AUSTIN, Texas, Jan. 12, 2021 /PRNewswire/ -- Luminex
Corporation (Nasdaq: LMNX) today announced 4th quarter
2020 revenue of approximately $111M,
up approximately 23% over the 4th quarter of 2019 and
full-year revenue of approximately $417M, up approximately 25% over the full year
2019. Fourth quarter and full year highlights include:
- Total molecular diagnostics (MDx) revenue for full-year 2020 of
$228M, up approximately $91M from $137M in
2019
- Placed approximately 450 sample-to-answer systems in 2020, up
approximately 120% vs. 2019 placements, including 40+
VERIGENE® II RUO systems shipped ex-US during the
4th quarter
- Licensed Technologies Group revenue for full-year 2020 of
approximately $147M, down
approximately 2% from full-year 2019 revenue of $149M, with approximately $40M of revenue generated in the 4th
quarter
- Flow Cytometry revenue for full-year 2020 of approximately
$36M, down approximately 20% from
full-year 2019 of $45M, with
approximately $12M of revenue
generated in the fourth quarter
- Commenced production on expanded ARIES®
manufacturing line, with current capacity of more than 4M tests per year
In addition, as of the date of this release, Luminex is raising
its previously provided 2021 revenue guidance to reflect that the
Company currently expects 2021 revenue to be approximately
$480M, which would represent a 15%
increase from 2020 full-year revenue.
"I am extremely pleased with our results. We ended 2020 with
both record quarterly and annual revenue and believe that we are
well prepared for continued growth in 2021," said Nachum "Homi"
Shamir, Chairman, CEO and President. "Our diversified model
performed well across our business during the quarter. Our strength
in molecular diagnostics continued, in advance of the continued
expansion of our ARIES® manufacturing capacity. Our
partners experienced a recovery in their businesses and performed
well. And our flow cytometry business saw a similar recovery in the
back half of the year as facilities around the world began to open
up. With the breadth of opportunities in front us, we are excited
to have ended the year on such a strong note and are heading into
2021 anticipating another very strong year."
The results reported herein are preliminary, based on
management's initial analysis of operations for the quarter and
year ended December 31, 2020 and
subject to further internal review and audit by the Company's
external auditors. Luminex's full financial results for the fourth
quarter and full-year 2020 will be discussed on its fourth quarter
earnings call, currently scheduled for February 8, 2021.
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 Luminex's expected financial results for the fourth
quarter of 2020 and full-year 2020 and its projected 2021
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 Luminex'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 Luminex's supply chain or its ability to install
instruments, and delays in U.S. Food and Drug Administration (the
"FDA") clearances related to adjustments in the agency's approval
priorities in response to the pandemic); the warning letter (the
"Warning Letter") Luminex received from the FDA on June 26, 2020 relating to the operations of
Luminex's Austin, TX and
Northbrook, IL facilities and
Luminex's VERIGENE Processor SP System, as previously disclosed in
Luminex's Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission on June 29,
2020, including the outcome of Luminex's efforts to
remediate the FDA's observations, the possible resolution of the
issues identified in the Warning Letter and any further regulatory
and enforcement actions that may initiated by the FDA with respect
thereto; 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 and
complete new manufacturing lines 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, including any
challenges in identifying acquisition targets and obtaining
financing on acceptable terms; Luminex's ability to integrate
acquired companies or selected assets into Luminex's consolidated
business operations and its 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,
including risks associated with potential attacks on or breaches of
Luminex's information technology systems and any resultant harm to
Luminex's ability to protect its intellectual property and
manufacture, sell and support its products; 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; Luminex's ability to comply with changes in international
taxation policies; 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 Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q, as filed with the Securities and
Exchange Commission. The forward-looking statements, including the
preliminary fourth quarter 2020 and full-year 2020 results and 2021
projected performance, including revenue guidance, 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; 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