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Luminex shares plummet on 4Q earnings miss, says 2019 will be year of transition

Quarterly consolidated revenue climbed 4% to $81.1 million, beating the Wall Street consensus
A scientist looking through a microscope
The biotech recently closed the acquisition of EMD Millipore

Luminex Corp (NASDAQ:LMNX) shares were down sharply after reporting fourth-quarter earnings that missed analysts estimates and saying it expected 2019 to be a transitional year.

For the fourth quarter, the biotech company posted net income of $1.7 million, or $0.04 per diluted share, compared with the $0.09 average forecast of analysts. Fourth-quarter consolidated revenue climbed 4% to $81.1 million, beating the $79.43 million consensus.

The stock declined 4.8% to $26.80 in Monday’s after-market but picked up momentum, falling nearly 11% Tuesday Morning.

READ: HekaBio CEO says Orgenesis taken 'great steps' to solve biotech manufacturing cost problem

On December 31, the Austin, Texas-based company closed the acquisition of EMD Millipore Corp's flow cytometry portfolio for $69.9 million in cash, plus about $5.1 million in committed inventory purchases. Earlier last year, the company reported the departure of LabCorp as a customer.

"We expect 2019 to be a transitional year while we further adjust to the departure of LabCorp and the inclusion of Millipore's flow cytometry business," CEO Nachum "Homi" Shamir said in a statement.

Contact Dennis Fitzgerald at [email protected]


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