Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the fourth quarter and year ended December 31, 2013.
As compared to the same quarter last year, total revenue decreased by 4%, from $6.1 million in the fourth quarter of 2012 to $5.9 million in the fourth quarter of 2013. Total revenue improved by 2% compared to the third quarter of 2013. Products and licensing revenue increased 18% compared to the fourth quarter of 2012 and also increased 16% compared to the third quarter of 2013. Technology development revenue decreased by 21% compared to the fourth quarter of 2012, due primarily to the continued lower level of contract research projects within the company’s optical systems group. Gross profit remained essentially flat at $2.0 million for the fourth quarter of 2012 and for the fourth quarter of 2013. Operating expenses for the fourth quarter of 2013 increased by $1.1 million, or 35%, from the fourth quarter of 2012 primarily due to incremental expenses incurred in connection with the company’s sale of its fiber optic shape sensing business to Intuitive Surgical, Inc., which was completed in January 2014.
The company reported a loss from continuing operations before income taxes of $2.0 million for the fourth quarter of 2013, compared to a loss from continuing operations before income taxes of $1.1 million in the fourth quarter of 2012, with the increase being primarily driven by the incremental transaction related costs recognized in the fourth quarter of 2013. Income from discontinued operations, representing the results attributable to the operations of its secure computing and communications group, which was sold in March 2013, decreased from income of $0.5 million for the fourth quarter of 2012 to a loss of $0.3 million for the fourth quarter of 2013. The company reported a net loss attributable to common stockholders for the fourth quarter of 2013 of $2.0 million, or $0.14 per diluted common share, compared to a net loss attributable to common stockholders of $0.6 million, or $0.04 per diluted common share for the fourth quarter of 2012. 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 $(1.4) million for the fourth quarter of 2013, as compared to $(0.3) million for the fourth quarter of 2012.
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