- Increased third quarter 2015 revenue by 7 percent to
$60.6 million , over the third quarter of 2014. -
Increased Q3 2015 system sales by 26 percent to
$9.6 million over the third quarter of 2014. -
Grew third quarter 2015 assay revenue by 12 percent to
$24.6 million over results from the third quarter of 2014. - Decreased operating expenses as a percentage of revenue to 53 percent for the third quarter of 2015, a 7 point improvement from the third quarter of 2014.
- Improved operating profits for the quarter by 94% as a result of both increased revenues and significant expense control.
-
Delivered GAAP net income for the third quarter of
$6.4 million , or$0.15 per diluted share. Non-GAAP net income for the third quarter was$9.3 million , or$0.22 per diluted share (see Non-GAAP reconciliation). -
Cash and short and long-term investments at quarter's end totaled approximately
$136 million , an increase of approximately$28 million compared with year-end 2014. -
Raising 2015 revenue guidance range to between
$235 million and $238 million from the prior range of between$232 million and $236 million . -
In October,
Luminex submitted a 510(k) pre-market submission to theFDA for the ARIES® Group B Streptococcus (GBS) Assay.
'This was a record quarter for
REVENUE SUMMARY | |||||||
Three Months Ended | |||||||
September 30, | Variance | ||||||
2015 | 2014 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 9,622 | $ 7,624 | $1,998 | 26% | |||
Consumable sales | 10,940 | 12,124 | (1,184) | -10% | |||
Royalty revenue | 10,249 | 9,690 | 559 | 6% | |||
Assay revenue | 24,639 | 22,056 | 2,583 | 12% | |||
All other revenue | 5,151 | 5,190 | (39) | -1% | |||
$ 60,601 | $ 56,684 | $3,917 | 7% | ||||
Nine Months Ended | |||||||
September 30, | Variance | ||||||
2015 | 2014 | ($) | (%) | ||||
(unaudited) | |||||||
System sales | $ 22,129 | $ 22,328 | $ (199) | -1% | |||
Consumable sales | 32,714 | 37,521 | (4,807) | -13% | |||
Royalty revenue | 32,024 | 29,215 | 2,809 | 10% | |||
Assay revenue | 74,323 | 63,602 | 10,721 | 17% | |||
All other revenue | 16,069 | 16,211 | (142) | -1% | |||
$177,259 | $168,877 | $8,382 | 5% |
Additional Financial Highlights:
- Infectious disease assay sales were approximately 68 percent of total assay sales for the quarter and genetic testing assays were 32 percent.
-
Royalty revenues reflect total royalty-bearing end-user sales for the quarter of
$120.8 million . - 307 multiplexing analyzers were shipped during the quarter, which included 113 MAGPIX® systems, 164 LX systems, and 30 FLEXMAP 3D® systems.
-
Cash and investments at quarter-end totaled
$135.6 million . - Days sales outstanding (DSO) was 40 days at quarter-end.
FINANCIAL OUTLOOK AND GUIDANCE
The Company updates its revenue guidance range for the full-year 2015 to between
CONFERENCE CALL
Management will host a conference call at
Statements made in this release that express
LUMINEX CORPORATION | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(in thousands) | |||
September 30, | December 31, | ||
2015 | 2014 | ||
(unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 119,553 | $ 91,694 | |
Short-term investments | 12,006 | - | |
Accounts receivable, net | 26,161 | 28,272 | |
Inventories, net | 29,315 | 36,616 | |
Deferred income taxes | 5,125 | 12,203 | |
Prepaids and other | 9,694 | 8,235 | |
Total current assets | 201,854 | 177,020 | |
Property and equipment, net | 48,037 | 39,945 | |
Intangible assets, net | 53,927 | 56,382 | |
Deferred income taxes | 15,129 | 15,400 | |
Long-term investments | 4,003 | 15,975 | |
Goodwill | 49,619 | 49,619 | |
Other | 3,758 | 3,185 | |
Total assets | $ 376,327 | $ 357,526 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 9,283 | $ 11,841 | |
Accrued liabilities | 13,005 | 14,118 | |
Deferred revenue | 4,373 | 4,407 | |
Total current liabilities | 26,661 | 30,366 | |
Deferred revenue | 2,119 | 2,297 | |
Other | 5,041 | 4,869 | |
Total liabilities | 33,821 | 37,532 | |
Stockholders' equity: | |||
Common stock | 42 | 42 | |
Additional paid-in capital | 315,803 | 309,424 | |
Accumulated other comprehensive loss | (1,095) | (744) | |
Retained earnings | 27,756 | 11,272 | |
Total stockholders' equity | 342,506 | 319,994 | |
Total liabilities and stockholders' equity | $ 376,327 | $ 357,526 |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per share amounts) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2015 | 2014 | 2015 | 2014 | ||||
(unaudited) | (unaudited) | ||||||
Revenue | $60,601 | $56,684 | $177,259 | $168,877 | |||
Cost of revenue | 18,789 | 17,674 | 51,958 | 51,766 | |||
Gross profit | 41,812 | 39,010 | 125,301 | 117,111 | |||
Operating expenses: | |||||||
Research and development | 10,093 | 10,327 | 31,748 | 32,719 | |||
Selling, general and administrative | 21,236 | 21,423 | 61,740 | 61,838 | |||
Amortization of acquired intangible assets | 777 | 964 | 2,455 | 2,949 | |||
Restructuring costs | - | 1,300 | - | 1,653 | |||
Total operating expenses | 32,106 | 34,014 | 95,943 | 99,159 | |||
Income from operations | 9,706 | 4,996 | 29,358 | 17,952 | |||
Interest expense from long-term debt | - | - | - | (6) | |||
Other income, net | 13 | (15) | 964 | (35) | |||
Settlement of litigation | - | - | (7,300) | - | |||
Income before income taxes | 9,719 | 4,981 | 23,022 | 17,911 | |||
Income tax expense | (3,317) | 569 | (6,538) | (1,670) | |||
Net income | $ 6,402 | $ 5,550 | $ 16,484 | $ 16,241 | |||
Net income per share, basic | $ 0.15 | $ 0.13 | $ 0.39 | $ 0.39 | |||
Shares used in computing net income per share, basic | 42,152 | 41,714 | 42,041 | 41,496 | |||
Net income per share, diluted | $ 0.15 | $ 0.13 | $ 0.39 | $ 0.39 | |||
Shares used in computing net income per share, diluted | 42,556 | 42,381 | 42,354 | 42,127 |
LUMINEX CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2015 | 2014 | 2015 | 2014 | ||||
(unaudited) | (unaudited) | ||||||
Cash flows from operating activities: | |||||||
Net income | $ 6,402 | $ 5,550 | $ 16,484 | $16,241 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,411 | 3,400 | 9,733 | 10,935 | |||
Stock-based compensation | 3,099 | 2,622 | 7,768 | 7,052 | |||
Deferred income tax expense | 176 | (3,568) | 6,207 | (1,048) | |||
Excess income tax expense from employee stock-based awards | 14 | (1,315) | 1,005 | (1,315) | |||
(Gain) loss on sale or disposal of assets | (62) | 48 | (743) | 231 | |||
Non-cash restructuring charges | - | 1,192 | - | 2,388 | |||
Other | (25) | (28) | (128) | (360) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | (3,985) | 203 | 2,101 | 3,742 | |||
Inventories, net | 3,364 | (1,943) | 7,414 | (3,465) | |||
Other assets | 764 | (829) | (1,629) | (792) | |||
Accounts payable | 1,238 | 1,227 | (2,536) | (878) | |||
Accrued liabilities | (3,466) | 4,922 | (3,078) | 407 | |||
Deferred revenue | (36) | 46 | (212) | 53 | |||
Net cash provided by operating activities | 10,894 | 11,527 | 42,386 | 33,191 | |||
Cash flows from investing activities: | |||||||
Purchases of available-for-sale securities | - | (8,000) | - | (10,996) | |||
Sales and maturities of available-for-sale securities | - | 2,996 | - | 7,509 | |||
Purchase of property and equipment | (2,731) | (5,540) | (15,299) | (11,795) | |||
Proceeds from sale of assets | - | 5 | 893 | 44 | |||
Acquired technology rights | (650) | - | (852) | (64) | |||
Net cash used in investing activities | (3,381) | (10,539) | (15,258) | (15,302) | |||
Cash flows from financing activities: | |||||||
Payments on debt | - | - | - | (1,621) | |||
Proceeds from employee stock plans and issuance of common stock | 977 | 327 | 1,690 | 3,807 | |||
Excess income tax expense from employee stock-based awards | (14) | 1,315 | (1,005) | 1,315 | |||
Net cash provided by financing activities | 963 | 1,642 | 685 | 3,501 | |||
Effect of foreign currency exchange rate on cash | 13 | (217) | 46 | (191) | |||
Change in cash and cash equivalents | 8,489 | 2,413 | 27,859 | 21,199 | |||
Cash and cash equivalents, beginning of period | 111,064 | 86,710 | 91,694 | 67,924 | |||
Cash and cash equivalents, end of period | $119,553 | $89,123 | $119,553 | $89,123 |
LUMINEX CORPORATION | |||||||
NON-GAAP RECONCILIATION | |||||||
(in thousands, except per share amounts) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2015 | 2014 | 2015 | 2014 | ||||
(unaudited) | (unaudited) | ||||||
Income from operations | $ 9,706 | $ 4,996 | $29,358 | $17,952 | |||
Stock-based compensation | 3,099 | 2,622 | 7,768 | 7,052 | |||
Amortization of acquired intangible assets | 777 | 964 | 2,455 | 2,949 | |||
Costs associated with legal proceedings | 10 | 1,028 | 630 | 2,628 | |||
Severance costs | 90 | 942 | 284 | 987 | |||
Restructuring costs | - | 1,332 | - | 2,652 | |||
Adjusted income from operations | $13,682 | $11,884 | $40,495 | $34,220 | |||
Interest expense from long-term debt | - | - | - | (6) | |||
Other income, net | 13 | (15) | 964 | (35) | |||
Gain on sale of cost method equity investment | - | - | (892) | - | |||
Income tax expense | (3,317) | 569 | (6,538) | (1,670) | |||
Income tax effect of above adjusting items | (1,115) | (941) | (3,588) | (1,649) | |||
Income tax benefit from intercompany debt cancellation | - | - | - | (994) | |||
Adjusted net income | $ 9,263 | $11,497 | $30,441 | $29,866 | |||
Adjusted net income per share, basic | $ 0.22 | $ 0.28 | $ 0.72 | $ 0.72 | |||
Shares used in computing adjusted net income per share, basic | 42,152 | 41,714 | 42,041 | 41,496 | |||
Adjusted net income per share, diluted | $ 0.22 | $ 0.27 | $ 0.72 | $ 0.71 | |||
Shares used in computing adjusted net income per share, diluted | 42,556 | 42,381 | 42,354 | 42,127 |
The Company makes reference in this release to 'non-GAAP operating income' and 'non-GAAP net income' which excludes stock-based compensation expense, amortization of acquired intangible assets and the impact of costs associated with legal proceedings, which are unpredictable and can vary significantly from period to period, including costs associated with litigation against
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