Exhibit 99.1
[LUMINEX LOGO]
LUMINEX CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2004 RESULTS:
REVENUES UP 7% OVER Q4 2003
Austin, TX - February 9, 2005 / PRNewswire-FirstCall / -- Luminex Corporation
(Nasdaq: LMNX) today announced its financial results for the fourth quarter and
year ended December 31, 2004.
Revenue for the fourth quarter of 2004 was $9.1 million, up 8.3 percent from
$8.4 million in the fourth quarter of 2003. Net loss for the fourth quarter
2004 was $1.2 million or ($0.04) per share, compared with a net loss of $0.6
million or ($0.02) per share in the fourth quarter of 2003. Gross margins were
42 percent in the fourth quarter 2004, equal to those achieved in the fourth
quarter of 2003.
Revenue for the fourth quarter of 2004 consisted of $4.5 million from the sale
of 191 Luminex systems, $2.3 million from the sale of consumables, $1.0 million
of royalties, and $1.3 million of other revenue. Other revenue includes
training revenue, shipping revenue, extended service contract sales,
miscellaneous part sales, amortized license fees, and other special project
revenue.
Revenue for the full year 2004 was $35.9 million, up 36.5 percent from $26.3
million in 2003. Net loss for the full year 2004 was $3.6 million or ($0.12)
per share, compared with $4.2 million or ($0.14) per share for 2003.
At December 31, 2004, the company had $36.1 million in cash, cash equivalents,
short term and long-term investments as compared with $39.5 million at December
31, 2003. The company maintains its investments in highly liquid securities.
"We are encouraged by our strong annual growth driven by our growing installed
base of systems. We are also pleased that our royalties achieved a key milestone
with revenue over $1.0 million in the quarter. We hold royalty-bearing sales
reported by our partners in high regard and we use that metric to determine the
rate and extent of our penetration in our focus market segments. Additionally,
we have been able to keep our cash burn at a relatively low rate by more
effectively managing our balance sheet," said Patrick J. Balthrop, President and
Chief Executive Officer.
Luminex will host a conference call to discuss the results for the fourth
quarter of 2004 and other matters at 5:00 p.m. Eastern Daylight Time on
Wednesday, February 9, 2005. The call will be available via live webcast at
http://luminexcorp.com. Simply log on to the web at the address above and
access the Investor Relations link. A replay will be available on the Company's
website.
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 for purposes of the Private Securities Litigation
Reform Act of 1995. The words "believe," "expect," "intend," "estimate,"
"anticipate," "will," "could," "should" 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,
as well as the risks discussed under the heading "Risk Factors" in Luminex's
Annual Report on Form 10-K for the year ended December 31, 2003, 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
Vice President, Finance and CFO
512.219.8020
hcurrie@luminexcorp.com
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
DECEMBER 31, DECEMBER 31,
2004 2003
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents .................... $ 19,238 $ 39,480
Short-term investments ....................... 12,891 --
Accounts receivable, net ..................... 5,864 5,227
Inventory, net ............................... 7,650 5,178
Other ........................................ 841 839
--------- ---------
Total current assets ......................... 46,484 50,724
Property and equipment, net ........................ 1,383 1,657
Long-term investments .............................. 3,991 --
Other assets ....................................... 1,317 913
--------- ---------
Total assets ................................. $ 53,175 $ 53,294
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ..... $ 4,344 $ 3,895
Deferred revenue ............................. 1,317 1,307
--------- ---------
Total current liabilities .................... 5,661 5,202
Deferred revenue ................................... 2,968 3,257
--------- ---------
Total liabilities .................................. 8,629 8,459
--------- ---------
Stockholders' equity:
Common stock ................................. 31 30
Additional paid in capital ................... 131,833 125,169
Deferred compensation ........................ (3,335) --
Accumulated other comprehensive loss ......... (88) (74)
Accumulated deficit .......................... (83,895) (80,290)
--------- ---------
Total stockholders' equity ......................... 44,546 44,835
--------- ---------
Total liabilities and stockholders' equity ......... $ 53,175 $ 53,294
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LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED FISCAL YEAR ENDED
DECEMBER 31, DECEMBER 31,
------------------------- -------------------------
2004 2003 2004 2003
-------- -------- -------- --------
(unaudited)
Revenue ............................................ $ 9,055 $ 8,429 $ 35,880 $ 26,292
Cost of product revenue ............................ 5,263 4,860 21,158 16,462
-------- -------- -------- --------
Gross profit .............................. 3,792 3,569 14,722 9,830
Operating expenses:
Research and development .................. 908 807 3,802 3,207
Selling, general and administrative ....... 4,271 3,532 15,084 13,098
-------- -------- -------- --------
Total operating expenses .................. 5,179 4,339 18,886 16,305
-------- -------- -------- --------
Loss from operations ............................... (1,387) (770) (4,164) (6,475)
Other income, net ......................... 206 127 572 426
Settlement of litigation .................. -- -- -- 1,840
Income taxes .............................. -- -- (13) --
-------- -------- -------- --------
Net loss ........................................... $ (1,181) $ (643) $ (3,605) $ (4,209)
======== ======== ======== ========
Net loss per share, basic and diluted .............. $ (0.04) $ (0.02) $ (0.12) $ (0.14)
======== ======== ======== ========
Shares used in computing net loss per
share, basic and diluted .................. 30,844 30,241 30,698 29,814
======== ======== ======== ========
EBITDA (A) ......................................... $ (1,172) $ (526) $ (3,284) $ (5,374)
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(A) - Management believes that EBITDA is a meaningful measurement of
operating performance as it excludes certain charges that we believe
are not indicative of our core operating results and therefore
provides a useful measurement to compare our performance with our
competitors in the biotechnology products and services industry.
However, the calculation of EBITDA has no basis in Generally Accepted
Accounting Principals ("GAAP"). The presentation of this non-GAAP
information is not meant to be considered superior to, in isolation
from or as a substitute for results prepared in accordance with GAAP.
A reconciliation to operating loss, a corresponding measure under GAAP
is as follows:
Loss from operations ...................... $(1,387) $(770) $(4,164) $(6,475)
Add: Depreciation and amortization ........ 215 244 880 1,101
------- ----- ------- -------
EBITDA .................................... $(1,172) $(526) $(3,284) $(5,374)
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