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Luminex Preliminary Q4 Revenues Up 8 Percent

NEW YORK (GenomeWeb) – Luminex said on Sunday that it expects to report fourth quarter revenues of around $78 million, up 8 percent from the prior-year quarter, and full-year 2017 revenues of more than $306 million, an increase of 13 percent from the prior year.

The firm said that it expects molecular diagnostics product revenues to rise 12 percent year-over-year to about $44 million. Its MDx sample-to-answer portfolio is expected to grow 33 percent over the prior-year quarter and generate $13 million in Q4.

The firm said that 85 Verigene and Aries sample-to-answer molecular systems were placed under contract, an increase of 30 percent from the third quarter of 2017.

Luminex said that it expects total revenues from its licensed technologies group to grow 4 percent over Q4 2016 to more than $33 million.

Piper Jaffray analyst William Quirk said in a research note on Sunday that based on preliminary numbers, it appears the firm's legacy molecular diagnostics franchise came under pressure during the quarter and missed the investment bank's targets by around $4 million. He noted that the sample-to-answer side of the MDx business covered this revenue gap, "and it appears the larger and consolidated Verigene/Aries sales force continues to perform well," although they were likely aided by the stronger flu season.

The firm said that it plans to report results for Q4 and FY 2017 and to announce 2018 revenue guidance on Feb. 12, 2018.

In early morning trading on the Nasdaq, shares of Luminex were flat at $20.42.