Luminex Reports First Quarter Results

Apr 24, 2001, 01:00 ET from Luminex Corporation

    AUSTIN, Texas, April 24 /PRNewswire Interactive News Release/ --
 Luminex Corporation (Nasdaq:   LMNX) today announced its financial results for
 the quarter ended March 31, 2001.
     Revenues for the first quarter increased to $3.9 million, compared with
 $3.5 million in the fourth quarter of 2000.  Net loss for the first quarter
 was $3.9 million, or $0.14 per share, compared with $3.5 million, or $0.13 per
 share, in the fourth quarter of 2000.
     During the first quarter of 2001, the company sold 115 of its Luminex 100
 systems, leading to a total placement of 504 since initiating sales of the
 Luminex 100 in 1999.  During the first quarter, Luminex also sold 90 of its XY
 platforms and one of its new HTS high throughput systems, as well as 24 SD
 peripheral components, which were introduced in December of 2000.
     "Though we did not experience as steep an increase in quarter-to-quarter
 growth as we had previously, we continue to be encouraged by the rapid rate at
 which the markets we address are adopting our LabMAP(TM) technology.  We added
 30 new customers and many existing customers expanded their commitment to
 LabMAP with additional system purchases, bringing our installed base to over
 500 systems at March 31, 2001.  We are not aware of any comparable system that
 has been so quickly and widely adopted.  During the quarter, we continued to
 enter into new agreements with strategic partners that will commercialize
 royalty-bearing products on the LabMAP platform.  The fundamentals of our
 business remain strong, and we look forward to further strengthening our
 market position in the months to come," concluded Dr. Chandler.
 
     Luminex will host a conference call to discuss the results for the first
 quarter and its outlook for the remainder of 2001 at 4:30 p.m. Eastern
 Daylight Time on April 24, 2001.  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 LabMAP(TM) 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 LabMAP(TM) 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 LabMAP(TM) can be obtained on the
 Internet at http://www.luminexcorp.com.
 
     Statements made in this press 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 market demand
 and acceptance of Luminex's products, the company's dependence on strategic
 partners for development and distribution of products, competition, Luminex's
 ability to scale-up manufacturing operations, potential shortages of
 components and the timing of regulatory approvals, 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, 2000, 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 update or revise such 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:  Frank J. Reeves, Executive Vice President & Chief Financial
 Officer, Luminex Corporation, 512-219-8020.
 
     Editor's Note:
     This press release can be retrieved from the Internet at
 http://www.luminexcorp.com and at http//www.noonanrusso.com.
 
 
                              LUMINEX CORPORATION
                            CONDENSED BALANCE SHEETS
                                 (in thousands)
 
                                     ASSETS
                                                    March 31,      December 31,
                                                        2001              2000
     Current assets:
       Cash and short-term investments              $67,810            $73,627
       Accounts receivable, net                       3,784              3,085
       Inventory                                      4,117              2,408
       Other                                          1,195              1,739
         Total current assets                        76,906             80,859
 
       Property and equipment, net                    3,405              2,770
       Other long-term assets                            39                 39
         Total assets                               $80,350            $83,668
 
                      LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable and accrued liabilities      $2,505             $3,414
       Deferred revenue                                 793                666
         Total current liabilities                    3,298              4,080
       Long-term deferred revenue                       700                900
         Total liabilities                            3,998              4,980
 
     Stockholders' equity:
       Common stock                                      28                 28
       Additional paid in capital                   117,030            115,651
       Deferred compensation                         (1,295)            (1,529)
       Accumulated deficit                          (39,411)           (35,462)
         Total stockholders' equity                  76,352             78,688
         Total liabilities and
          stockholders' equity                      $80,350            $83,668
 
 
                              LUMINEX CORPORATION
                       CONDENSED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001               2000
                                                            (unaudited)
     Revenue:
       Product                                       $3,595             $1,390
       Grant                                            269                --
         Total revenue                                3,864              1,390
 
       Cost of product revenue                        2,610                723
 
         Gross margin                                 1,254                667
 
     Operating expenses:
       Research and development                       2,832              1,333
       Selling, general and administrative            3,450              2,057
         Total operating expenses                     6,282              3,390
 
     Loss from operations                            (5,028)            (2,723)
 
       Interest income                                1,079                112
 
     Net loss                                       $(3,949)           $(2,611)
 
     Net loss per share, basic and diluted           $(0.14)            $(0.19)
 
     Shares used in computing net loss
      per share, basic and diluted                   27,895             13,405
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X34241412
 
 

SOURCE Luminex Corporation
    AUSTIN, Texas, April 24 /PRNewswire Interactive News Release/ --
 Luminex Corporation (Nasdaq:   LMNX) today announced its financial results for
 the quarter ended March 31, 2001.
     Revenues for the first quarter increased to $3.9 million, compared with
 $3.5 million in the fourth quarter of 2000.  Net loss for the first quarter
 was $3.9 million, or $0.14 per share, compared with $3.5 million, or $0.13 per
 share, in the fourth quarter of 2000.
     During the first quarter of 2001, the company sold 115 of its Luminex 100
 systems, leading to a total placement of 504 since initiating sales of the
 Luminex 100 in 1999.  During the first quarter, Luminex also sold 90 of its XY
 platforms and one of its new HTS high throughput systems, as well as 24 SD
 peripheral components, which were introduced in December of 2000.
     "Though we did not experience as steep an increase in quarter-to-quarter
 growth as we had previously, we continue to be encouraged by the rapid rate at
 which the markets we address are adopting our LabMAP(TM) technology.  We added
 30 new customers and many existing customers expanded their commitment to
 LabMAP with additional system purchases, bringing our installed base to over
 500 systems at March 31, 2001.  We are not aware of any comparable system that
 has been so quickly and widely adopted.  During the quarter, we continued to
 enter into new agreements with strategic partners that will commercialize
 royalty-bearing products on the LabMAP platform.  The fundamentals of our
 business remain strong, and we look forward to further strengthening our
 market position in the months to come," concluded Dr. Chandler.
 
     Luminex will host a conference call to discuss the results for the first
 quarter and its outlook for the remainder of 2001 at 4:30 p.m. Eastern
 Daylight Time on April 24, 2001.  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 LabMAP(TM) 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 LabMAP(TM) 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 LabMAP(TM) can be obtained on the
 Internet at http://www.luminexcorp.com.
 
     Statements made in this press 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 market demand
 and acceptance of Luminex's products, the company's dependence on strategic
 partners for development and distribution of products, competition, Luminex's
 ability to scale-up manufacturing operations, potential shortages of
 components and the timing of regulatory approvals, 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, 2000, 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 update or revise such 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:  Frank J. Reeves, Executive Vice President & Chief Financial
 Officer, Luminex Corporation, 512-219-8020.
 
     Editor's Note:
     This press release can be retrieved from the Internet at
 http://www.luminexcorp.com and at http//www.noonanrusso.com.
 
 
                              LUMINEX CORPORATION
                            CONDENSED BALANCE SHEETS
                                 (in thousands)
 
                                     ASSETS
                                                    March 31,      December 31,
                                                        2001              2000
     Current assets:
       Cash and short-term investments              $67,810            $73,627
       Accounts receivable, net                       3,784              3,085
       Inventory                                      4,117              2,408
       Other                                          1,195              1,739
         Total current assets                        76,906             80,859
 
       Property and equipment, net                    3,405              2,770
       Other long-term assets                            39                 39
         Total assets                               $80,350            $83,668
 
                      LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable and accrued liabilities      $2,505             $3,414
       Deferred revenue                                 793                666
         Total current liabilities                    3,298              4,080
       Long-term deferred revenue                       700                900
         Total liabilities                            3,998              4,980
 
     Stockholders' equity:
       Common stock                                      28                 28
       Additional paid in capital                   117,030            115,651
       Deferred compensation                         (1,295)            (1,529)
       Accumulated deficit                          (39,411)           (35,462)
         Total stockholders' equity                  76,352             78,688
         Total liabilities and
          stockholders' equity                      $80,350            $83,668
 
 
                              LUMINEX CORPORATION
                       CONDENSED STATEMENTS OF OPERATIONS
                    (in thousands, except per share amounts)
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001               2000
                                                            (unaudited)
     Revenue:
       Product                                       $3,595             $1,390
       Grant                                            269                --
         Total revenue                                3,864              1,390
 
       Cost of product revenue                        2,610                723
 
         Gross margin                                 1,254                667
 
     Operating expenses:
       Research and development                       2,832              1,333
       Selling, general and administrative            3,450              2,057
         Total operating expenses                     6,282              3,390
 
     Loss from operations                            (5,028)            (2,723)
 
       Interest income                                1,079                112
 
     Net loss                                       $(3,949)           $(2,611)
 
     Net loss per share, basic and diluted           $(0.14)            $(0.19)
 
     Shares used in computing net loss
      per share, basic and diluted                   27,895             13,405
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X34241412
 
 SOURCE  Luminex Corporation