AUSTIN, Texas, Jan. 9, 2017 /PRNewswire/ -- Luminex
Corporation (NASDAQ: LMNX) today announced that it expects revenues
in the fourth quarter of 2016 to be approximately $72 million and approximately $271 million for the year. These results reflect
increases of 20% and 14% compared to the respective periods in
2015. Verigene-related revenues in the fourth quarter were
approximately $9 million, a 32%
increase from the year ago period.
The company conducted a reorganization in December of 2016 to
both facilitate the integration of Nanosphere and to better focus
on our core business. The restructuring included a headcount
reduction of over 50 employees, a reallocation of responsibilities
within the R&D organization and a significant reduction of
biodefense efforts. The company will recognize a charge of
approximately $2.5 million in the
fourth quarter of 2016 in conjunction with these activities and
expects total annualized savings of approximately $9 million.
2017 Financial Guidance
The company expects fiscal
2017 revenue to be between $295 million and
$305 million. The company intends to update its annual
revenue guidance at each quarterly reporting period.
Fourth Quarter and Full Year 2016 Earnings Release
Scheduled
The company expects to report results for the
fourth quarter and full year ended December
31, 2016 on Monday, February 6,
2017. Management will hold a conference call to discuss the
operating highlights and financial results on that date, at
4:30 p.m. Eastern time.
Luminex to Present at 35th Annual J.P. Morgan
Healthcare Conference
Luminex President and CEO,
Homi Shamir, will present at the
35th Annual J.P. Morgan Healthcare Conference to be held at The
Westin St. Francis hotel in San
Francisco, CA on Thursday, January
12 at 8:00 a.m. Pacific
time.
The corporate presentation will be filed with the Securities and
Exchange Commission and 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 event to
register, download and install any necessary audio/video software.
If you are unable to participate during the live webcast, the
presentation will be archived for six months on the website using
the 'replay' link.
Use of Forward Looking Statements
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. Forward-looking statements in this
release include statements regarding expected revenue and cost
savings , projected 2017 performance, including revenue guidance,
including the revenue contribution from our recently completed
acquisition of Nanosphere, Inc. 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'
products and technology in development, including
ARIES®, Verigene® and NxTAG
products, the uncertainty relating to increased focus on direct
sales to the end user, dependence on strategic partners for
development, commercialization and distribution of products,
concentration of Luminex' revenue in a limited number of direct
customers and strategic partners, some of which may be experiencing
decreased demand for their products utilizing or incorporating
Luminex' technology, budget or finance constraints in the current
economic environment, or periodic variability in their purchasing
patterns or practices as a result of material resource planning
challenges, the timing of and process for regulatory approvals, the
impact of the ongoing uncertainty in global finance markets and
changes in governmental funding, including its effects on the
capital spending policies of Luminex' partners and end users and
their ability to finance purchases of Luminex' products,
fluctuations in quarterly results due to a lengthy and
unpredictable sales cycle, fluctuations in bulk purchases of
consumables, fluctuations in product mix, and the seasonal nature
of some of Luminex' assay products, Luminex' ability to obtain and
enforce intellectual property protections on Luminex' products and
technologies, risks and uncertainties associated with implementing
Luminex' acquisition strategy, including Luminex' ability to obtain
financing, Luminex' ability to integrate acquired companies or
selected assets into Luminex' consolidated business operations, and
the ability to recognize the benefits of Luminex' acquisitions,
reliance on third party distributors for distribution of specific
Luminex-developed and manufactured assay products, Luminex' ability
to scale manufacturing operations and manage operating expenses,
gross margins and inventory levels, changes in principal members of
Luminex' management staff, potential shortages, or increases in
costs, of components or other disruptions to Luminex' manufacturing
operations, competition and competitive technologies utilized by
Luminex' competitors, Luminex' ability to successfully launch new
products in a timely manner, Luminex' increasing dependency on
information technology to enable Luminex to improve the
effectiveness of Luminex' operations and to monitor financial
accuracy and efficiency, the implementation, including any
modification, of Luminex' strategic operating plans, the
uncertainty regarding the outcome or expense of any litigation
brought against or initiated by Luminex, and risks relating to
Luminex' foreign operations, including fluctuations in exchange
rates, tariffs, customs and other barriers to importing/exporting
materials and products in a cost effective and timely manner;
difficulties in accounts receivable collections; the burden of
monitoring and complying with foreign and international laws and
treaties; and the burden of complying with and change in
international taxation policies, as well as the risks discussed
under the heading "Risk Factors" in Luminex's 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 2017 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's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
About Luminex Corporation
At Luminex, our mission is
to empower labs to obtain reliable, timely, and actionable answers,
ultimately advancing health. We offer a wide range of
solutions applicable in diverse markets including clinical
diagnostics, pharmaceutical drug discovery, biomedical research,
genomic and proteomic research, biodefense research, and food
safety. We accelerate reliable answers while simplifying complexity
and deliver certainty with a seamless experience. To learn more
about Luminex, please visit us at luminexcorp.com.
Contacts
Luminex Investor
Contacts
Harriss Currie
Sr. Vice President of Finance and CFO
512.219.8020
hcurrie@luminexcorp.com
Matthew Scalo
Sr. Director, Investor Relations
512.219.8020
mscalo@luminexcorp.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/luminex-announces-preliminary-revenue-for-fourth-quarter-2016-and-issues-2017-revenue-guidance-to-present-at-35th-annual-jp-morgan-healthcare-conference-300387303.html
SOURCE Luminex Corporation