Luminex (LMNX) Gets FDA Nod For Assays; Q2 Earnings Beat
Zacks Investment Research | Aug 02, 2016 11:11PM ET
Luminex Corporation (NASDAQ:LMNX) recently received approval from the US Food and Drug Administration (FDA) for its ARIES Flu A/B & RSV Assay. Notably, this is the second assay which has been approved by the FDA for use on the ARIES System.
Meanwhile, Luminex has also reported second-quarter 2016 adjusted earnings of 26 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents. Adjusted earnings also surged 18.2% on a year-over-year basis, thanks to strong top-line growth.
Revenues increased almost 9% year over year to almost $64.2 million well ahead of the Zacks Consensus Estimate of $62 million. The year-over-year upside may be attributed to impressive consumable sales, strength in the Assay product portfolio and robust system sales.
Segment Details
System sales jumped 37.4% on a year-over-year basis to $8.9 million. Notably, the company shipped 277 multiplexing analyzers in the reported quarter that led to higher system revenues.
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