Luminex Corporation Reports Fourth Quarter And Full Year 2013 Results

AUSTIN, Texas, Feb. 3, 2014 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the fourth quarter and year ended December 31, 2013.  Financial and operating highlights include the following:

• Consolidated fourth quarter revenue of $55.2 million, a 1 percent decline compared to the fourth quarter of 2012; full-year 2013 revenue was $213.4 million, a 5 percent increase over 2012
• Fourth quarter royalty revenue of $9.3 million, a 23 percent increase over the fourth quarter of 2012; full-year 2013 royalty revenue was $37 million, a 19 percent increase over 2012
• Fourth quarter system sales of $10 million, a 40 percent increase over the fourth quarter of 2012
• Fourth quarter shipments of 327 multiplexing analyzers, which included 162 MAGPIX systems, 132 LX systems, and 33 FLEXMAP 3D systems. Cumulative life-to-date multiplexing analyzer shipments are 10,737, up 11 percent from a year ago.
• Cash and investments balance at year-end of $72.4 million
• Operating income for the fourth quarter of 2013 was $5.5 million. Non-GAAP operating income for the fourth quarter of 2013 was $10 million (see Non-GAAP reconciliation)
• GAAP net income for the fourth quarter and full-year of 2013 was $5.1 million and $7.1 million, or $0.12 and $0.17 per diluted share, respectively. Non-GAAP net income for the fourth quarter and 2013 was $8.8 million and $26.2 million or $0.21 and $0.62 per diluted share, respectively (see Non-GAAP reconciliation)

(Logo: http://photos.prnewswire.com/prnh/20100104/LUMINEXLOGO)

"Although 2013 was a year marked by unexpected challenges, Luminex responded to these challenges by remaining committed to our strategic programs and long term financial objectives.  We have remained focused on accelerating both revenue and earnings growth driven by several key company initiatives in our molecular diagnostics business," said Patrick J. Balthrop, president and chief executive officer of Luminex. "In 2014, we expect to build momentum with an exciting pipeline and a full year of our direct sales force in the molecular diagnostics market.  We are also excited about the traction we are seeing in new product adoption in the molecular segment and expect these new products to drive growth in 2014."

"Our R&D team is on track in the development of new products that will provide value to our laboratory customers by improving workflow, simplifying sample preparation and enabling our customers to run a wide variety of tests in an automated manner.  These products include our sample-to-answer real-time PCR instrument, ARIES, which is on schedule to launch in Europe this year and in the U.S. early in 2015. We look forward to reviewing our achievements and progress with our investors as we move through 2014."

"In the fourth quarter, we maintained steady sales with double digit growth from systems and royalty revenue, offset by what we believe to be temporary softness in our assay segment.  During 2013, our assays and related products segment profitability was significantly affected by a number of items, including resolution of our molecular diagnostics distribution agreements, restructuring costs, and the write off of the Natural Molecular Testing Corporation receivable," said Harriss T. Currie, senior vice president and chief financial officer.  "Our 2014 revenue guidance takes into account increasing contributions from our assay product portfolio, combined with a prudent view of the macro environment in the near term."

FINANCIAL OUTLOOK AND GUIDANCE

The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2014 is as follows:

• The Company expects fiscal 2014 revenue to be between $225 million and $240 million, or an increase of 5 to 12 percent over reported 2013 revenue.

CONFERENCE CALL

Management will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2013, at 4:00 p.m. CST/5:00 p.m. EST, Monday, February 3, 2014. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation's website at http://www.luminexcorp.com.  Simply log on to the web at the address above, go to the Company section and access the Investor Relations link.  Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for six months on the website using the 'replay' link.

Luminex 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 in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies.  Further information on Luminex or xMAP can be obtained on the Internet at http://www.luminexcorp.com.

Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding: the expansion of our installed base of multiplexing systems; our efforts to sell our molecular diagnostic products directly to end users; the development progress of our pipeline products, including ARIES systems and assay menu, market acceptance of our genetic and infectious disease products, regulatory clearance of our products; the ability of our investment in current initiatives and new products to drive long-term value for our shareholders, status of molecular codes, the impact of Medicare reimbursement on our customers and current and future impact on our business; and, projected 2014 revenue. 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 and technology, the Company's dependence on strategic partners for development, commercialization and distribution of products, concentration of the Company's revenue in a limited number of strategic partners, fluctuations in quarterly results due to a lengthy and unpredictable sales cycle and bulk purchases of consumables, our ability to sell products directly to end users, our ability to launch products on time that satisfy market needs with products that we sell, setting of medicare reimbursement codes that adequately reflect the value of our products, Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels, potential shortages of components, competition, the timing of regulatory approvals, the implementation, including any modification, of the Company's strategic operating plans, the uncertainty regarding the outcome or expense of any litigation brought against Luminex, risks relating to Luminex's foreign operations, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies, or selected assets into our consolidated business operations, including the ability to recognize the benefits of our acquisitions, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission.  The forward-looking statements, including the financial guidance and 2014 outlook, 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.

The Company makes reference in this release to "non-GAAP operating income" and "non-GAAP net income" which excludes the impact of costs associated with the ENZO Life Sciences, Inc. complaint discussed in the Legal Proceedings section of our previously filed 10-Qs and certain other recurring and non-recurring expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP.

SOURCE Luminex Corporation

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