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Luna Innovations Reports First Quarter 2011 Financial Results

Stocks in this article: LUNA

Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the first quarter ended March 31, 2011.

As compared to the same quarter last year, product and license revenue increased by 63%, from $2.1 million in the first quarter of 2010 to $3.4 million in the first quarter of 2011, while total revenue increased by 14%, from $7.9 million in the first quarter of 2010 to $9.0 million in the first quarter of 2011. Gross profit increased from $2.8 million for the first quarter of 2010 to $3.3 million for the first quarter of 2011. The company reported a net loss attributable to common stockholders of $1.1 million, or $0.08 per common share, for the first quarter of 2011, as compared to a net loss attributable to common stockholders of $1.3 million, or $0.10 per common share for the first quarter of 2010. Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, excluding non-cash stock-based compensation and warrant expense and charges related to the company’s litigation with Hansen Medical, Inc. and its Chapter 11 reorganization, from which the company emerged in January 2010, decreased to $0.3 million for the first quarter of 2011, as compared to $0.5 million for the first quarter of 2010. Cash increased to $7.5 million at March 31, 2011 compared to $7.2 million at December 31, 2010.

My Chung, chief executive officer, provided this overview of Luna’s results: “I am excited to have joined Luna at this important time of growth. The revenue growth in the first quarter demonstrates a continued increase in demand for our fiber optic equipment and our related technologies. Our focus on expense control has allowed us to translate our revenue growth into improvement in our bottom line and achieving our third consecutive quarter of positive cash flow.”

First Quarter Financial and Business Highlights

-- Total revenues increased by 14%, from $7.9 million in the first quarter of 2010 to $9.0 million in the first quarter of 2011.

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