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Luminex Corp (LMNX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Luminex Corp

CIK: 1033905 Ticker: LMNX

Exhibit 99.1
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Luminex Corporation Reports First Quarter 2020 Results

Delivers Accelerated Organic Growth and Return to Profitability

AUSTIN, Texas (May 4, 2020) – Luminex Corporation (Nasdaq: LMNX) today announced results for its first quarter ended March 31, 2020.

All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP").

CURRENT HIGHLIGHTS

Total revenue for the first quarter of $90.4M, a 10% increase over Q1 2019
Molecular Diagnostic revenue for the quarter of $45.2M, up 28% over Q1 2019
Sample-to-answer MDx revenue of $26.3M, up 38% over Q1 2019
Non-Automated MDx revenue of $18.9M, up 17% over Q1 2019
Life Science and Clinical Tools revenue for the quarter of $43.3M, down 6% vs. Q1 2019
Licensed Technologies Group revenue of $36.8M, up 5% over Q1 2019
Flow Cytometry revenue of $6.5M, down 42% vs. Q1 2019, but significantly impacted by the inability to install purchased systems and visit customers due to the COVID-19 pandemic
Placed a record 123 sample-to-answer systems in the quarter, dominated by ARIES® Systems
Returned to profitability in the quarter with 56% gross margins, 2% operating margin and 1% net income
Emergency Use Authorizations (EUA) obtained for NxTAG® CoV Extended Panel and ARIES® SARS-CoV-2 Assay, supported by $1.2M in BARDA funding
Expanded current manufacturing capacity to produce more than 500,000 tests per month, with plans to expand to more than 800,000 tests per month by the end of Q2
Q2 revenue forecasted to be at or above $105M, with growth in excess of 26%
Expect 2020 revenue to be above the top end of previously communicated guidance range of $352 - $362 million

CEO COMMENTARY

“We are proud to be able to play an important role in addressing the current global COVID-19 pandemic. Our organization has been able to respond rapidly with beneficial product offerings to assist with diagnosing and treating this dangerous virus,” said Nachum "Homi" Shamir, President & CEO. “As a result of the COVID-19 pandemic, we experienced a rapid acceleration of system placements, assay sales and revenue. We delivered a very strong first quarter, returning to profitability with significant revenue growth within our molecular diagnostics franchise. With our expanded manufacturing capacity for both automated and non-automated products and a robust product pipeline, we are well equipped to meet the evolving needs of our customers. Our ability to manage multiple projects as a team while responding to this global crisis has been nothing short of exceptional. Given the increased demand we are seeing into the foreseeable future, we are confident that we will exceed the top end of our previously communicated guidance range, but are unable to be specific at this time as a result of the uncertainty associated with the end of the pandemic.”


The following information was filed by Luminex Corp (LMNX) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: LMNX
CIK: 1033905
Form Type: 10-Q Quarterly Report
Accession Number: 0001033905-20-000044
Submitted to the SEC: Tue May 05 2020 11:51:30 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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