NEW YORK: Luminex reported after the close of the market on Monday that its third quarter revenues rose 18 percent, driven by the company’s molecular business, which now includes Nanosphere.
For the quarter ended Sept. 30, the molecular diagnostics company reported revenues of $71.2 million, up from $60.6 million in the year-ago quarter, and beating the average Wall Street estimate for revenues of $68.6 million. Assay revenues rose 32 percent to $32.4 million from $24.6 million, system sales rose 9 percent to $10.5 million from $9.6 million, consumables sales rose 12 percent to $12.3 million from $10.9 million a year ago, and royalty revenues rose 8 percent to $11.1 million from $10.2 million. The company also said other revenues dipped 5 percent to $4.9 million from $5.2 million a year earlier.
The firm added that infectious disease assay sales were approximately 78 percent of total assay sales for the quarter, and genetic testing assays were 22 percent. Further, Luminex shipped 294 multiplexing analyzers during the quarter, including a combination of Magpix systems, LX systems, and Flexmap 3D systems.
“We are pleased to report another quarter of record revenue, driven by our molecular business, which now includes Nanosphere. We are encouraged by Nanosphere’s momentum, especially considering that integration, training and cross-selling initiatives are in the early stages,” said Luminex President and CEO Homi Shamir in a statement. “Leveraging its leadership position in molecular testing, Luminex is expanding its product offerings and is now the only company able to provide low- and high-plex, targeted and syndromic molecular testing solutions to microbiology and molecular diagnostic labs.”
Nanosphere, which Luminex acquired in June, contributed $7.4 million in revenues during the quarter. Luminex reported Q3 net income fell to $2.8 million, or $.06 per share, from $6.4 million, or $.15 per share, a year earlier. On an adjusted basis, the firm reported earnings of $.21 per share, beating analyst estimates for income of $.10 per share.
The firm’s R&D expenses for the quarter rose 27 percent to $12.8 million from $10.1 million a year earlier. SG&A costs rose 25 percent to $26.4 million from $21.2 million. The company ended the quarter with $84.1 million in cash and cash equivalents. For 2016, the company raised its revenue guidance to $267 million to $270 million. This includes a contribution from Nanosphere of $7.5 million to $8.5 million in the fourth quarter. Analysts are expecting 2016 revenues of $265.8 million.
