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Luna Innovations Reports Second Quarter 2011 Financial Results

Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the second quarter and six months ended June 30, 2011.

As compared to the same quarter last year, product and license revenue increased by 38%, from $2.9 million in the second quarter of 2010 to $4.0 million in the second quarter of 2011, while total revenue increased by 7%, from $9.0 million in the second quarter of 2010 to $9.6 million in the second quarter of 2011. Gross profit increased from $3.3 million for the second quarter of 2010 to $3.7 million for the second quarter of 2011. The company reported a net loss attributable to common stockholders of $0.3 million, or $0.02 per common share for the second quarter of 2011, as compared to a net loss attributable to common stockholders of $0.7 million, or $0.05 per common share for the second quarter of 2010. Adjusted EBITDA, a non-GAAP measure, which is earnings before interest, taxes, depreciation and amortization, excluding litigation and reorganization related items and non-cash stock-based compensation and warrant expense, decreased to $0.7 million for the second quarter of 2011, as compared to $0.8 million for the second quarter of 2010. Cash increased to $8.1 million at June 30, 2011 compared to $6.3 million at June 30, 2010.

“We are pleased to see continued improvement in our bottom line and cash flow, largely being accomplished through growth in our product and license revenue, which saw a year-over-year increase of 38%,” said My Chung, chief executive officer of Luna. “We remain focused on molding our corporate strategy to align product development, contract research, and services with a commercialization strategy that will facilitate long-term growth and increased shareholder value.”

Second Quarter Financial and Business Summary

-- Total revenues increased by 7%, from $9.0 million in the second quarter of 2010 to $9.6 million in the second quarter of 2011.

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