Luminex Corporation Reports Second Quarter 2005 Results AUSTIN,
Texas, July 27 /PRNewswire-FirstCall/ -- Luminex Corporation
(NASDAQ:LMNX) today announced its financial results for the second
quarter ended June 30, 2005. Revenue for the second quarter of 2005
was $10.7 million, an increase of 16.0% from $9.2 million in the
second quarter of 2004. Net loss for the second quarter of 2005 was
$0.4 million or ($0.01) per share, compared with a net loss of $1.1
million or ($0.04) per share in the second quarter of 2004. Revenue
for the second quarter of 2005 consisted of $4.4 million from the
sale of 164 Luminex Systems, $3.9 million from the sale of
consumables, $1.2 million of royalties, and $1.1 million of other
revenue. Other revenue includes training revenue, shipping revenue,
extended service contract sales, miscellaneous part sales,
amortized license fees, and other special project revenue. At June
30, 2005, the Company had $36.7 million in cash, cash equivalents,
short-term and long-term investments as compared with $36.1 million
at December 31, 2004. The Company maintains its investments in
highly liquid securities. Working capital totaled $37.2 million at
June 30, 2005 as compared with $40.8 million at December 31, 2004.
"We are pleased with our results and overall progress in the second
quarter," said Patrick J. Balthrop, Chief Executive Officer of
Luminex. "In conjunction with our partners, we successfully
penetrated our target markets, resulting in record sales for the
company. Our strong levels of gross profit during the quarter also
enabled increased investment in R&D, innovation and
infrastructure as we position the company for the future. We look
forward to continuing the execution of our strategic plan through
2005 and beyond." Luminex will host a conference call to discuss
the results for the second quarter of 2005 and other matters at
5:00 p.m. Eastern Daylight Time on Wednesday, July 27, 2005. The
call will be available via live webcast at
http://www.luminexcorp.com/ . Simply log on to the web at the
address above and access the Investor Relations link. A replay will
be available on the Company's website. Luminex Corporation
develops, manufactures and markets proprietary biological testing
technologies with applications throughout the life sciences
industry. The Company's xMAP(R) 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 Corporation 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. 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, the Company's
dependence on strategic partners for development, commercialization
and distribution of products, fluctuations in quarterly results due
to a lengthy and unpredictable sales cycle, Luminex's ability to
scale manufacturing operations, potential shortages of components,
competition, the timing of regulatory approvals and any
modification of the Company's operating plan in response to its
ongoing evaluation of its business, as well as the risks discussed
under the heading "Risk Factors" in Luminex's Annual Report on Form
10-K for the year ended December 31, 2004, as filed with the
Securities and Exchange Commission. The forward-looking statements
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. Contact: Harriss T. Currie Vice President, Finance Chief
Financial Officer 512.219.8020 LUMINEX CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) June 30, December 31,
2005 2004 ---------- ---------- (unaudited) ASSETS Current assets:
Cash and cash equivalents $19,538 $19,238 Short-term investments
8,943 12,891 Accounts receivable, net 5,890 5,864 Inventory, net
7,376 7,650 Other 825 841 ---------- ---------- Total current
assets 42,572 46,484 Property and equipment, net 1,945 1,383
Long-term investments 8,180 3,991 Other assets 1,233 1,317
---------- ---------- Total assets $53,930 $53,175 ==========
========== LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable and accrued liabilities $3,544 $4,344
Deferred revenue 1,849 1,317 ---------- ---------- Total current
liabilities 5,393 5,661 Deferred revenue 3,506 2,968 ----------
---------- Total liabilities 8,899 8,629 ---------- ----------
Stockholders' equity: Common stock 31 31 Additional paid in capital
134,523 131,833 Deferred compensation (4,967) (3,335) Accumulated
other comprehensive income (loss) 1 (88) Accumulated deficit
(84,557) (83,895) ---------- ---------- Total stockholders' equity
45,031 44,546 ---------- ---------- Total liabilities and
stockholders' equity $53,930 $53,175 ========== ========== LUMINEX
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share amounts) Three Months Ended Six Months
Ended June 30, June 30, -------------------- --------------------
2005 2004 2005 2004 --------- --------- --------- ---------
(unaudited) (unaudited) Revenue $10,652 $9,171 $19,972 $18,466 Cost
of revenue 4,294 5,790 8,772 11,076 --------- --------- ---------
--------- Gross profit 6,358 3,381 11,200 7,390 Operating expenses:
Research and development 1,488 987 2,505 1,945 Selling, general and
administrative 5,150 3,611 9,489 6,908 --------- ---------
--------- --------- Total operating expenses 6,638 4,598 11,994
8,853 --------- --------- --------- --------- Loss from operations
(280) (1,217) (794) (1,463) Other income, net 246 94 462 203
Settlement of litigation (322) --- (322) --- Income taxes (7) (3)
(7) (9) --------- --------- --------- --------- Net loss $(363)
$(1,126) $(661) $(1,269) ========= ========= ========= =========
Net loss per share, basic and diluted $(0.01) $(0.04) $(0.02)
$(0.04) ========= ========= ========= ========= Shares used in
computing net loss per share, basic and diluted 30,947 30,682
30,911 30,562 DATASOURCE: Luminex Corporation CONTACT: Harriss T.
Currie, Vice President, Finance, Chief Financial Officer of Luminex
Corporation, +1-512-219-8020, or Web site:
http://www.luminexcorp.com/
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