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Luminex (LMNX) Q4 Earnings Top, Revenues Meet Estimates

Update: 2015-02-08 14:17      View:
Luminex Corporation ( LMNX ) reported fourth-quarter 2014 adjusted earnings per share (EPS) of 15 cents, which managed to beat the Zacks Consensus Estimate by 3 cents. However, adjusted EPS fell by a penny on a year-over-year basis. 

Quarter Details 

Luminex reported revenues of $58.1 million in the fourth quarter, up 5.3% on a year-over-year basis. The upside was primarily due to a solid performance at the company's Assay business. Revenues were, however, in line with the Zacks Consensus Estimate.    

Revenues generated from system sales declined 31.4% on a year-over-year basis to $6.9 million. Consumables revenues fell 10.6% to $10.8 million. Royalty revenues increased 10.0% on a year-over-year basis to $10.2 million. 

Assay revenues surged an impressive 34% to $24.0 million. Infectious disease assay sales comprised approximately 67% of total assay sales for the quarter, with genetic testing assays representing 33%. 

Gross margin expanded 680 basis points (bps) year over year to 73.6%. The upside may be attributed to higher revenues. 

Research and development expenses, as a percentage of revenues, contracted 50 bps on a year-over-year basis, while selling, general and administrative expenses, as a percentage of revenues, remained almost flat. 

Adjusted operating margin expanded 770 bps from the year-ago quarter, primarily on the back of higher revenue generation. 

Financial Position 

Cash and cash equivalents, as of Dec 31, 2014 were $91.7 million, compared to $89.1 million at the end of the previous quarter. Luminex had no long-term debt at the end of 2014. 

Cash flow from operating activities improved to $16.1 million in the fourth quarter, compared to $11.5 million in the prior quarter. Cash flow from operating activities in 2014 amounted to $49.3 million, compared to $26.9 million in 2013. 


Luminex expects revenues for full year 2015 to lie in the range of $230-$236 million. First quarter revenues are projected between $55 million and $58 million. Management anticipates that consumables revenues will remain under significant pressure, due to inventory challenges faced by Luminex's largest partner, Thermo Fisher Scientific (TMO). 


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