Nov. 4, 2009 (Business Wire) -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the third quarter ended September 30, 2009. Recent financial and operating highlights include the following:

• Record system shipments of 259, including 11 FLEXMAP 3D® systems for the third quarter of 2009, resulting in cumulative life-to-date shipments of 6,514, up 15 percent from a year ago
• Record system revenue of $9.2 million for the third quarter of 2009, up 18 percent over the third quarter of 2008; year-to-date system revenue of $21.4 million, an increase of three percent over the same prior year period
• Consolidated third quarter revenue of $29.1 million, and loss per share of $(0.01)
• Third quarter revenue from sales of higher margin items (consumables, royalties, and assays) of $17.0 million or 58 percent of total quarterly revenue
• Total assay sales by Luminex and its partners of $80.8 million for the third quarter of 2009, an increase of 16 percent over the third quarter of 2008
• Consolidated gross profit margin of 64 percent for the third quarter of 2009
• Received FDA 510(K) clearance for the xTAG® Cystic Fibrosis Test 39 v2 incorporating new fast chemistry
• Announced FDA clearance for an update to the xTAG Respiratory Viral Panel (RVP) package insert to include data demonstrating that xTAG RVP can be an effective aid in the detection of 2009 Influenza A/H1N1
• Launched new xTAG RVP awareness campaign including the development of xTAGRVP.com, a respiratory virus testing and information website providing doctors and patients timely information on avoiding and detecting flu and other respiratory viruses
• Continued global expansion by establishing an office in Tokyo, Japan to provide commercial support and service to customers and partners in the region

Consolidated revenue for the third quarter of 2009 was $29.1 million, a one percent increase over the third quarter of 2008 revenue of $28.9 million. GAAP net loss for the third quarter of 2009 was $(0.6) million, or $(0.01) per share, compared with GAAP net income of $3.2 million, or $0.08 per share for the same period last year. Net loss for the third quarter of 2009 included non-cash charges of $2.2 million in stock compensation expense associated with SFAS 123R and $2.1 million of depreciation and amortization expense.

“We are pleased with our performance in the quarter, especially given the economic and market conditions,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “We achieved record instrument shipments during the third quarter, and record instrument revenue as continuing to grow our installed base of instruments is a strategic priority for Luminex. We continued to grow our Assay Group revenue, led by our innovative Respiratory Viral Panel. Although we reported a sequential decline in our bulk consumable sales, we believe this is a temporary phenomenon. We expect our consumables to return to growth in the near term.

“We are encouraged by early indicators for the fourth quarter of 2009, as well as the longer term, given our pipeline of products, enhanced investment by our partners, and our robust royalty revenues,” continued Balthrop. “Our gross margins were healthy at 64 percent for the quarter and we continue to exercise good cost and expense control.”

FINANCIAL OUTLOOK AND GUIDANCE

The Company is adjusting 2009 full year revenue guidance to $118 to $126 million from between $118 and $132 million. The adjusted full year figures represent an increase of between 13 and 18 percent over reported 2008 revenue.

CONFERENCE CALL

Management will host a conference call to discuss the operating highlights and financial results for the third quarter ended September 30, 2009, on Wednesday, November 4, 2009, at 5:00 p.m. Eastern time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which 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 call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for six months on the website using the 'replay' link.

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 the genomics and proteomics 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 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. 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, which may include statements regarding the Company’s revenues and outlook for 2009, expectations regarding future bulk consumables sales and the effects of market conditions on bulk consumables sales, improvement of market conditions for the Company’s partners and end users for the fourth quarter of 2009, the ability of our pipeline of products and enhanced investment by our partners to continue to drive improved financial performance, the ability of new product launches and geographic expansion to open new markets and continue the Company’s growth, royalty revenue, its continued robustness and its reliability as an indicator of end user assay demand, and the ability of the Company to continue to invest in its long-term growth strategies, including research and development projects, geographic and commercial expansion, dedication to regulatory compliance. 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 (including systems, consumables and assay kits) 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’ Annual Report on Forms 10-K for the year ended December 31, 2008 and subsequent Forms 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial 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’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.