AUSTIN, Texas, Oct. 7, 2020 /PRNewswire/ -- Luminex
Corporation (Nasdaq: LMNX) today announced 3rd quarter
2020 revenues of approximately $106
million, up approximately 35% over the 3rd
quarter of 2019. Highlights include:
- Molecular Diagnostics revenue of approximately $60 million, up almost 100% vs. Q3 2019
- Licensed Technologies Group revenue of approximately
$35 million, down 10% vs. Q3
2019
- Flow Cytometry revenue of approximately $10 million, up 13% vs. Q3 2019
"We successfully executed on our revised plan and finished the
quarter with revenue of approximately $106
million from our strong and diversified business," said
Nachum "Homi" Shamir, Chairman, President, and CEO of Luminex. "We
continue to experience tailwinds in our MDx business as we help
combat the COVID-19 pandemic, with orders for our
ARIES®-based, COVID-19-related products continuing to
outstrip our ability to supply. We have completed our planned
expansion activities on our NxTAG® line and the
expansion of our ARIES® manufacturing line should be
completed during the 4th quarter, and will help us to
address the backlog and continued strong demand for our
COVID-19-related PCR products. Our Clinical Tools and Life Science
business is beginning to see recovery from pandemic lows, but we
are still experiencing some headwinds. We are also looking forward
to several near-term product launches that will further solidify
our extensive portfolio."
The full financial results for the quarter, and any changes to
2020 guidance and/or provision thereof, will be discussed on our
third quarter earnings call, currently scheduled for November
2, 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," "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, negative effects from the worldwide
COVID-19 pandemic (including but not limited to the general
economic downturn related to such pandemic, travel restrictions
related thereto, business closures that may affect our supply chain
or our ability to install instruments, and delays in FDA clearances
related to adjustments in the agency's approval priorities in
response to the 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 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
Investor Relations Contact:
Carla Stanaford
cstanaford@luminexcorp.com
937-469-2120
Media Contact:
Michele
Parisi
Bioscribe
mparisi@bioscribe.com
925-864-5028
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SOURCE Luminex Corporation