Luminex Corporation Reports First Quarter 2015 Results
Luminex Corporation has announced financial results for the first quarter ended March 31, 2015. Financial and operating highlights include the following:
• Consolidated first quarter revenue of $57.7 million, a 2 percent increase over the first quarter of 2014.
• First quarter assay revenue of $25.4 million, a 17 percent increase over the first quarter of 2014.
• Consolidated gross profit margin was 70 percent for the first quarter of 2015.
• GAAP net income for the first quarter was $7.5 million or $0.18 per diluted share. Non-GAAP net income for the first quarter was $9.6 million, or $0.23 per diluted share (see Non-GAAP reconciliation).
• Initiated clinical trials for the ARIES™ System, ARIES™ HSV 1&2 Assay and NxTAG™ Respiratory Pathogen Panel.
"I am very pleased with the operational and financial performance for the first quarter of 2015. In spite of the consumable challenges at our largest partner, we achieved overall revenue growth of more than 2% compared with the first quarter of 2014. During the quarter we made significant progress on our transformational pipeline products, including initiating clinical trials for both ARIES and NxTAG. We also achieved the highest level of assay revenues in the Company's history and delivered solid margins and operating cash flow," said Homi Shamir, President and Chief Executive Officer of Luminex.
Additional Financial Highlights:
• Infectious disease assay sales were approximately 64 percent of total assay sales for the quarter and genetic testing assays were 36 percent.
• Royalty revenues reflect total royalty-bearing end user sales for the quarter of $126.9 million.
• During the quarter, there were 16 bulk purchases of consumables totaling $7.2 million, or 73 percent of total consumable sales.
• 193 multiplexing analyzers were shipped during the quarter, which included 86 MAGPIX systems, 91 LX systems, and 16 FLEXMAP 3D systems.
• GAAP operating income for the first quarter was $9.7 million. Non-GAAP operating income was $12.6 million (see Non-GAAP reconciliation).
• Cash and investments balance at quarter-end totaled $110.9 million.
• Days sales outstanding (DSO) was 39 days at quarter-end.
FINANCIAL OUTLOOK AND GUIDANCE
The Company reaffirms its 2015 annual revenue guidance of between $230 million and $236 million. In addition, the Company anticipates second quarter 2015 revenue to be between $56 million and $58 million.