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Luna Innovations Incorporated Reports Third Quarter 2013 Financial Results

Stocks in this article: LUNA

Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the third quarter and nine months ended September 30, 2013.

As compared to the same quarter last year, total revenue decreased by 16%, from $6.8 million in the third quarter of 2012 to $5.7 million in the third quarter of 2013. Revenues declined by 4% compared to the second quarter of 2013. Technology development revenues decreased by 15% compared to the third quarter of 2012, due primarily to the continued lower level of contract research projects within the company’s optical systems group. Technology development revenues grew 12% compared to the second quarter of 2013. Products and licensing revenues decreased $0.6 million, or 18%, compared to the third quarter of 2012 primarily resulting from sales of prototype shape sensing instruments in the third quarter of 2012 that did not recur in the third quarter of 2013. Gross profit decreased from $2.9 million for the third quarter of 2012 to $2.2 million for the third quarter of 2013. Operating expenses for the third quarter of 2013 decreased by $0.4 million, or 14%, from the third quarter of 2012.

The company reported a net loss attributable to common stockholders of $0.6 million, or $0.04 per diluted common share, for the third quarter of 2013, compared to a net loss of $0.3 million, or $0.02 per diluted common share, in the same quarter last year. Adjusted EBITDA, a non-GAAP measure, which is earnings before interest, taxes, and non-cash expenses of share-based compensation, depreciation, amortization and warrant expense, decreased to $(0.1) million for the third quarter of 2013, as compared to $0.5 million for the third quarter of 2012.

“We are pleased to see continued sequential growth in the government contracts segment of our business,” said My Chung, chief executive officer of Luna. “Softness in the sales of telecom products continued to adversely impact our overall results for the quarter. We remain keenly focused on the enhancement of our ODiSI platform for distributed strain and temperature sensing and our fiber optic shape sensing technology for minimally invasive medical applications to drive our growth in future quarters.”

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