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Luminex Corporation (Nasdaq: LMNX) announced the retirement of Chairman G. Walter Loewenbaum effective August 3, 2020. CEO Nachum Shamir expressed gratitude for Loewenbaum's 25 years of service, highlighting the company's growth from a start-up to a projected $400 million revenue entity. Shamir will assume the Chairman role, while Dr. Edward Ogunro, a seasoned executive from Abbott Laboratories, will become the lead independent director. The Board will now consist of eight members, reflecting a continuity in leadership as Luminex aims to leverage past successes and explore emerging opportunities.
Luminex Corporation (NASDAQ: LMNX) reported strong Q2 2020 results, with total revenue reaching $109.5M, a 32% increase from Q2 2019. The company achieved 64% gross margins and an operating margin of $18.8M (17% of revenue), marking a 426% rise year-over-year. Net income rose to $12.5M ($0.27 per share), up 350%. Key drivers included a surge in Molecular Diagnostics revenue, which increased over 100% to $64.9M. However, revenue from Clinical Tools and Life Sciences was negatively impacted by COVID-19 disruptions. Luminex anticipates Q3 revenue above $100M.
Luminex Corporation (NASDAQ: LMNX) has submitted an Emergency Use Authorization (EUA) request to the FDA for an expanded NxTAG® Respiratory Pathogen Panel (RPP) that includes SARS-CoV-2 for high-throughput COVID-19 testing. This multiplex test will allow simultaneous detection of 21 pathogens, enhancing diagnostic accuracy during respiratory infection outbreaks. The NxTAG RPP can process up to 96 samples in approximately four hours and is designed for use in complex molecular laboratories. Luminex aims to address lab capacity challenges during the COVID-19 pandemic and flu season, following multiple EUA approvals for its testing products.
Luminex Corporation (NASDAQ: LMNX) is set to report its second quarter results on August 4, 2020, after market close. A conference call to discuss these results will follow at 5:00 p.m. Eastern Time. Investors can listen to the call live via Luminex's website or access a replay for six months post-event. The announcement is part of the company's ongoing commitment to provide timely and actionable information to stakeholders.
Luminex Corporation (NASDAQ: LMNX) announced an Emergency Use Authorization (EUA) from the FDA for its xMAP® SARS-CoV-2 Multi-Antigen IgG Assay, enabling clinical labs to detect COVID-19 antibodies. This assay can process up to 96 samples in under three hours, demonstrating 100% specificity and over 96% sensitivity. Luminex's xMAP platforms, with more than 17,000 units sold, enhance testing accuracy while reducing labor needs. The assay is part of Luminex's ongoing efforts to address the pandemic and expands its portfolio of COVID-19 testing solutions.
Luminex Corporation (Nasdaq: LMNX) reported Q2 2020 revenues of $109-$110 million, a 30% increase from Q2 2019. Molecular Diagnostics revenue surged over 100% to $65 million, fueled by pandemic-related sales, while the Licensed Technologies Group revenue fell 5% to $35 million. Flow Cytometry revenue decreased over 45% to $7 million due to a slowdown in academic research. The company anticipates EUA clearance for its IgG serology assay and aims to maintain strong market positioning. Full financial details will be available on the earnings call scheduled for August 3, 2020.
Luminex Corporation (Nasdaq: LMNX) reported Q2 2020 revenues between $109 million and $110 million, a growth of over 30% from Q2 2019. Key highlights include Molecular Diagnostics revenue of approximately $65 million, up over 100% year-over-year, driven by pandemic-related sales. However, Licensed Technologies Group revenue declined by 5% to $35 million, and Flow Cytometry revenue fell over 45% to more than $7 million. The company anticipates discussing detailed financial results and guidance during its earnings call on August 3, 2020.
Luminex Corporation (NASDAQ: LMNX) has successfully delivered its first xMAP® INTELLIFLEX Systems to Life Science Research Partners, enhancing its xMAP Technology for new applications. This next-generation system doubles multiplex capabilities and allows simultaneous detection of multiple COVID-19 antibodies. With over 17,000 xMAP systems sold globally, this launch signifies a major milestone as Luminex celebrates its 25th anniversary. The company plans to fully commercialize the INTELLIFLEX System by year-end and will ship additional units to research institutions in Q3.
Luminex Corporation (NASDAQ: LMNX) has submitted an Emergency Use Authorization request to the FDA for its xMAP® SARS-CoV-2 Multi-Antigen IgG assay, aimed at enhancing antibody detection in COVID-19 patients. This assay processes up to 96 samples in under three hours and is compatible with all xMAP® platforms. The test detects IgG antibodies, indicating prior infection and potential immunity. Luminex plans to launch this test for Research Use Only later this month, expanding its COVID-19 testing portfolio that already includes two diagnostic tests.