Luminex 1Q profit surges on revenue boost
Luminex Corp., which makes testing systems for biotechnology companies, said Monday that its first-quarter profit more than doubled on a boost in system and product sales.
The company said it earned $4.5 million, or 11 cents per share, compared with profit of $1.9 million, or 5 cents per share, during the same period a year prior. Revenue rose 30 percent to $43.3 million from $33.3 million.
Analysts polled by FactSet expected profit of 6 cents per share on $40.1 million in revenue.
System sales rose 15 percent to $7.7 million while sales of consumable products rose 53 percent to $15 million. Meanwhile, royalties rose 24 percent to $7.3 million while sales of assay tests rose 25 percent to $9.6 million. All other revenue rose 16 percent to $3.8 million.
The company reaffirmed its full-year outlook for revenue between $163 million and $170 million. Analysts expect $166.4 million in revenue.
Shares of Luminex rose $1.15, or 6.2 percent, to close at $19.85. The stock has traded between $14.25 and $20.19 over the past 52 weeks.