Luminex Corporation Reports 2002 First Quarter Results
AUSTIN, Texas, Apr 24, 2002 /PRNewswire-FirstCall via COMTEX/ -- Luminex Corporation (Nasdaq: LMNX) today announced its financial results for the quarter ended March 31, 2002.
Revenues for the first quarter were $2.3 million, compared with $3.9 million in the first quarter of 2001. Net loss for the first quarter was $6.4 million, or $0.22 per share, compared with $3.9 million, or $0.14 per share in the first quarter of 2001.
Revenues for the first quarter consisted of $1.27 million from the sale of 36 Luminex systems, $706,000 from the sale of consumables, $59,000 of royalties and $248,000 of other revenues.
Commenting on the quarterly financial results, Mark Chandler, Luminex's Chairman and CEO said: "Although we fell short of our expectations for the first quarter, we remain extremely optimistic about the market acceptance of the Luminex platform. As previously announced, our revenues continue to be negatively impacted by delays in the commercialization efforts of our strategic partners and the lengthy and unpredictable sales cycle for our Company's products."
Dr. Chandler continued: "Our cash position is strong, and we remain convinced that our business model will be successful over the long term. We are pleased with our progress in achieving significant market penetration of the Luminex technology. Although we cannot control the timing of our partners' commercialization efforts, a majority of our current strategic partners are expected to be selling Luminex-based products to end users in 2002. With the anticipated further penetration into the biotechnology workplace, we expect our revenues to increase, including significant growth in the recurring components derived from royalties and consumables. I still firmly believe the Luminex platform will become the standard for biological testing in the life sciences industry."
Luminex will host a conference call to discuss the results for the first quarter of 2002 at 4:30 p.m. Eastern Daylight Time on April 24, 2002. The call will be available via Web cast live at 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 xMAP(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 xMAP 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 xMAP can be obtained on the Internet at luminexcorp.com . |
