Luminex Corporation Reports Fourth Quarter And Full Year 2012 Results
AUSTIN, Texas, Feb. 4, 2013 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the fourth quarter and year ended December 31, 2012. Financial and operating highlights include the following:
Consolidated fourth quarter revenue of $55.5 million, a 16 percent increase over the fourth quarter of 2011; full-year 2012 revenue was $202.6 million, a 10 percent increase over 2011
Fourth quarter assay revenue of $23.8 million, a 45 percent increase over the fourth quarter of 2011; full-year 2012 assay revenue was $75.0 million, a 54 percent increase over 2011
Fourth quarter shipments of 226 multiplexing analyzers; cumulative life-to-date multiplexing analyzer shipments are 9,659
Achieved a consolidated gross profit margin in the fourth quarter of 71 percent
Operating income for the fourth quarter of 2012 was $7.3 million. Non-GAAP operating income for the fourth quarter of 2012 was $8.6 million, excluding approximately $1.3 million of expenses related to integration costs associated with the purchase of GenturaDx (see Non-GAAP reconciliation)
GAAP net income for the fourth quarter and full-year of 2012 was $4.3 million and $12.4 million, or $0.10 and $0.30 per diluted share, respectively. Excluding the certain one-time costs associated with a strategic study and costs associated with the acquisition of GenturaDx, non-GAAP net income for the fourth quarter and 2012 was $5.1 million and $16.2 million or $0.12 and $0.39 per diluted share, respectively (see Non-GAAP reconciliation)
"We are pleased with our fourth quarter execution, driven by another excellent performance in our proprietary assay segment. This performance reflects our unwavering focus on providing our customers with innovative, first-to-market assays that make a difference to patient outcomes. 2013 will be similar, as we received FDA clearance for our xTAG Gastrointestinal Pathogen Panel (GPP) in early January. This molecular diagnostic assay tests for greater than 90% of bacterial, viral, and parasitic causes of infectious gastroenteritis, a worldwide market we estimate at over $150 million. We believe this important assay will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex.
"We are also excited about the company taking its next evolutionary step forward in serving our molecular diagnostic customers directly. We have planned this transition for some time and I am confident in our ability to execute on this plan. So with this powerful combination of unique platforms, differentiated test menu, a strong direct sales force and our focus on the customer, we are excited about the prospects in 2013 and beyond," Balthrop concluded.
REVENUE SUMMARY
(in thousands, except percentages)
Three Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
System sales
$ 7,149
$ 10,449
$ (3,300)
-32%
Consumable sales
12,412
10,093
2,319
23%
Royalty revenue
7,513
7,087
426
6%
Assay revenue
23,774
16,401
7,373
45%
All other revenue
4,687
3,839
848
22%
$ 55,535
$ 47,869
$ 7,666
16%
Twelve Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
System sales
$ 31,083
$ 35,901
$ (4,818)
-13%
Consumable sales
48,012
55,457
(7,445)
-13%
Royalty revenue
31,160
29,205
1,955
7%
Assay revenue
75,020
48,670
26,350
54%
All other revenue
17,307
15,106
2,201
15%
$202,582
$184,339
$18,243
10%
LUMINEX CORPORATION
REPORTABLE SEGMENT HIGHLIGHTS
(in thousands, except percentages)
Three Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
Revenue
Technology and strategic partnerships
$ 29,674
$ 29,715
$ (41)
0%
Assays and related products
25,861
18,154
7,707
42%
Total Revenue
55,535
47,869
7,666
16%
Operating income (loss)
Technology and strategic partnerships
2,325
4,239
(1,914)
-45%
Assays and related products
4,930
(307)
5,237
1706%
Total Operating income
7,255
3,932
3,323
85%
Twelve Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
Revenue
Technology and strategic partnerships
$121,032
$127,779
$(6,747)
-5%
Assays and related products
81,550
56,560
24,990
44%
Total Revenue
202,582
184,339
18,243
10%
Operating income (loss)
Technology and strategic partnerships
15,047
29,895
(14,848)
-50%
Assays and related products
7,669
(6,052)
13,721
227%
Total Operating income
22,716
23,843
(1,127)
-5%
"In the fourth quarter, we experienced a healthy rebound in sales growth while maintaining tight cost controls, as demonstrated by both our gross and operating margins," said Harriss T. Currie, vice president and chief financial officer. "Our 2013 revenue guidance takes into account our current progress combined with a cautiously optimistic view of the macro environment."
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2013 is as follows:
The Company expects fiscal 2013 revenue to be between $220 million to $230 million, or an increase of between 9 to 14 percent over reported 2012 revenue.
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2012, on Monday, February 4, 2013, at 5:00 p.m. Eastern time / 4:00 p.m. Central time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation's website at http://www.luminexcorp.com. Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for six months on the website using the 'replay' link.
Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company's xMAP system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company's xMAP technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex or xMAP can be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding: the expansion of our installed base; distribution for our instruments; purchases of our consumable products; the development progress and market acceptance of our assay products, including Gastrointestinal Pathogen Panel (GPP) and products developed and manufactured by Luminex Madison and Luminex Molecular Diagnostics; direct sales of our molecular diagnostic products to customers and transition from our distribution partners; FDA clearance of our products, including GPP, the acquisition of GenturaDx and the status of the integration; Luminex's long-term strategic plan; the ability of our investment in current initiatives and new products to deliver high performance solutions, and drive long-term value for our shareholders; and, projected 2013 revenue. The words "believe," "expect," "intend," "estimate," "anticipate," "will," "could," "should" and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex's actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex's products and technology, the Company's dependence on strategic partners for development, commercialization and distribution of products, concentration of the Company's revenue in a limited number of strategic partners, fluctuations in quarterly results due to a lengthy and unpredictable sales cycle and bulk purchases of consumables, ability to effectively develop, manufacture, market and sell our products; ability to obtain regulatory clearance for our products; Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels, potential shortages of components, competition, the timing of regulatory approvals, the implementation, including any modification, of the Company's strategic operating plans, the uncertainty regarding the outcome or expense of any litigation brought against Luminex, risks relating to Luminex's foreign operations, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies, or selected assets into our consolidated business operations, including the ability to recognize the benefits of our acquisitions, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial guidance and 2012 outlook, contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contacts:
Harriss T. Currie
Matthew Scalo
Vice President, Finance and Chief Financial Officer
Shares used in computing net income per share, basic
40,724
41,153
40,927
41,262
Net income per share, diluted
$ 0.10
$ 0.08
$ 0.30
$ 0.34
Shares used in computing net income per share, diluted
41,332
42,376
41,884
42,537
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
(unaudited)
Cash flows from operating activities:
Net income
$ 4,252
$ 3,442
$ 12,407
$ 14,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,696
3,462
14,364
11,887
Stock-based compensation
2,363
3,116
9,915
11,417
Deferred income tax expense (benefit)
(217)
(2,058)
2,699
(592)
Excess income tax expense (benefit) from employee stock-based awards
(4,274)
(1,269)
(6,457)
(7,614)
Other
502
354
1,157
232
Changes in operating assets and liabilities:
Accounts receivable, net
(2,041)
(2,303)
(10,267)
(899)
Inventories, net
(2,742)
1,410
(5,346)
4,783
Other assets
1,677
(575)
(617)
(1,279)
Accounts payable
1,580
(786)
3,286
(2,680)
Accrued liabilities
5,470
5,131
3,463
9,324
Deferred revenue
(84)
(283)
(321)
(763)
Net cash provided by operating activities
10,182
9,641
24,283
38,290
Cash flows from investing activities:
Purchases of available-for-sale securities
(1,498)
(13,474)
(14,987)
(47,743)
Sales and maturities of available-for-sale securities
4,042
8,037
47,117
33,753
Purchase of property and equipment
(2,258)
(2,434)
(9,767)
(9,554)
Business acquisition consideration, net of cash acquired
78
-
(48,199)
(33,914)
Purchase of cost method investment
-
-
(1,000)
(2,000)
Acquired technology rights
(1,250)
(1,331)
(1,592)
(1,857)
Net cash used in investing activities
(886)
(9,202)
(28,428)
(61,315)
Cash flows from financing activities:
Payments on debt
-
-
(1,025)
(885)
Proceeds from employee stock plans and issuance of common stock
798
109
4,022
3,543
Payments for stock repurchases
-
(8,600)
(20,916)
(18,340)
Excess income tax (expense) benefit from employee stock-based awards
4,274
1,269
6,457
7,614
Net cash provided by (used in) financing activities
5,072
(7,222)
(11,462)
(8,068)
Effect of foreign currency exchange rate on cash
(65)
(16)
114
(112)
Change in cash and cash equivalents
14,303
(6,799)
(15,493)
(31,205)
Cash and cash equivalents, beginning of period
28,486
65,081
58,282
89,487
Cash and cash equivalents, end of period
$ 42,789
$ 58,282
$ 42,789
$ 58,282
LUMINEX CORPORATION
NON-GAAP RECONCILIATION
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2012
(unaudited)
(unaudited)
Income from operations
$ 7,255
$ 22,716
Strategic study consulting costs
-
1,096
GDx acquisition related costs
1,297
4,263
Adjusted income from operations
$ 8,552
$ 28,075
Net income
$ 4,252
$ 12,407
Strategic study consulting costs
-
1,096
GDx acquisition related costs
1,297
4,263
Income tax effect of the above items
(404)
(1,588)
Adjusted net income
$ 5,145
$ 16,178
Adjusted net income per share, basic
$ 0.13
$ 0.40
Shares used in computing adjusted net income per share, basic
40,724
40,927
Adjusted net income per share, diluted
$ 0.12
$ 0.39
Shares used in computing adjusted net income per share, diluted
41,332
41,884
The Company makes reference in this release to "non-GAAP operating income" and "non-GAAP net income" which exclude the impact of acquisition and strategic study consulting expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP."
Press Release $LMNX Luminex Corporation
AUSTIN, Texas, Feb. 4, 2013 /PRNewswire/ -- Luminex Corporation (NASDAQ:LMNX) today announced financial results for the fourth quarter and year ended December 31, 2012. Financial and operating highlights include the following:
(Logo: http://photos.prnewswire.com/prnh/20100104/LUMINEXLOGO)
"We are pleased with our fourth quarter execution, driven by another excellent performance in our proprietary assay segment. This performance reflects our unwavering focus on providing our customers with innovative, first-to-market assays that make a difference to patient outcomes. 2013 will be similar, as we received FDA clearance for our xTAG Gastrointestinal Pathogen Panel (GPP) in early January. This molecular diagnostic assay tests for greater than 90% of bacterial, viral, and parasitic causes of infectious gastroenteritis, a worldwide market we estimate at over $150 million. We believe this important assay will contribute meaningfully to the company's long-term growth," said Patrick J. Balthrop, president and chief executive officer of Luminex.
"We are also excited about the company taking its next evolutionary step forward in serving our molecular diagnostic customers directly. We have planned this transition for some time and I am confident in our ability to execute on this plan. So with this powerful combination of unique platforms, differentiated test menu, a strong direct sales force and our focus on the customer, we are excited about the prospects in 2013 and beyond," Balthrop concluded.
REVENUE SUMMARY
(in thousands, except percentages)
Three Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
System sales
$ 7,149
$ 10,449
$ (3,300)
-32%
Consumable sales
12,412
10,093
2,319
23%
Royalty revenue
7,513
7,087
426
6%
Assay revenue
23,774
16,401
7,373
45%
All other revenue
4,687
3,839
848
22%
$ 55,535
$ 47,869
$ 7,666
16%
Twelve Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
System sales
$ 31,083
$ 35,901
$ (4,818)
-13%
Consumable sales
48,012
55,457
(7,445)
-13%
Royalty revenue
31,160
29,205
1,955
7%
Assay revenue
75,020
48,670
26,350
54%
All other revenue
17,307
15,106
2,201
15%
$202,582
$184,339
$18,243
10%
LUMINEX CORPORATION
REPORTABLE SEGMENT HIGHLIGHTS
(in thousands, except percentages)
Three Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
Revenue
Technology and strategic partnerships
$ 29,674
$ 29,715
$ (41)
0%
Assays and related products
25,861
18,154
7,707
42%
Total Revenue
55,535
47,869
7,666
16%
Operating income (loss)
Technology and strategic partnerships
2,325
4,239
(1,914)
-45%
Assays and related products
4,930
(307)
5,237
1706%
Total Operating income
7,255
3,932
3,323
85%
Twelve Months Ended
December 31,
Variance
2012
2011
($)
(%)
(unaudited)
Revenue
Technology and strategic partnerships
$121,032
$127,779
$(6,747)
-5%
Assays and related products
81,550
56,560
24,990
44%
Total Revenue
202,582
184,339
18,243
10%
Operating income (loss)
Technology and strategic partnerships
15,047
29,895
(14,848)
-50%
Assays and related products
7,669
(6,052)
13,721
227%
Total Operating income
22,716
23,843
(1,127)
-5%
"In the fourth quarter, we experienced a healthy rebound in sales growth while maintaining tight cost controls, as demonstrated by both our gross and operating margins," said Harriss T. Currie, vice president and chief financial officer. "Our 2013 revenue guidance takes into account our current progress combined with a cautiously optimistic view of the macro environment."
FINANCIAL OUTLOOK AND GUIDANCE
The Company intends to provide annual revenue guidance, to be updated, as appropriate, at each quarterly reporting period. Guidance for fiscal 2013 is as follows:
CONFERENCE CALL
Management will host a conference call to discuss the operating highlights and financial results for the fourth quarter ended December 31, 2012, on Monday, February 4, 2013, at 5:00 p.m. Eastern time / 4:00 p.m. Central time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation's website at http://www.luminexcorp.com. Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for six months on the website using the 'replay' link.
Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company's xMAP system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company's xMAP technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex or xMAP can be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding: the expansion of our installed base; distribution for our instruments; purchases of our consumable products; the development progress and market acceptance of our assay products, including Gastrointestinal Pathogen Panel (GPP) and products developed and manufactured by Luminex Madison and Luminex Molecular Diagnostics; direct sales of our molecular diagnostic products to customers and transition from our distribution partners; FDA clearance of our products, including GPP, the acquisition of GenturaDx and the status of the integration; Luminex's long-term strategic plan; the ability of our investment in current initiatives and new products to deliver high performance solutions, and drive long-term value for our shareholders; and, projected 2013 revenue. The words "believe," "expect," "intend," "estimate," "anticipate," "will," "could," "should" and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex's actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex's products and technology, the Company's dependence on strategic partners for development, commercialization and distribution of products, concentration of the Company's revenue in a limited number of strategic partners, fluctuations in quarterly results due to a lengthy and unpredictable sales cycle and bulk purchases of consumables, ability to effectively develop, manufacture, market and sell our products; ability to obtain regulatory clearance for our products; Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels, potential shortages of components, competition, the timing of regulatory approvals, the implementation, including any modification, of the Company's strategic operating plans, the uncertainty regarding the outcome or expense of any litigation brought against Luminex, risks relating to Luminex's foreign operations, risks and uncertainties associated with implementing our acquisition strategy and the ability to integrate acquired companies, or selected assets into our consolidated business operations, including the ability to recognize the benefits of our acquisitions, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial guidance and 2012 outlook, contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Contacts:
Harriss T. Currie
Matthew Scalo
Vice President, Finance and Chief Financial Officer
Sr. Director, Investor Relations
512-219-8020
512-219-8020
hcurrie@luminexcorp.com
mscalo@luminexcorp.com
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
December 31,
2012
2011
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 42,789
$ 58,282
Restricted cash
-
1,006
Short-term investments
13,607
42,574
Accounts receivable, net
33,273
23,016
Inventories, net
29,937
24,579
Deferred income taxes
6,148
5,991
Prepaids and other
4,388
3,529
Total current assets
130,142
158,977
Property and equipment, net
26,229
25,192
Intangible assets, net
65,218
29,437
Deferred income taxes
12,819
12,817
Long-term investments
3,000
6,151
Goodwill
51,128
42,763
Other
8,463
7,310
Total assets
$ 296,999
$ 282,647
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 9,650
$ 5,941
Accrued liabilities
12,690
11,047
Deferred revenue
4,134
4,057
Current portion of long term debt
1,138
999
Total current liabilities
27,612
22,044
Long-term debt
1,702
2,573
Deferred revenue
2,933
3,344
Other
5,085
3,831
Total liabilities
37,332
31,792
Stockholders' equity:
Common stock
41
41
Additional paid-in capital
293,392
297,104
Accumulated other comprehensive gain
1,101
984
Accumulated deficit
(34,867)
(47,274)
Total stockholders' equity
259,667
250,855
Total liabilities and stockholders' equity
$ 296,999
$ 282,647
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
(unaudited)
Revenue
$ 55,535
$ 47,869
$ 202,582
$ 184,339
Cost of revenue
16,178
15,350
60,008
58,849
Gross profit
39,357
32,519
142,574
125,490
Operating expenses:
Research and development
10,990
9,882
40,775
33,394
Selling, general and administrative
20,083
17,610
74,840
64,878
Amortization of acquired intangible assets
1,029
1,095
4,243
3,375
Total operating expenses
32,102
28,587
119,858
101,647
Income from operations
7,255
3,932
22,716
23,843
Interest expense from long-term debt
(36)
(73)
(198)
(308)
Other income, net
138
107
262
394
Income before income taxes
7,357
3,966
22,780
23,929
Income taxes
(3,105)
(524)
(10,373)
(9,455)
Net income
$ 4,252
$ 3,442
$ 12,407
$ 14,474
Net income per share, basic
$ 0.10
$ 0.08
$ 0.30
$ 0.35
Shares used in computing net income per share, basic
40,724
41,153
40,927
41,262
Net income per share, diluted
$ 0.10
$ 0.08
$ 0.30
$ 0.34
Shares used in computing net income per share, diluted
41,332
42,376
41,884
42,537
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
(unaudited)
(unaudited)
Cash flows from operating activities:
Net income
$ 4,252
$ 3,442
$ 12,407
$ 14,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,696
3,462
14,364
11,887
Stock-based compensation
2,363
3,116
9,915
11,417
Deferred income tax expense (benefit)
(217)
(2,058)
2,699
(592)
Excess income tax expense (benefit) from employee stock-based awards
(4,274)
(1,269)
(6,457)
(7,614)
Other
502
354
1,157
232
Changes in operating assets and liabilities:
Accounts receivable, net
(2,041)
(2,303)
(10,267)
(899)
Inventories, net
(2,742)
1,410
(5,346)
4,783
Other assets
1,677
(575)
(617)
(1,279)
Accounts payable
1,580
(786)
3,286
(2,680)
Accrued liabilities
5,470
5,131
3,463
9,324
Deferred revenue
(84)
(283)
(321)
(763)
Net cash provided by operating activities
10,182
9,641
24,283
38,290
Cash flows from investing activities:
Purchases of available-for-sale securities
(1,498)
(13,474)
(14,987)
(47,743)
Sales and maturities of available-for-sale securities
4,042
8,037
47,117
33,753
Purchase of property and equipment
(2,258)
(2,434)
(9,767)
(9,554)
Business acquisition consideration, net of cash acquired
78
-
(48,199)
(33,914)
Purchase of cost method investment
-
-
(1,000)
(2,000)
Acquired technology rights
(1,250)
(1,331)
(1,592)
(1,857)
Net cash used in investing activities
(886)
(9,202)
(28,428)
(61,315)
Cash flows from financing activities:
Payments on debt
-
-
(1,025)
(885)
Proceeds from employee stock plans and issuance of common stock
798
109
4,022
3,543
Payments for stock repurchases
-
(8,600)
(20,916)
(18,340)
Excess income tax (expense) benefit from employee stock-based awards
4,274
1,269
6,457
7,614
Net cash provided by (used in) financing activities
5,072
(7,222)
(11,462)
(8,068)
Effect of foreign currency exchange rate on cash
(65)
(16)
114
(112)
Change in cash and cash equivalents
14,303
(6,799)
(15,493)
(31,205)
Cash and cash equivalents, beginning of period
28,486
65,081
58,282
89,487
Cash and cash equivalents, end of period
$ 42,789
$ 58,282
$ 42,789
$ 58,282
LUMINEX CORPORATION
NON-GAAP RECONCILIATION
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2012
(unaudited)
(unaudited)
Income from operations
$ 7,255
$ 22,716
Strategic study consulting costs
-
1,096
GDx acquisition related costs
1,297
4,263
Adjusted income from operations
$ 8,552
$ 28,075
Net income
$ 4,252
$ 12,407
Strategic study consulting costs
-
1,096
GDx acquisition related costs
1,297
4,263
Income tax effect of the above items
(404)
(1,588)
Adjusted net income
$ 5,145
$ 16,178
Adjusted net income per share, basic
$ 0.13
$ 0.40
Shares used in computing adjusted net income per share, basic
40,724
40,927
Adjusted net income per share, diluted
$ 0.12
$ 0.39
Shares used in computing adjusted net income per share, diluted
41,332
41,884
The Company makes reference in this release to "non-GAAP operating income" and "non-GAAP net income" which exclude the impact of acquisition and strategic study consulting expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP."
SOURCE Luminex Corporation