EXHIBIT 99.1
LUMINEX
LUMINEX CORPORATION REPORTS FIRST QUARTER 2005 RESULTS
Austin, TX - April 27, 2005 / PRNewswire-FirstCall / -- Luminex Corporation
(Nasdaq: LMNX) today announced its financial results for the first quarter ended
March 31, 2005.
Revenue for the first quarter of 2005 was $9.3 million, level with $9.3 million
in the first quarter of 2004. Net loss for the first quarter of 2005 was $0.3
million or ($0.01) per share, compared with a net loss of $0.1 million or
($0.00) per share in the first quarter of 2004. Gross margins were 52% in the
first quarter of 2005, up from 43% in the first quarter of 2004.
Revenue for the first quarter of 2005 consisted of $3.6 million from the sale of
152 Luminex systems, $3.5 million from the sale of consumables, $1.2 million of
royalties, and $1.0 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.
At March 31, 2005, the Company had $36.2 million in cash, cash equivalents,
short-term and long-term investments as compared with $36.1 million at December
31, 2004. The Company maintains its investments in highly liquid securities.
Working capital totaled $37.6 million at March 31, 2005.
"We are pleased to report a solid first quarter of 2005. We were particularly
encouraged to see continued growth in revenue from royalties, indicating
persistent and improved penetration in our focus market segments. With respect
to our abnormally high gross margin this quarter, we feel it is prudent to note
that this quarter's figure was significantly impacted by consumable bulk
purchases and the resulting mix concentration of consumables and royalties, our
highest margin items. That said, we are extremely pleased with the direction and
momentum of our business and look forward to the remainder of 2005," said
Patrick Balthrop, Luminex's President and Chief Executive Officer.
Luminex will host a conference call to discuss the results for the first quarter
of 2005 and other matters at 5:00 p.m. Eastern Daylight Time on Wednesday, April
27, 2005. The call will be available via live webcast at
http://www.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. 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, 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, 2004, 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
Chief Financial Officer
512.219.8020
hcurrie@luminexcorp.com
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, DECEMBER 31,
2005 2004
--------- ---------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 14,343 $ 19,238
Short-term investments ............................. 14,900 12,891
Accounts receivable, net ........................... 5,118 5,864
Inventory, net ..................................... 7,754 7,650
Other .............................................. 661 841
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Total current assets ............................... 42,776 46,484
Property and equipment, net ............................ 1,674 1,383
Long-term investments .................................. 6,990 3,991
Other assets ........................................... 1,275 1,317
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Total assets ........................................... $ 52,715 $ 53,175
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ........... $ 3,628 $ 4,344
Deferred revenue ................................... 1,598 1,317
--------- ---------
Total current liabilities .......................... 5,226 5,661
Deferred revenue ....................................... 2,918 2,968
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Total liabilities ...................................... 8,144 8,629
--------- ---------
Stockholders' equity:
Common stock ....................................... 31 31
Additional paid in capital ......................... 132,288 131,833
Deferred compensation .............................. (3,503) (3,335)
Accumulated other comprehensive loss ............... (52) (88)
Accumulated deficit ................................ (84,193) (83,895)
--------- ---------
Total stockholders' equity ............................. 44,571 44,546
--------- ---------
Total liabilities and stockholders' equity ............. $ 52,715 $ 53,175
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LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED
MARCH 31,
---------------------
2005 2004
------- --------
(unaudited)
Revenue ...................................... $ 9,320 $ 9,295
Cost of revenue .............................. 4,478 5,286
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Gross profit ............................ 4,842 4,009
Operating expenses:
Research and development ................ 1,017 958
Selling, general and administrative ..... 4,339 3,297
------- --------
Total operating expenses ................ 5,356 4,255
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Loss from operations ......................... (514) (246)
Other income, net ....................... 216 109
Income taxes ............................ -- (6)
------- --------
Net loss ..................................... $ (298) $ (143)
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Net loss per share, basic and diluted ........ $ (0.01) $ (0.00)
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Shares used in computing net loss per
share, basic and diluted ................ 30,875 30,442
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