AUSTIN, Texas, Oct. 26 /PRNewswire-FirstCall/ -- Luminex
Corporation (NASDAQ:LMNX) today announced its financial results for
the third quarter ended September 30, 2005. Revenue for the third
quarter of 2005 was $10.8 million, an increase of 29.0% from $8.4
million in the third quarter of 2004. Net loss for the third
quarter of 2005 was $0.7 million or ($0.02) per share, compared
with a net loss of $1.2 million or ($0.04) per share in the third
quarter of 2004. Year to date through September 30, 2005, revenue
was $30.7 million and net loss was $1.3 million or ($0.04) per
share, as compared with revenue of $26.8 million and a net loss of
$2.4 million or ($0.08) per share for the corresponding period in
2004. Revenue for the third quarter of 2005 consisted of $4.6
million from the sale of 172 Luminex Systems, $3.4 million from the
sale of consumables, $1.4 million of royalties, and $1.3 million of
other revenue. Revenue for the third quarter of 2004 consisted of
$4.3 million from the sale of 177 Luminex Systems, $2.1 million
from the sale of consumables, $870,000 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 September 30, 2005, the Company had $38.6 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 $39.0 million at September 30, 2005 as compared
with $40.8 million at December 31, 2004. "We continue to be pleased
with our performance, including our results in the third quarter,"
said Patrick J. Balthrop, Chief Executive Officer of Luminex. "Our
revenue achieved another milestone in the quarter at $10.8 million,
a 29% increase over the same period in 2004. Our gross profit,
although slightly less than the previous quarter due to revenue
mix, continued to demonstrate overall progress with a 54% increase
over the same period in 2004. This improvement in gross profit
enabled increased investment in the Company's strategic
initiatives, including R&D. Our R&D output included the
launch of our newest instrument platform, the LX200, during the
quarter. We look forward to continuing the execution of our
strategic plan in the fourth quarter and beyond." Luminex will host
a conference call to discuss the results for the third quarter of
2005 and other matters at 5:00 p.m. Eastern Daylight Time on
Wednesday, October 26, 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 -see attached tables- LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) September 30,
December 31, 2005 2004 ------------- ------------ (unaudited)
ASSETS Current assets: Cash and cash equivalents $21,511 $19,238
Short-term investments 10,942 12,891 Accounts receivable, net 5,842
5,864 Inventory, net 5,342 7,650 Other 823 841 ------- -------
Total current assets 44,460 46,484 Property and equipment, net
2,471 1,383 Long-term investments 6,181 3,991 Other 1,192 1,317
------- ------- Total assets $54,304 $53,175 ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $1,228 $1,642 Accrued liabilities 2,199 2,702 Deferred
revenue 2,071 1,317 ------- ------- Total current liabilities 5,498
5,661 Deferred revenue 3,469 2,968 ------- ------- Total
liabilities 8,967 8,629 ------- ------- Stockholders' equity:
Common stock 32 31 Additional paid-in capital 135,099 131,833
Deferred stock compensation (4,581) (3,335) Accumulated other
comprehensive gain (loss) 1 (88) Accumulated deficit (85,214)
(83,895) ------- ------- Total stockholders' equity 45,337 44,546
------- ------- Total liabilities and stockholders' equity $54,304
$53,175 ======= ======= LUMINEX CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30,
--------------- ----------------- 2005 2004 2005 2004 ------ ------
------- ------- (unaudited) (unaudited) Revenue $10,764 $8,359
$30,736 $26,825 Cost of revenue 5,294 4,818 14,066 15,895 ------
------ ------- ------- Gross profit 5,470 3,541 16,670 10,930
Operating expenses: Research and development 1,469 949 3,974 2,894
Selling, general and administrative 4,992 3,905 14,481 10,813
------ ------ ------- ------- Total operating expenses 6,461 4,854
18,455 13,707 ------ ------ ------- ------- Loss from operations
(991) (1,313) (1,785) (2,777) Other income, net 337 162 799 365
Settlement of litigation --- --- (322) --- Income taxes (3) (5)
(10) (13) ------ ------ ------- ------- Net loss $(657) $(1,156)
$(1,318) $(2,425) ====== ====== ======= ======= Net loss per share,
basic and diluted $(0.02) $(0.04) $(0.04) $(0.08) ====== ======
======= ======= Shares used in computing net loss per share, basic
and diluted 31,039 30,813 30,954 30,649 DATASOURCE: Luminex
Corporation CONTACT: Harriss T. Currie, Vice President, Finance and
Chief Financial Officer of Luminex Corporation, +1-512-219-8020, or
Web site: http://www.luminexcorp.com/
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