Luminex (LMNX) 8-K Luminex Corporation Announces Finalization of the Purchase Price Allocation Related to TM Bioscience Acquisition

EXHIBIT 99.1

Contact:	Harriss T. Currie
	Vice President, Finance and Chief Financial Officer
	512-219-8020
	hcurrie@luminexcorp.com

LUMINEX CORPORATION ANNOUNCES FINALIZATION OF THE PURCHASE
PRICE ALLOCATION RELATED TO TM BIOSCIENCE ACQUISITION

AUSTIN, Texas (November 9, 2007) — Luminex Corporation (NASDAQ:LMNX) today announced that it had completed its allocation of the purchase price related to the acquisition of Tm Bioscience completed on March 1, 2007.

As previously disclosed, Luminex had completed a preliminary valuation of acquired intangible assets and recorded $30.8 million of goodwill related to the Tm Bioscience acquisition. As of this week, Luminex finalized its valuation analysis, and consequently, the goodwill balance has been increased to $39.6 million and a total of $26.2 million has been allocated to identified acquired intangible assets of which $7.4 million represents in-process research and development. The final valuation analysis identified a decrease in the fair value of the long-term debt of $1.1 million. Accordingly, financial information for the third quarter and nine months ended September 30, 2007, previously released on October 24, 2007, has been revised to reflect the purchase price adjustments and are included in this press release and supercede the financial information previously released and filed with a current report on Form 8-K.

These modifications consist of an $8.8 million allocation from intangible assets to goodwill (with $461,000 of amortization associated with those assets taken in the period ended September 30, 2007) and a $1.1 million allocation from in-process research and development to goodwill, with a $0.6 million balance recaptured in the period ended September 30, 2007. The identified intangible assets which constitute this modification have estimated useful lives of between one and 15 years and will contribute approximately $566,000 per quarter of amortization expense for the next three quarters then decreasing to approximately $500,000 per quarter thereafter. Cumulative amortization of acquired intangible assets was adjusted downward by $364,000 from the previously reported results.

The Company will file a Form 10-Q for the third quarter ended September 30, 2007, on November 9, 2007, which will contain the financial statements as revised to reflect the non-cash allocation and amortization for the identified intangible assets acquired from Tm Bioscience.

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LMNX Announces Recording of Intangible Assets
Page 2
November 9, 2007

ABOUT LUMINEX CORPORATION

Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company’s xMAP^® system is 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 research markets. The Company’s xMAP^® technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex or xMAP^® can be obtained on the Internet at http://www.luminexcorp.com.

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. 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’s products, 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’s 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, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies, including Tm Bioscience Corporation, 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’s Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements 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.

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LMNX Announces Recording of Intangible Assets
Page 3
November 9, 2007

LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	September 30,			December 31,
	2007			2006
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	9,725		$	27,414
Short-term investments		3,281			10,956
Accounts receivable, net		12,355			8,237
Inventory, net		7,602			4,571
Other		1,693			1,917
Total current assets		34,656			53,095
Property and equipment, net		12,335			4,985
Intangible assets, net		17,480			—
Long-term investments		5,311			7,346
Goodwill		39,599			—
Other		1,433			1,270
Total assets	$	110,814		$	66,696
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,286		$	3,255
Accrued liabilities		8,635			2,905
Deferred revenue and other		2,590			2,756
Total current liabilities		14,511			8,916
Long-term debt		2,940			—
Deferred revenue and other		3,754			3,621
Total liabilities		21,205			12,537
Stockholders’ equity:
Common stock		35			32
Additional paid-in capital		188,235			139,116
Accumulated other comprehensive gain		165			65
Accumulated deficit		(98,826	)		(85,054	)
Total stockholders’ equity		89,609			54,159
Total liabilities and stockholders’ equity	$	110,814		$	66,696

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LMNX Announces Recording of Intangible Assets
Page 4
November 9, 2007

LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
	(unaudited)						(unaudited)
Revenue	$	19,353		$	12,514		$	53,508		$	38,779
Cost of revenue		7,336			4,732			20,724			15,077
Gross profit		12,017			7,782			32,784			23,702
Operating expenses:
Research and development		4,464			2,348			11,035			6,335
Selling, general and administrative		10,011			5,869			28,823			17,956
In-process research and development expense		(600	)		—			7,400			—
Total operating expenses		13,875			8,217			47,258			24,291
Loss from operations		(1,858	)		(435	)		(14,474	)		(589	)
Interest expense from long-term debt		(253	)		—			(685	)		—
Other income, net		309			544			1,350			1,511
Income taxes		(50	)		2			37			(14	)
Net income (loss)	$	(1,852	)	$	111		$	(13,772	)	$	908
Net income (loss) per share, basic	$	(0.05	)	$	0.00		$	(0.40	)	$	0.03
Shares used in computing net income (loss) per share, basic		35,097			31,507			34,043			31,358
Net income (loss) per share, diluted	$	(0.05	)	$	0.00		$	(0.40	)	$	0.03
Shares used in computing net income (loss) per share, diluted		35,097			33,155			34,043			32,682

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LMNX Announces Recording of Intangible Assets
Page 5
November 9, 2007

LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
	(unaudited)						(unaudited)
Operating activities:
Net income (loss)	$	(1,852	)	$	111		$	(13,772	)	$	908
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		1,067			339			3,445			1,086
In-process research and development expense		(600	)		—			7,400			—
Stock-based compensation and other		1,744			1,433			4,843			3,857
(Gain) loss on disposal of assets		—			—			88			25
Other		1			(2	)		3			(12	)
Changes in operating assets and liabilities:
Accounts receivable, net		(741	)		(240	)		(2,398	)		(1,716	)
Inventory, net		(503	)		(318	)		(1,223	)		(180	)
Prepaids and other		361			(113	)		242			(84	)
Accounts payable		(342	)		(27	)		(4,159	)		(1,532	)
Accrued liabilities		536			457			(1,817	)		(378	)
Deferred revenue		(545	)		(150	)		(402	)		(374	)
Net cash provided by (used in) operating activities		(874	)		1,490			(7,750	)		1,600
							��
Investing activities:
Net purchases of held-to-maturity investments		33			(1,364	)		9,743			(2,409	)
Purchase of property and equipment		(2,002	)		(442	)		(5,331	)		(1,970	)
Acquisition of business, net of cash acquired		50			—			(2,686	)		—
Acquired technology rights		—			(25	)		(265	)		(25	)
Acquired intangible assets		(5	)		—			(5	)		—
Proceeds from sale of assets		—			17			30			24
Net cash provided by (used in) investing activities		(1,924	)		(1,814	)		1,486			(4,380	)
Financing activities:
Payments on debt		(4	)		—			(12,349	)		—
Proceeds from issuance of common stock		459			1,000			632			2,434
Other		4			—			13			—
Net cash provided by (used in) financing activities		459			1,000			(11,704	)		2,434
Effect of foreign currency exchange rate on cash		228			4			279			26
Change in cash and cash equivalents		(2,111	)		680			(17,689	)		(320	)
Cash and cash equivalents, beginning of period		11,836			24,206			27,414			25,206
Cash and cash equivalents, end of period	$	9,725		$	24,886		$	9,725		$	24,886
Supplemental disclosure of cashflow information:
Interest and penalties paid	$	1		$	—		$	1,336		$	—
Supplemental disclosure of non-cash effect of acquisitions:
Purchase price	$	(1,182	)	$	—		$	(48,928	)	$	—
Common stock issued		—			—			41,755			—
Conversion of Tm options and warrants		—			—			2,315			—
Forgiveness of receivable from acquired company		1,232						1,232
Cash acquired		—			—			940			—
Acquisition, net of cash acquired	$	50		$	—		$	(2,686	)	$	—

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