Luminex doubles analysts' Q2 net income forecasts, boosts revenue

Jul 29, 2014
Austin Business Journal

Luminex Corp. on Monday reported second quarter earnings of $4.7 million, or 11 cents per share, on revenue of $55.6 million compared to $3.7 million, or 9 cents per share, on revenue of $54.3 million in the same quarter last year

The company also reported non-GAAP earnings of 20 cents per share, doubling analysts' estimates of 10 cents. Luminex shares closed down 17 cents Monday to $17.57, before the company released its earnings report for the three months ended June 30. Revenue numbers were in line with analysts' expectations

Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. Through the end of the second quarter the company reported $316.3 million in total assets on hand. The company’s SEC filing projects annual revenue in the range of $230 million

In a statement released with the earnings report, senior vice president and chief financial officer Harris Currie said Luminex was helped by eliminating high-tax debt in foreign jurisdictions, and that the company’s effective 2014 tax rate will be less than 20 percent

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