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AUSTIN, Texas, Aug. 4, 2020 /PRNewswire/ --Luminex Corporation (Nasdaq: LMNX) today announced results for its second quarter ended June 30, 2020. All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP"). CURRENT FINANCIAL HIGHLIGHTS Total revenue for the second quarter of $109.5M, a 32% increase over Q2 2019, driven primarily by COVID related tailwinds associated with the current pandemic Strong profitability in Q2 with 64% gross margins, an improvement of 10 basis points over Q2 2019 Operating margin of $18.8M or 17% of revenue, an improvement of 426% over the prior year Net income of $12.5M, 11% of revenue, and $0.27 per share, up approximately 350% over Q2 2019 CEO COMMENTARY "We are incredibly proud of the difference we are making on an ongoing basis in addressing the global COVID-19 pandemic. In line with our mission, we quickly developed multiple COVID-19 products that work with many of our existing systems, providing flexible testing solutions to the facilities that need them and the healthcare workers and patients that are dependent upon them," said Nachum "Homi" Shamir, President & CEO. "As a result of the increased demand for our products following the outbreak, we delivered record revenue, the most profitable quarter in the history of our company and a significant amount of cash flow. Significant revenue growth in our Molecular Diagnostics franchise drove record sample-to-answer system placements, assay sales and revenue. Notwithstanding our success in addressing COVID-19 with our Molecular Diagnostic products, we experienced COVID-19 headwinds that negatively impacted our Clinical Tools and Life Science revenue streams. After delivering $200M of revenue in the first six months of the year, we are increasing our revenue guidance as a result of overachieving our original expectations and our positiveoutlook for the remainder of the year." ADDITIONAL HIGHLIGHTS OF THE QUARTER Molecular Diagnostic revenue for the quarter of $64.9M, up more than 100% vs. Q2 2019 Licensed Technologies Group revenue of $35.2M, down 4% vs. Q2 2019 Flow Cytometry revenue of $7.4M, down 44% vs. Q2 2019, continues to be significantly impacted by the slowdown in academic research due to COVID-19 Operating cash flow of $31M and $24M for the three and six months ended June 30, 2020 Ended the quarter with an order book of approximately $29M, most of which is COVID-19 related; almost six times the pre-COVID quarterly average Sold or contracted 162 sample-to-answer systems in the quarter, the majority of which were ARIES Issued $260.0M of convertible senior notes due in May 2025 ReceivedU.S. FDA Emergency Use Authorization on April 6, 2020 for the ARIES SARS-CoV-2 Assay Received U.S. FDA EUA for COVID-19 antibody test on July 16, 2020 Three Months Ended June 30, Variance 2020 2019 ($) (%) (unaudited) System sales $ 15,474 $ 18,593 $ (3,119) -17% Consumable sales 11,341 12,736 (1,395) -11% Royalty revenue 12,071 12,834 (763) -6% Assay revenue 61,232 31,373 29,859 95% Service revenue 5,538 6,019 (481) -8% Other revenue 3,863 1,501 2,362 157% $ 109,519 $ 83,056 $ 26,463 32% 2020 REVENUE GUIDANCE The Company expects revenue for the 3rd Quarter to be at or above $100M, with growth in excess of 26% over Q3 2019 The Company expects revenue for the Full Year 2020 to be at or above $415M, with growth in excess of 24% over 2019 We anticipate being able to provide updated full-year revenue guidance in conjunction with our third quarter earnings release CONFERENCE CALL Management will host a conference call at 4:00 p.m. Central Time / 5:00 p.m. EDT, Tuesday, August 4, 2020 to discuss operating highlights and financial results for the second quarter 2020. The conference call will be webcast live and may be accessed at Luminex Corporation's website at investor.luminexcorp.com. Analysts may participate on the conference call by dialing (877) 930-7053 (U.S.) or (253) 336-7290 (outside the U.S.). The access code is 4892896. The webcast will be archived for six months on our website using the 'replay' link. ABOUT LUMINEX CORPORATION At Luminex, our mission is to empower labs to obtain reliable, timely, and actionable answers, ultimately advancing health. We offer a wide range of solutions applicable in diverse markets including clinical diagnostics, pharmaceutical drug discovery, biomedical research, genomic and proteomic research, biodefense research, and food safety. We accelerate reliable answers while simplifying complexity and deliver certainty with a seamless experience. To learn more about Luminex, please visit us at luminexcorp.com. USE OF FORWARD-LOOKING STATEMENTS Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations, or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding expected revenue and cost savings and projected 2020 performance, including revenue guidance. The words "expect," "anticipate," "will," "could," "should" and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex's actual results or performance to differ materially include risks and uncertainties relating to, among others, negative effects from the worldwide COVID-19 pandemic (including but not limited to the general economic downturn related to such pandemic, travel restrictions related thereto, business closures that may affect our supply chain or our ability to install instruments, and delays in U.S. Food and Drug Administration (the "FDA") clearances related to adjustments in the agency's approval priorities in response to the pandemic), the warning letter (the "Warning Letter") the Company received from the FDA on June 26, 2020 relating to the operations of the Company's Austin, TX and Northbrook, IL facilities and the Company's VERIGENE Processor SP System, as previously disclosed in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on June 29, 2020, including the outcome of the Company's efforts to remediate the FDA's observations, the possible resolution of the issues identified in the Warning Letter and any further regulatory and enforcement actions that may initiated by the FDA with respect thereto, concentration of Luminex's revenue in a limited number of direct customers and strategic partners, some of which may be experiencing decreased demand for their products utilizing or incorporating Luminex's technology, budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of internal resource planning challenges; market demand and acceptance of Luminex's products and technology, including ARIES, MultiCode, xMAP, xMAPINTELLIFLEX, VERIGENE, VERIGENE II, Guava, Muse, Amnisand NxTAGproducts; Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels; Luminex's ability to obtain and enforce intellectual property protections on Luminex's products and technologies; the impact on Luminex's growth and future results of operations with respect to the loss of the LabCorp women's health business; Luminex's ability to successfully launch new products in a timely manner; dependence on strategic partners for development, commercialization and distribution of products; risks and uncertainties associated with implementing Luminex's acquisition strategy, Luminex's challenge to identify acquisition targets, including Luminex's ability to obtain financing on acceptable terms; Luminex's ability to integrate acquired companies or selected assets into Luminex's consolidated business operations, and the ability to fully realize the benefits of Luminex's acquisitions; the timing of and process for regulatory approvals; competition and competitive technologies utilized by Luminex's competitors; fluctuations in quarterly results due to a lengthy and unpredictable sales cycle; fluctuations in bulk purchases of consumables; fluctuations in product mix, and the seasonal nature of some of Luminex's assay products; Luminex's ability to comply with applicable laws, regulations, policies and procedures; the impact of the ongoing uncertainty in global finance markets and changes in governmental and governmental agency funding, including effects on the capital spending policies of Luminex's partners and end users and their ability to finance purchases of Luminex's products; changes in principal members of Luminex's management staff; potential shortages, or increases in costs, of components or other disruptions to Luminex's manufacturing operations; Luminex's increasing dependency on information technology to improve the effectiveness of Luminex's operations and to monitor financial accuracy and efficiency; the implementation, including any modification, of Luminex's strategic operating plans; the uncertainty regarding the outcome or expense of any litigation brought against or initiated by Luminex; risks relating to Luminex's foreign operations, including fluctuations in exchange rates, tariffs, customs and other barriers to importing/exporting materials and products in a cost effective and timely manner; difficulties in accounts receivable collections; Luminex's ability to monitor and comply with foreign and international laws and treaties; and Luminex's ability to comply with changes in international taxation policies; budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of material resource planning challenges; reliance on third party distributors for distribution of specific Luminex-developed and manufactured assay products, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial guidance and 2020 outlook, contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Contacts Harriss Currie Senior Vice President, Chief Financial Officer [emailprotected]512-219-8020 Carla Stanaford Investor Relations [emailprotected] 937-469-2120 Media Contact: Michele Parisi Bioscribe [emailprotected] 925-864-5028 LUMINEX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) June 30, December 31, 2020 2019 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 291,665 $ 59,173 Accounts receivable, net 60,673 55,815 Inventories, net 92,403 77,084 Prepaids and other 10,206 10,398 Total current assets 454,947 202,470 Property and equipment, net 64,098 65,515 Intangible assets, net 84,633 90,336 Deferred income taxes 25,091 27,702 Goodwill 118,145 118,145 Right of use assets 19,484 20,439 Other 17,779 19,122 Total assets $ 784,177 $ 543,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 16,383 $ 17,983 Accrued liabilities 35,894 31,872 Deferred revenue - current portion 10,510 8,214 Total current liabilities 62,787 58,069 Deferred revenue 1,622 1,633 Lease liabilities 15,556 17,182 Long-term debt 197,947 - Other long-term liabilities 2,004 1,985 Total liabilities 279,916 78,869 Stockholders' equity: Common stock 45 44 Additional paid-in capital 414,851 380,304 Accumulated other comprehensive loss (1,363) (1,380) Retained earnings 90,728 85,892 Total stockholders' equity 504,261 464,860 Total liabilities and stockholders' equity $ 784,177 $ 543,729 LUMINEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (unaudited) (unaudited) Revenue $ 109,519 $ 83,056 $ 199,943 $ 165,464 Cost of revenue 39,838 37,829 79,916 74,430 Gross profit 69,681 45,227 120,027 91,034 Operating expenses: Research and development 13,863 14,985 25,781 30,033 Selling, general and administrative 34,190 33,146 68,125 64,637 Amortization of acquired intangible assets 2,852 2,852 5,704 5,704 Total operating expenses 50,905 50,983 99,610 100,374 Income (loss) from operations 18,776 (5,756) 20,417 (9,340) Interest and other expense, net (2,384) (158) (2,383) (98) Loss from equity method investment (279) - (893) - Income (loss) before income taxes 16,113 (5,914) 17,141 (9,438) Income tax (expense) benefit (3,603) 983 (3,977) 7,467 Net income (loss) $ 12,510 $ (4,931) $ 13,164 $ (1,971) Net income (loss) attributable to common stockholders Basic $ 12,260 $ (4,896) $ 12,905 $ (1,973) Diluted $ 12,264 $ (4,897) $ 12,906 $ (1,974) Net income (loss) per share attributable to common stockholders Basic $ 0.27 $ (0.11) $ 0.29 $ (0.04) Diluted $ 0.27 $ (0.11) $ 0.28 $ (0.04) Weighted-average shares used in computing net income (loss) per share Basic 44,893 44,157 44,649 44,054 Diluted 46,065 44,157 45,517 44,054 Dividends declared per share $ 0.09 $ 0.06 $ 0.18 $ 0.12 LUMINEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (unaudited) (unaudited) Cash flows from operating activities: Net income (loss) $ 12,510 $ (4,931) $ 13,164 $ (1,971) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 7,646 7,104 15,080 13,993 Amortization of debt issuance costs 1,345 - 1,345 - Stock-based compensation 4,026 3,630 6,709 6,079 Deferred income tax (benefit) expense 1,272 (567) 2,325 (8,654) Loss on sale or disposal of assets 339 78 386 172 Loss on equity method investment 279 - 893 - Other 139 221 1 (21) Changes in operating assets and liabilities: Accounts receivable, net 3,211 1,446 (4,864) (5,896) Inventories, net (13,783) (5,498) (15,293) (5,985) Other assets 1,693 1,133 1,192 3,403 Accounts payable 2,694 52 (1,492) 4,169 Accrued liabilities 8,411 2,844 2,277 (7,556) Deferred revenue 1,494 370 2,337 1,050 Net cash provided by (used in) operating activities 31,276 5,882 24,060 (1,217) Cash flows from investing activities: Purchase of property and equipment (4,176) (4,299) (8,099) (8,122) Proceeds from business acquisition consideration, net of cash acquired - 1,915 - 1,915 Proceeds from cost method investment - - 22 - Net cash used in investing activities (4,176) (2,384) (8,077) (6,207) Cash flows from financing activities: Proceeds from issuance of convertible note, net of issuance costs 252,247 - 252,247 - Purchase of convertible notes bond hedge (54,626) - (54,626) - Proceeds from issuance of warrants 19,968 - 19,968 - Proceeds from issuance of common stock 8,094 983 9,443 1,786 Shares surrendered for tax withholding (23) (13) (2,333) (2,085) Dividends paid (4,098) (2,699) (8,161) (5,395) Net cash provided by (used in) financing activities 221,562 (1,729) 216,538 (5,694) Effect of foreign currency exchange rate on cash (74) (133) (29) 2 Change in cash and cash equivalents 248,588 1,636 232,492 (13,116) Cash and cash equivalents, beginning of period 43,077 61,689 59,173 76,441 Cash and cash equivalents, end of period $ 291,665 $ 63,325 $ 291,665 $ 63,325 SOURCE Luminex Corporation Related Links http://www.luminexcorp.com

Answer: Luminex Corporation Reports Second Quarter 2020 Results Delivers Accelerated Organic Growth and Profitability