EXHIBIT 99.1
[LUMINEX LOGO]
LUMINEX CORPORATION REPORTS 2003 FIRST QUARTER RESULTS
Austin, TX - April 21 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq:
LMNX) today announced its financial results for the quarter ended March 31,
2003.
Revenue for the first quarter of 2003 was $ 5.1 million, compared with $2.3
million in the first quarter of 2002. Net loss for the first quarter was
$906,000, or $0.03 per share, compared with $6.6 million, or $0.23 per share in
the first quarter of 2002. The improvement in net loss over the corresponding
prior year period was impacted by the receipt of $1.8 million during the first
quarter of 2003 in connection with the settlement of a lawsuit with our prior
patent counsel. Excluding this amount, net loss for the first quarter of 2003
would have been $2.7 million, or $0.09 per share.
Revenue for the first quarter of 2003 consisted of $3.0 million from the sale of
131 Luminex systems, $1.2 million from the sale of consumables, $219,000 of
royalties and $664,000 of other revenues.
"The financial results for the first quarter of 2003 are encouraging" stated Tom
Erickson, Interim President and CEO of Luminex. "We are pleased with the
progress made since the second half of 2002 to refine our core focus to better
respond to the needs of our customers, and to align our infrastructure and
expenses with our current revenues. We believe the improvement in our operating
results largely is attributable to a renewed focus on working closely with our
strategic partners."
Mr. Erickson continued: "Despite our optimism regarding the long-term prospects
for Luminex's xMapTM technology, we remain reluctant to provide financial
guidance at this time. As stated previously, we anticipate the Company's future
quarterly results may continue to fluctuate as a result of unpredictable
purchase patterns from the still relatively small number of our strategic
partners who have commercialized products utilizing the Luminex platform. Now,
more than ever, however, our dedicated team of employees and partners believe in
the growing acceptance of the Luminex platform as the industry standard for
performing bioassays, and we remain committed to building a strong business that
will benefit Luminex's stockholders."
Luminex will host a conference call to discuss the results for the first quarter
of 2003 at 4:30 p.m. Eastern Daylight Time on April 21, 2003. The call will be
available via Web cast live at http://www.luminexcorp.com. Simply log on to the
web at the address above and access the Investor Relations link.
Luminex Corporation 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 already in use in leading
research
laboratories as well as major pharmaceutical, diagnostic and biotechnology
companies. Further information on Luminex Corporation or xMAP can be obtained on
the Internet at http://www.luminexcorp.com.
Statements made in this earnings 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" and similar expressions are intended to further identify
such forward-looking statements. 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, fluctuations in
quarterly results due to a lengthy and unpredictable sales cycle, Luminex's
ability to scale manufacturing operations, potential shortages of components,
competition, the timing of regulatory approvals and any modification of the
Company's operating plan in response to its ongoing evaluation of its business
and search for a new chief executive officer, as well as the risks discussed
under the heading "Factors That May Affect Future Results" in Luminex's Annual
Report on Form 10-K for the year ended December 31, 2002, 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.
Contact: Harriss T. Currie
Acting Chief Financial Officer
(512) 219-8020
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
March 31, December 31,
2003 2002
----------- ------------
(unaudited)
Current assets:
Cash and short-term investments .............. $ 39,480 $ 40,482
Accounts receivable, net ..................... 3,460 2,460
Inventory .................................... 4,843 6,764
Other ........................................ 447 773
--------- ---------
Total current assets ..................... 48,230 50,479
Property and equipment, net .................. 2,097 2,397
Other ........................................ 915 747
--------- ---------
Total assets ............................. $ 51,242 $ 53,623
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ..... $ 2,226 $ 4,187
Deferred revenue ............................. 982 971
--------- ---------
Total current liabilities ................ 3,208 5,158
Deferred revenue ............................. 2,860 2,894
--------- ---------
Total liabilities ........................ 6,068 8,052
--------- ---------
Stockholders' equity:
Common stock ................................. 30 29
Additional paid-in capital ................... 122,234 121,702
Accumulated other comprehensive income ....... (103) (79)
Accumulated deficit .......................... (76,987) (76,081)
--------- ---------
Total stockholders' equity ............... 45,174 45,571
--------- ---------
Total liabilities and stockholders' equity $ 51,242 $ 53,623
========= =========
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
---------------------------
2003 2002
--------- ---------
(unaudited)
Revenue ............................................ $ 5,102 $ 2,287
Cost of revenue .................................... 3,622 1,995
--------- ---------
Gross margin .................................. 1,480 292
Operating expenses:
Research and development ...................... 831 1,994
Selling, general and administrative ........... 3,505 5,142
--------- ---------
Total operating expenses .................. 4,336 7,136
--------- ---------
Loss from operations ............................... (2,856) (6,844)
Interest income ............................... 110 220
Settlement of Lawsuit ......................... 1,840 --
--------- ---------
Net loss ........................................... $ (906) $ (6,624)
========= =========
Net loss per share, basic and diluted .............. (0.03) (0.23)
========= =========
Shares used in computing net loss
per share, basic and diluted .................. 29,537 28,950