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.
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]