of
molecular diagnostic distribution agreements
|
-
|
|
-
|
|
7,000
|
|
-
|
Acquisition and
severance costs
|
29
|
|
1,740
|
|
1,060
|
|
5,159
|
Restructuring
costs
|
626
|
|
-
|
|
4,969
|
|
-
|
|
|
|
|
|
|
|
|
Adjusted income from
operations
|
$ 10,010
|
|
$
12,387
|
|
$
31,847
|
|
$
42,033
|
|
|
|
|
|
|
|
|
Interest expense from
long-term debt
|
(9)
|
|
(36)
|
|
(76)
|
|
(198)
|
Other income,
net
|
3
|
|
138
|
|
6,733
|
|
262
|
Gain on sale of cost
method equity investment
|
-
|
|
-
|
|
(5,452)
|
|
-
|
Contingent
consideration adjustments
|
-
|
|
-
|
|
(1,370)
|
|
-
|
Income
taxes
|
(350)
|
|
(3,105)
|
|
(4,328)
|
|
(10,373)
|
Valuation allowance
reserve
|
-
|
|
1,471
|
|
-
|
|
1,471
|
Income tax effect of
above adjusting items
|
(826)
|
|
(1,297)
|
|
(1,202)
|
|
(4,290)
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
8,828
|
|
$
9,558
|
|
$
26,152
|
|
$
28,905
|
|
|
|
|
|
|
|
|
Adjusted net income
per share, basic
|
$
0.22
|
|
$
0.23
|
|
$
0.64
|
|
$
0.71
|
|
|
|
|
|
|
|
|
Shares used in
computing adjusted net income per share, basic
|
41,055
|
|
40,724
|
|
40,799
|
|
40,927
|
|
|
|
|
|
|
|
|
Adjusted net income
per share, diluted
|
$
0.21
|
|
$
0.23
|
|
$
0.62
|
|
$
0.69
|
|
|
|
|
|
|
|
|
Shares used in
computing adjusted net income per share, diluted
|
42,229
|
|
41,332
|
|
41,986
|
|
41,884
|
The Company makes reference in this release to "non-GAAP
operating income" and "non-GAAP net income" which excludes the
impact of costs associated with the ENZO Life Sciences, Inc.
complaint discussed in the Legal Proceedings section of our
previously filed 10-Qs and certain other recurring and
non-recurring expenses. The Company believes that excluding these
items and their related tax effects from its financial results
reflects operating results that are more indicative of the
Company's ongoing operating performance while improving
comparability to prior periods, and, as such may provide investors
with an enhanced understanding of the Company's past financial
performance and prospects for the future. This information is not
intended to be considered in isolation or as a substitute for
income from operations, net income, net income per share or expense
information prepared in accordance with GAAP.
SOURCE Luminex Corporation