AUSTIN, Texas, April 6, 2020 /PRNewswire/ -- Luminex
Corporation today announced 1st quarter 2020 revenues of
just over $90 million, up
approximately 10% over the 1st quarter of 2019 and
approximately 8% above the top end of its previously communicated
1st quarter revenue guidance range of $82 to $84 million.
Highlights include:
- Molecular Diagnostics Revenue of approximately $45 million, up more than 25% vs. Q1 2019, driven
by SARS-CoV-2 pandemic-related sales:
-
- Non-automated assays of $19
million, up more than 15% vs. Q1 2019
- Sample-to-answer business of approximately $26 million, up more than 50% vs. Q1 2019
-
- Automated assays of $23 million,
up more than 35% vs. Q1 2019
- Record sample-to-answer system placements: approximately 120
systems were sold or contracted, the majority of which were
ARIES®
- Strong demand continues across all Respiratory/COV-19
products
- Licensed Technologies Group revenue of approximately
$37 million, up 5% vs. Q1 2019:
-
- Placed 223 XMap systems, 6% higher than the 1st Qtr
of 2019
- In-line with expectations
- Flow Cytometry revenue of more than $6
million
-
- Down more than 40% vs. Q1 2019, but down just over 20% when
adjusted for over $2 million of
confirmed orders we have been unable to install due to the COVID-19
pandemic
- Significantly affected by slowdown in academic research
"During the first quarter, and in the face of a global pandemic,
our diversified business performed very well and showcased both our
flexibility and creativity. In these challenging times, our
organization has stepped up and provided multiple solutions to the
marketplace, including several recent Emergency Use Authorized
SARS-CoV-2 tests," said Nachum "Homi" Shamir, President and CEO.
"Through the tireless efforts of our front-line employees, we have
ramped up manufacturing to accommodate the ever-increasing needs of
our customers, both existing and new. We look forward to providing
a more detailed analysis of our full results during our quarterly
results call."
The full financial results for the quarter and any changes to
2020 guidance and/or provision thereof, will be discussed on our
first quarter earnings call, currently scheduled for May 11, 2020.
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.
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 and projected 2020 performance, including revenue guidance.
The words "expect," "could," "forward," "providing," "will," 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, the Company's and its customers'
responses to the COVID-19 pandemic, concentration of Luminex's
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's technology,
budget or finance constraints in the current economic environment,
or periodic variability in their purchasing patterns or
practices as a result of internal resource planning challenges;
market demand and acceptance of Luminex's products and technology,
including ARIES®, MultiCode®,
xMAP®, xMAP® INTELLIFLEX,
VERIGENE®, VERIGENE® II, Guava®,
Muse®, Amnis® and
NxTAG® products; Luminex's ability to scale
manufacturing operations (particularly with respect to its products
that recently received EUA clearance) and manage operating
expenses, gross margins and inventory levels; Luminex's ability to
obtain and enforce intellectual property protections on Luminex's
products and technologies; the impact on Luminex's growth and
future results of operations with respect to the loss of the
LabCorp women's health business; Luminex's ability to successfully
launch new products in a timely manner; dependence on strategic
partners for development, commercialization and distribution of
products; risks and uncertainties associated with implementing
Luminex's acquisition strategy, Luminex's challenge to identify
acquisition targets, including Luminex's ability to obtain
financing on acceptable terms; Luminex's ability to integrate
acquired companies or selected assets into Luminex's consolidated
business operations, and the ability to fully realize the benefits
of Luminex's acquisitions; the timing of and process for regulatory
approvals; competition and competitive technologies utilized by
Luminex's competitors; 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's assay products; Luminex's
ability to comply with applicable laws, regulations, policies and
procedures; the impact of the ongoing uncertainty in global finance
markets and changes in governmental and governmental agency
funding, including effects on the capital spending policies of
Luminex's partners and end users and their ability to finance
purchases of Luminex's products; changes in principal members of
Luminex's management staff; potential shortages, or increases in
costs, of components or other disruptions to Luminex's
manufacturing operations; Luminex's increasing dependency on
information technology to improve the effectiveness of Luminex's
operations and to monitor financial accuracy and efficiency; the
implementation, including any modification, of Luminex's strategic
operating plans; the uncertainty regarding the outcome or expense
of any litigation brought against or initiated by Luminex; risks
relating to Luminex's 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;
Luminex's ability to monitor and comply with foreign and
international laws and treaties; and Luminex's ability to comply
with changes in international taxation policies; 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; reliance on third party
distributors for distribution of specific Luminex-developed and
manufactured assay products, 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 2020 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.
Investor Contact:
Harriss Currie
Sr. Vice President of Finance and CFO
hcurrie@luminexcorp.com
512-219-8020
Media Contact:
Michele Parisi
Bioscribe
mparisi@bioscribe.com
925-864-5028
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SOURCE Luminex Corporation