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Luminex Preliminary Q3 Revenues Rise 35 Percent on Pandemic-Related Demand

NEW YORK ─ Luminex on Wednesday announced preliminary third quarter revenues of approximately $106 million, up 35 percent compared to $78.7 million reported for Q3 2019.

For the quarter ended Sept. 30, the Austin, Texas-based diagnostics company said it expects molecular diagnostics revenues of approximately $60 million, almost double that of Q3 2019. Luminex further expects its Q3 Licensed Technologies Group revenues to be approximately $35 million, down 10 percent from Q3 2019, and its Q3 Flow Cytometry revenues to be approximately $10 million, an increase of 13 percent over Q3 2019. 

"We continue to experience tailwinds in our MDx business as we help combat the COVID-19 pandemic, with orders for our Aries-based, COVID-19-related products continuing to outstrip our ability to supply," Nachum Shamir, the firm's chairman, president, and CEO, said in a statement. "We have completed our planned expansion activities on our NxTag line, and the expansion of our Aries manufacturing line should be completed during the fourth quarter."

The expansion activities will help the company "to address the backlog and continued strong demand for our COVID-19-related PCR products," Shamir said.

He noted that the company's clinical tools and life science business is beginning to recover from pandemic lows, but the firm is "still experiencing some headwinds" in that business.