Luminex Corporation (LMNX) reported second-quarter fiscal 2010 after the market closed on August 5, with adjusted (excluding one-time items) earnings per share of 2 cents falling behind the Zacks Consensus Estimate of 5 cents while edging up from the year-ago earnings by a penny. Net income sank 27% year-over-year to roughly $0.9 million on account of higher costs and tax, which offset revenues.
Revenues surged 20% year-over-year to $33.2, mostly in line with the Zacks Consensus Estimate of $33 million. The healthy growth was led by solid system and consumables sales, which soared 29% and 45% year-over-year to $7.9 million and $9.7 million, respectively.
System sales were boosted by higher shipments in the quarter, resulting in a 15% year-over-year growth in cumulative shipments that reached 7,183. Royalty revenues and other sales leapt 13% and 14%, respectively. These positives, by some measure, were offset by lower assay revenues (down 4%). Luminex launched the new “qBead Gene Expression Assay” gene expression product during the quarter in collaboration with High Throughput Genomics Inc.
Gross margin narrowing improved year-over-year to 69.7% as revenue growth was partly offset by higher cost of sales. Operating expenses rose 14% year-over-year to $20.9 million as the company shelled out more on account of R&D and selling, general and administrative expenses. Luminex continues to spend on assay developments.
Luminex has reiterated its revenue forecast for fiscal 2010. The company continues to envision revenues between $138 and $148 million, representing a 14-23% year-over-year increase. The current Zacks Consensus Estimate is $143 million.
Texas-based Luminex develops, manufactures and markets proprietary biological testing technologies, which has applications across the life sciences industry. The company’s proprietary open-architecture xMAP technology enables fast, cost-effective and accurate conduct and analysis of biological tests (bioassays). During the quarter, Luminex completed its acquisition of Australia-based privately-held BSD Robotics, focused on advanced robotics technology.
Luminex operates in a highly competitive industry and depends on partners, a strategy that has its risks. However, we are impressed with the company’s wide product range, healthy pipeline and significant international presence. We are currently Neutral on the stock.
LUMINEX CORP (LMNX): Free Stock Analysis Report
Zacks Investment Research
Market News and Data brought to you by Benzinga APIsRevenues surged 20% year-over-year to $33.2, mostly in line with the Zacks Consensus Estimate of $33 million. The healthy growth was led by solid system and consumables sales, which soared 29% and 45% year-over-year to $7.9 million and $9.7 million, respectively.
System sales were boosted by higher shipments in the quarter, resulting in a 15% year-over-year growth in cumulative shipments that reached 7,183. Royalty revenues and other sales leapt 13% and 14%, respectively. These positives, by some measure, were offset by lower assay revenues (down 4%). Luminex launched the new “qBead Gene Expression Assay” gene expression product during the quarter in collaboration with High Throughput Genomics Inc.
Gross margin narrowing improved year-over-year to 69.7% as revenue growth was partly offset by higher cost of sales. Operating expenses rose 14% year-over-year to $20.9 million as the company shelled out more on account of R&D and selling, general and administrative expenses. Luminex continues to spend on assay developments.
Luminex has reiterated its revenue forecast for fiscal 2010. The company continues to envision revenues between $138 and $148 million, representing a 14-23% year-over-year increase. The current Zacks Consensus Estimate is $143 million.
Texas-based Luminex develops, manufactures and markets proprietary biological testing technologies, which has applications across the life sciences industry. The company’s proprietary open-architecture xMAP technology enables fast, cost-effective and accurate conduct and analysis of biological tests (bioassays). During the quarter, Luminex completed its acquisition of Australia-based privately-held BSD Robotics, focused on advanced robotics technology.
Luminex operates in a highly competitive industry and depends on partners, a strategy that has its risks. However, we are impressed with the company’s wide product range, healthy pipeline and significant international presence. We are currently Neutral on the stock.
LUMINEX CORP (LMNX): Free Stock Analysis Report
Zacks Investment Research
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Health CareLife Sciences Tools & Services
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
