Luminex's Earnings Take a Deep Dive

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On Feb. 5, 2009, Luminex (LMNX Quote) 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. ...