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On Feb. 5, 2009,
(LMNX - Get Report)
reported that its earnings in Q4 FY08 plunged 81.8% year-over-year due to the absence of gain on settlement of litigation and liability recorded during the prior-year quarter. Earnings totaled $2.01 million or $0.05 per share compared to $11.06 million or $0.30 per share a year ago. Excluding non-recurring items, LMNX swung to earnings of $2.01 million or $0.05 per share from a year-earlier loss of $2.78 million or $0.08 per share. The latest quarterly earnings missed the consensus estimate of $0.06 per share.
Luminex's revenue grew 31.1% to $28.20 million from $21.50 million in the previous year's quarter, reflecting an 18.0% rise in system shipments and a 53.0% and 44.0% increase in consumable and royalty revenue, respectively. Looking at the company's business segments, the Technology Group's revenue rose 26.6% to $22.07 million from $17.43 million. Similarly, revenue from the Assay Group soared 50.4% to $6.13 million from $4.07 million a year ago.
For the quarter ended December 2008, gross profit margin expanded 751 basis points to 69.41% from 61.90% a year ago, as revenue growth outpaced the rise in cost of revenue. During the quarter, Luminex received clearance from the Health Canada for its xTAG Respiratory Viral Panel.
For FY08, the company's revenue grew 39.2% to $104.45 million from $75.01 million in FY07, supported by strong revenue growth in both of its segment. Higher revenue and absence of a year earlier litigation settlement gain helped LMNX to post earnings of $3.06 million or $0.08 per share compared to a loss of $2.71 million or $0.08 per share in the previous year.
Looking forward, Luminex expects revenue in FY09 to be between $130.00 million and $140.00 million, which represent an increase of around 25.0% to 34.0% over FY08.
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