EXHIBIT 99.1
(LUMINEX LOGO)
LUMINEX CORPORATION REPORTS 2003 THIRD QUARTER RESULTS: REVENUES UP 97%
OVER Q3 2002 AND UP 27% OVER Q2 2003.
Austin, TX - October 22 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq:
LMNX) today announced its financial results for the quarter ended September 30,
2003.
Revenue for the third quarter of 2003 was $7.1 million, compared with $3.6
million in the third quarter of 2002. Net loss for the third quarter was
$761,000 or $0.03 per share, compared with $5.7 million, or $0.19 per share in
the third quarter of 2002. Our cash and cash equivalents balance at September
30, 2003 was $40.2 million, down slightly from our December 31, 2002 balance of
$40.5 million.
Revenue for the third quarter of 2003 consisted of $4.0 million from the sale of
170 Luminex systems, $2.0 million from the sale of consumables, $400,000 of
royalties and $723,000 of other revenues. This compares to $1.7 million from the
sale of 68 Luminex systems, $1.3 million from the sale of consumables, $181,000
of royalties and $386,000 of other revenues in the third quarter of 2002.
"We continue to be encouraged by our sequential improvement in operating
results. Our third quarter operating performance has been positively affected by
the escalating commercial activity of our partners, which has been supplemented
by the focus of our efforts internally," said G. Walter Loewenbaum, Chairman of
the Board of Directors for Luminex Corporation. "Sustained improvement of our
results will require ongoing assistance to our partners with their development
efforts and continued support of those who have already commercialized our
technology."
Luminex will host a conference call to discuss the results for the third quarter
of 2003 at 8:30 a.m. Eastern Daylight Time on October 23, 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(R) 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 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
Chief Financial Officer
(512) 219-8020
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2003 2002
------------- ------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents .................... $ 40,163 $ 40,482
Accounts receivable, net ..................... 4,187 2,460
Inventory, net ............................... 4,699 6,764
Other ........................................ 930 773
--------- ---------
Total current assets ..................... 49,979 50,479
Property and equipment, net ........................ 1,762 2,397
Other .............................................. 913 747
--------- ---------
Total assets ............................. $ 52,654 $ 53,623
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ..... $ 3,585 $ 4,187
Deferred revenue ............................. 954 971
--------- ---------
Total current liabilities ................ 4,539 5,158
Deferred revenue ................................... 3,382 2,894
--------- ---------
Total liabilities ........................ 7,921 8,052
--------- ---------
Stockholders' equity:
Common stock ................................. 30 29
Additional paid-in capital ................... 124,537 121,702
Accumulated other comprehensive loss ......... (187) (79)
Accumulated deficit .......................... (79,647) (76,081)
--------- ---------
Total stockholders' equity ............... 44,733 45,571
--------- ---------
Total liabilities and stockholders' equity $ 52,654 $ 53,623
========= =========
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2003 2002 2003 2002
-------- -------- -------- --------
(unaudited) (unaudited)
Revenue ......................................... $ 7,119 $ 3,582 $ 17,863 $ 9,046
Cost of revenue ................................. 4,275 2,969 11,602 7,612
-------- -------- -------- --------
Gross profit ...................... 2,844 613 6,261 1,434
Operating expenses:
Research and development .......... 688 1,245 2,400 5,382
Selling, general and administrative 3,010 5,212 9,566 15,163
-------- -------- -------- --------
Total operating expenses ...... 3,698 6,457 11,966 20,545
-------- -------- -------- --------
Loss from operations ............................ (854) (5,844) (5,705) (19,111)
Other income, net ................. 93 168 299 569
Settlement of litigation .......... -- -- 1,840 --
-------- -------- -------- --------
Net loss ........................................ $ (761) $ (5,676) $ (3,566) $(18,542)
======== ======== ======== ========
Net loss per share, basic and diluted ........... $ (0.03) $ (0.19) $ (0.12) $ (0.63)
======== ======== ======== ========
Shares used in computing net loss
per share, basic and diluted ............... 29,829 29,400 29,670 29,216