AUSTIN, Texas, Nov. 2, 2015 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the third quarter ended September 30, 2015. Financial and operating highlights for the quarter include the following:
- Increased third quarter 2015 revenue by 7 percent to $60.6 million, over the third quarter of 2014.
- Increased Q3 2015 system sales by 26 percent to $9.6 million over the third quarter of 2014.
- Grew third quarter 2015 assay revenue by 12 percent to $24.6 million over results from the third quarter of 2014.
- Decreased operating expenses as a percentage of revenue to 53 percent for the third quarter of 2015, a 7 point improvement from the third quarter of 2014.
- Improved operating profits for the quarter by 94% as a result of both increased revenues and significant expense control.
- Delivered GAAP net income for the third quarter of $6.4 million, or $0.15 per diluted share. Non-GAAP net income for the third quarter was $9.3 million, or $0.22 per diluted share (see Non-GAAP reconciliation).
- Cash and short and long-term investments at quarter’s end totaled approximately $136 million, an increase of approximately $28 million compared with year-end 2014.
- Raising 2015 revenue guidance range to between $235 million and $238 million from the prior range of between $232 million and $236 million.
- In October, Luminex submitted a 510(k) pre-market submission to the FDA for the ARIES® Group B Streptococcus (GBS) Assay.
“This was a record quarter for Luminex as the Company exceeded $60 million in revenue for the first time. Our solid performance in the quarter reflects the merits of our balanced business model and the focus on appropriate resource allocation. This coupled with the hard work of our dedicated employees resulted in an operating profit of approximately $10 million, nearly double the amount reported for the same period last year,” said Homi Shamir, President and Chief Executive Officer of Luminex. “We believe that the recent FDA clearance for our ARIES® system and ARIES® HSV 1 & 2 assay will prove to be an exciting milestone for the Company in the large, sample-to-answer molecular diagnostic market. We look forward to launching ARIES this week at the Association for Molecular Pathology meeting in our home town of Austin.”
REVENUE SUMMARY | |||||||
Three Months Ended | |||||||
September 30, | Variance | ||||||
2015 | 2014 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 9,622 | $ 7,624 | $1,998 | 26% | |||
Consumable sales | 10,940 | 12,124 | (1,184) | -10% | |||
Royalty revenue | 10,249 | 9,690 | 559 | 6% | |||
Assay revenue | 24,639 | 22,056 | 2,583 | 12% | |||
All other revenue | 5,151 | 5,190 | (39) | -1% | |||
$ 60,601 | $ 56,684 | $3,917 | 7% | ||||
Nine Months Ended | |||||||
September 30, | Variance | ||||||
2015 | 2014 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 22,129 | $ 22,328 | $ (199) | -1% | |||
Consumable sales | 32,714 | 37,521 | (4,807) | -13% | |||
Royalty revenue | 32,024 | 29,215 | 2,809 | 10% | |||
Assay revenue | 74,323 | 63,602 | 10,721 | 17% | |||
All other revenue | 16,069 | 16,211 | (142) | -1% | |||
$177,259 | $168,877 | $8,382 | 5% | ||||
Additional Financial Highlights:
- Infectious disease assay sales were approximately 68 percent of total assay sales for the quarter and genetic testing assays were 32 percent.
- Royalty revenues reflect total royalty-bearing end-user sales for the quarter of $120.8 million.
- 307 multiplexing analyzers were shipped during the quarter, which included 113 MAGPIX® systems, 164 LX systems, and 30 FLEXMAP 3D® systems.
- Cash and investments at quarter-end totaled $135.6 million.
- Days sales outstanding (DSO) was 40 days at quarter-end.
FINANCIAL OUTLOOK AND GUIDANCE
The Company updates its revenue guidance range for the full-year 2015 to between $235 million and $238 million.
CONFERENCE CALL
Management will host a conference call at 3:30 p.m. CST/4:30 p.m. EST, Monday, November 2, 2015 to discuss the operating highlights and financial results for the third quarter ended September 30, 2015. 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.
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.
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