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Luminex Preliminary Q4 Revenues Increase 23 Percent on MDx Strength

NEW YORK ─ Luminex on Tuesday announced preliminary fourth quarter revenue growth of approximately 23 percent year over year.

For the quarter ended Dec. 31, 2020, the Austin, Texas-based diagnostics company expects to report revenues of approximately $111 million, compared to $90.5 million in Q4 2019, which would beat analysts' average estimate for revenues of $104.6 million.

For full-year 2020, Luminex expects revenues of approximately $417 million, up 25 percent compared to $334.6 million for full-year 2019, which would beat analysts' average estimate for revenues of $410.6 million.

For full-year 2020, the firm expects molecular diagnostics revenues of $228 million, up 66 percent from $137 million in 2019. It placed approximately 450 sample-to-answer systems in 2020, up approximately 120 percent compared to 2019 placements, and including more than 40 Verigene II research-use-only systems shipped outside the US during Q4.

For full-year 2020, the company expects approximately $147 million in Licensed Technologies Group revenues, down 1 percent compared to $149 million in 2019, with approximately $40 million booked in Q4. The company expects full-year 2020 Flow Cytometry revenues of approximately $36 million, down 20 percent compared to $45 million in 2019, with approximately $12 million booked in Q4.

"We ended 2020 with both record quarterly and annual revenue and believe that we are well prepared for continued growth in 2021," Nachum Shamir, Luminex chairman, president, and CEO, said in a statement.

The company's diversified model performed well across all of its businesses during the quarter, he said, adding that in addition to strength in molecular diagnostics, "our partners experienced a recovery in their businesses and performed well. And our flow cytometry business saw a similar recovery in the back half of the year as facilities around the world began to open up."

Luminex said that it commenced production on an expanded Aries manufacturing line, with a current capacity of more than 4 million tests per year.

Luminex revised its previous 2021 revenue guidance and now expects it to be approximately $480 million for the year, which would represent a 15 percent increase compared to full-year 2020 revenues.

Last November, the company announced preliminary guidance for 2021 revenues of at least $475 million.

Before the release of the preliminary Q4 financial results, analysts on average estimated that Luminex will book revenues of $474.4 million in 2021.