Luminex Corp. (LMNX) Sees Q1 Revenue Above Guidance

Luminex Corporation (NASDAQ: LMNX) announced 1st quarter 2020 revenues of just over $90 million, up approximately 10% over the 1st quarter of 2019 and approximately 8% above the top end of its previously communicated 1st quarter revenue guidance range of $82 to $84 million. Highlights include:

• Molecular Diagnostics Revenue of approximately $45 million, up more than 25% vs. Q1 2019, driven by SARS-CoV-2 pandemic-related sales:
  • Non-automated assays of $19 million, up more than 15% vs. Q1 2019
  • Sample-to-answer business of approximately $26 million, up more than 50% vs. Q1 2019
    • Automated assays of $23 million, up more than 35% vs. Q1 2019
    • Record sample-to-answer system placements: approximately 120 systems were sold or contracted, the majority of which were ARIES®
  • Strong demand continues across all Respiratory/COV-19 products
• Licensed Technologies Group revenue of approximately $37 million, up 5% vs. Q1 2019:
  • Placed 223 XMap systems, 6% higher than the 1st Qtr of 2019
  • In-line with expectations
• Flow Cytometry revenue of more than $6 million
  • Down more than 40% vs. Q1 2019, but down just over 20% when adjusted for over $2 million of confirmed orders we have been unable to install due to the COVID-19 pandemic
  • Significantly affected by slowdown in academic research

"During the first quarter, and in the face of a global pandemic, our diversified business performed very well and showcased both our flexibility and creativity. In these challenging times, our organization has stepped up and provided multiple solutions to the marketplace, including several recent Emergency Use Authorized SARS-CoV-2 tests," said Nachum "Homi" Shamir, President and CEO. "Through the tireless efforts of our front-line employees, we have ramped up manufacturing to accommodate the ever-increasing needs of our customers, both existing and new. We look forward to providing a more detailed analysis of our full results during our quarterly results call."

The full financial results for the quarter and any changes to 2020 guidance and/or provision thereof, will be discussed on our first quarter earnings call, currently scheduled for May 11, 2020.

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