Shares in Luminex (NSDQ:LMNX) rose today after the company beat expectations on Wall Street with its second quarter results.
The Austin, Tx.-based company posted profits of $5.5 million, or 13¢ per share, on sales of $76.5 million for the 3 months ended June 30, for bottom-line growth of -1.9% on sales growth of 19% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 26¢, ahead of consensus on The Street, where analysts were looking for sales of $75.5 million.
“I am very pleased with the company’s performance year-to-date and we remain focused on delivering double digit revenue growth and increased shareholder value. In addition, I’m happy to announce, that only a year after its acquisition, Nanosphere was accretive to the Company’s operating results in the second quarter,” president & CEO Homi Shamir said in prepared remarks. “The combination of the Aries and Verigene sample-to-answer systems coupled with our non-automated solutions has provided our customers with a technology portfolio that addresses their needs. Further, the full integration of our sales force helped drive our execution in the second quarter.”
“Looking forward, we believe that our diversified business model offers multiple, significant growth opportunities as we aggressively expand the test menu on these platforms. With multiple clearances in the second quarter and the Aries C.Diff. assay approval in July, Luminex now has ten FDA-cleared assays that run on our automated sample-to-answer molecular systems.”
Luminex said it expects to post adjusted sales of $300 million to $310 million for the full year.
LMNX shares were trading at $20.28 apiece today in afternoon activity, up 2.1%.
