Luminex Corp. (LMNX) Tops Q1 EPS by 4c, Revenues Beat; FY20 Outlook: 'Confident We Will Beat Top End of Current Revenue Guidance'

Luminex Corp. (NASDAQ: LMNX) reported Q1 EPS of $0.01, $0.04 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $90.42 million versus the consensus estimate of $84.07 million.

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."

GUIDANCE:

Luminex Corp. sees FY2020 revenue of $352-362 million, versus the consensus of $350.06 million.

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.

For earnings history and earnings-related data on Luminex Corp. (LMNX) click here.

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