On May 4, 2020 Luminex Corporation (Nasdaq: LMNX) reported results for its first quarter ended March 31, 2020 (Press release, Luminex, MAY 4, 2020, View Source [SID1234556975]).
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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."
2020 REVENUE GUIDANCE
The Company expects revenue for the 2nd Quarter will be at or above $105M. With respect to the full year, we are confident that we will beat the top end of our current revenue guidance of $362M, but are not able to provide an updated guidance range at this time due to the uncertainties that the COVID-19 pandemic is causing throughout the global economy. We anticipate being able to provide updated full-year revenue guidance in conjunction with our second quarter earnings release.
CONFERENCE CALL
Management will host a conference call at 4:00 p.m. Central Time / 5:00 p.m. EDT, Monday, May 4, 2020 to discuss operating highlights and financial results for the first quarter 2020. The conference call will be webcast live and may be accessed at Luminex Corporation’s website at investor.luminexcorp.com. Analysts may participate on the conference call by dialing (877) 930-7053 (U.S.) or (253) 336-7290 (outside the U.S.). The access code is 6418909. The webcast will be archived for six months on our website using the ‘replay’ link.