AUSTIN, Texas, June 27, 2011 /PRNewswire/ -- Luminex Corporation
(NASDAQ: LMNX) today announced the completion of its acquisition of
privately-held EraGen Biosciences, Inc., an innovator in molecular
diagnostic testing technologies for infectious disease and genetic
applications, for $34 million in
cash.
(Logo:
http://photos.prnewswire.com/prnh/20100104/LUMINEXLOGO)
Luminex expects the EraGen acquisition will add between
$5 million and $7 million to 2011
consolidated revenue. On a GAAP basis, inclusive of purchase
related costs, Luminex expects this acquisition to be dilutive in
2011 and accretive to earnings in 2012. Luminex expects the
acquisition to be neutral to earnings in 2011 on a non-GAAP basis
as a result of acquisition costs and required accounting
adjustments. These costs are not expected to repeat in subsequent
periods.
About EraGen Biosciences, Inc.
EraGen Biosciences develops, manufactures and markets molecular
reagent products. The company's in-market and pipeline products,
based on its novel, patented MultiCode® platform chemistry, are
next generation DNA- and RNA-based testing for the early detection
of infectious diseases and genetic-based conditions. For more
information, visit the EraGen website at www.eragen.com.
About Luminex Corporation
Luminex Corporation develops, manufactures and markets
proprietary biological testing technologies with applications
throughout the diagnostic and life sciences industries. The
company's xMAP® multiplex solutions include 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 genomic and proteomic research markets. The
company's xMAP technology is sold worldwide and is already in use
in leading clinical laboratories as well as major pharmaceutical,
diagnostic and biotechnology companies. Further information on
Luminex Corporation or xMAP technology can be obtained at
http://www.luminexcorp.com/.
Statements made in this release that express Luminex' 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: projected financial results of EraGen and their effect
and the effect of the acquisition on Luminex financial results. 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'
actual results or performance to differ materially include risks
and uncertainties relating to, among others, market demand and
acceptance of Luminex' 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, Luminex' 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' 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' 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 2011 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' expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
Contacts
Corporate:
Harriss T. Currie
Chief Financial Officer and Vice President, Finance
Luminex Corporation
hcurrie@luminexcorp.com
512.219.8020
Investors:
Matthew Scalo
Sr. Director, Investor Relations
Luminex Corporation
mscalo@luminexcorp.com
512.219.8020
Media:
Mimi Torrington
Director, Marketing Communications
Luminex Corporation
mtorrington@luminexcorp.com
512.219.8020
Aaron DeLuca
Porter Novelli
porternovelli.com
512.241.2249
SOURCE Luminex Corporation