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AUSTIN, Texas, Feb. 8, 2021 /PRNewswire/ --Luminex Corporation (Nasdaq: LMNX) today announced results for its fourth quarter and full-year ended December 31, 2020. All amounts in this release are in conformity with U.S. generally accepted accounting principles ("GAAP"). CURRENT FINANCIAL HIGHLIGHTS Record revenue for the fourth quarter of $111.4M, a 23% increase over Q4 2019, and record revenue for the year of $417.4M, up 25% vs. 2019, driven primarily by growth associated with the COVID-19 global pandemic Gross margins of 58% for the quarter and 59% for the full year, an improvement of 3 and 4 percentage points, respectively, vs. Q4 and full-year 2019 Operating margin of $10.5M or 9% of revenue for the quarter and $42.4M or 10% of revenue for the year, an improvement of 250% and 450% vs. Q4 and full-year 2019 Record net income for the year of $15.2M, or $0.32 per diluted share, up from net losses of $3.8M, or $0.09 per diluted share in 2019 CEO COMMENTARY "I am very pleased with the overall performance of our diversified business during the past year. We have demonstrated an ability to adapt and deliver in unprecedented times, and our team continues to execute on our key role in addressing the demands of this global pandemic. We delivered record revenue growth, profitability, and cash flow during 2020 and positioned ourselves well for continued growth in 2021, and for the foreseeable future thereafter," said Nachum "Homi" Shamir, Chairman, President and CEO of Luminex. "Our growth trajectory, expanding product portfolio, manufacturing capabilities and customer base, together with our financial strength, will enable us to consider a wide variety of exciting opportunities. I would like to thank all of our Luminex employees who have provided outstanding support during this pandemic that affects us all." ADDITIONAL HIGHLIGHTS OF THE QUARTER Molecular Diagnostics revenue for the quarter of $57.8M, up 49% vs. Q4 2019, and $227.8M for the year, up 67% vs. 2019 Sold or contracted 449 sample-to-answer systems for the year, a significant number under reagent rental agreements, up nearly 120% vs. 2019 placements Licensed Technologies Group revenue of $40.0M, up 4% from Q4 2019, but down 2% from 2019, to $146.7M Flow Cytometry revenue of $12.0M, flat vs. Q4 2019, and $35.8M for the year, down 21% vs. 2019 Three Months Ended December 31, Variance 2020 2019 ($) (%) (unaudited) System sales $ 23,758 $ 20,773 $ 2,985 14% Consumable sales 12,985 11,723 1,262 11% Royalty revenue 13,916 13,565 351 3% Assay revenue 51,300 36,374 14,926 41% Service revenue 6,331 5,651 680 12% Other revenue 3,103 2,415 688 28% $ 111,393 $ 90,501 $ 20,892 23% Year Ended December 31, Variance 2020 2019 ($) (%) (unaudited) System sales $ 70,764 $ 70,276 $ 488 1% Consumable sales 48,936 48,542 394 1% Royalty revenue 48,873 53,562 (4,689) -9% Assay revenue 211,902 132,028 79,874 60% Service revenue 23,341 22,413 928 4% Other revenue 13,580 7,817 5,763 74% $ 417,396 $ 334,638 $ 82,758 25% REVENUE GUIDANCE As of the date hereof, Luminex is providing revenue guidance as follows: Luminex reaffirms its 2021 revenue expectations of approximately $480 million, reflecting 15% growth over Luminex's full year 2020, with such revenue growth driven primarily by significant expansion of ARIES assay sales resulting from completion of the manufacturing line expansion, an expanded customer base, and new product launches. CONFERENCE CALL Management will host a conference call at 4:00 p.m. Central Time / 5:00 p.m. EDT, Monday, February 8, 2021 to discuss operating highlights and financial results for the fourth quarter and full-year 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 4492199. 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, projected 2021 performance, including revenue guidance, and expectations regarding Luminex's product development, manufacturing line expansion and product growth and the continued impact of the COVID-19 pandemic on Luminex's operations and financial results. The words "expect," "anticipate," "will," "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 Luminex'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") Luminex received from the FDA on June 26, 2020 relating to the operations of Luminex's Austin, TX and Northbrook, IL facilities and Luminex's VERIGENE Processor SP System, as previously disclosed in Luminex's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on June 29, 2020, including the outcome of Luminex'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 technologies, including ARIES, MultiCode, xMAP, xMAP INTELLIFLEX, VERIGENE, VERIGENE II, Guava, Muse, Amnis and NxTAG products; 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 and complete new manufacturing lines 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, including challenges in identifying acquisition targets, and obtaining financing on acceptable terms; Luminex's ability to integrate acquired companies or selected assets into Luminex's consolidated business operations, and its 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, including risks associated with potential attacks on or breaches of Luminex's information technology systems and any resultant harm to Luminex's ability to protect its intellectual property and manufacture, sell and support its products; 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; Luminex's ability to comply with changes in international taxation policies; budget or finance constraints of Luminex's customers and partners in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of material resource planning challenges; and Luminex's 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 Annual Reports on Forms 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements, including the financial guidance and 2021 outlooks, 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 CurrieSenior Vice President, Chief Financial Officer[emailprotected] 512-219-8020 Carla StanafordInvestor Relations[emailprotected] 937-469-2120 Media Contact: Michele Parisi Bioscribe [emailprotected] 925-864-5028 LUMINEX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, December 31, 2020 2019 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 309,407 $ 59,173 Accounts receivable, net 66,963 55,815 Inventories, net 123,134 77,084 Prepaids and other 9,527 10,398 Total current assets 509,031 202,470 Property and equipment, net 64,146 65,515 Intangible assets, net 78,796 90,336 Deferred income taxes 21,077 27,702 Goodwill 118,145 118,145 Right of use assets 17,768 20,439 Other 16,500 19,122 Total assets $ 825,463 $ 543,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 21,049 $ 17,983 Accrued liabilities 56,365 31,872 Deferred revenue - current portion 10,047 8,214 Total current liabilities 87,461 58,069 Deferred revenue 1,658 1,633 Lease liabilities 13,366 17,182 Long-term debt 203,136 - Other long-term liabilities 2,131 1,985 Total liabilities 307,752 78,869 Stockholders' equity: Common stock 45 44 Additional paid-in capital 434,021 380,304 Accumulated other comprehensive loss (142) (1,380) Retained earnings 83,787 85,892 Total stockholders' equity 517,711 464,860 Total liabilities and stockholders' equity $ 825,463 $ 543,729 LUMINEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 (unaudited) (unaudited) Revenue $ 111,393 $ 90,501 $ 417,396 $ 334,638 Cost of revenue 46,949 40,636 169,544 151,899 Gross profit 64,444 49,865 247,852 182,739 Operating expenses: Research and development 13,796 12,933 53,651 56,228 Selling, general and administrative 37,229 31,098 140,216 127,183 Amortization of acquired intangible assets 2,919 2,851 11,542 11,407 Total operating expenses 53,944 46,882 205,409 194,818 Income (loss) from operations 10,500 2,983 42,443 (12,079) Interest and other expense, net (5,023) 3,196 (11,912) 3,100 Loss from equity method investment (241) (523) (1,591) (523) Income (loss) before income taxes 5,236 5,656 28,940 (9,502) Income tax (expense) benefit (4,997) (2,273) (13,770) 5,664 Net income (loss) $ 239 $ 3,383 $ 15,170 $ (3,838) Net income (loss) attributable to common stockholders Basic $ 236 $ 3,322 $ 14,873 $ (3,773) Diluted $ 235 $ 3,322 $ 14,872 $ (3,775) Net income (loss) per share attributable to common stockholders Basic $ 0.01 $ 0.08 $ 0.33 $ (0.09) Diluted $ 0.01 $ 0.07 $ 0.32 $ (0.09) Weighted-average shares used in computing net income (loss) per share Basic 45,640 44,263 45,102 44,148 Diluted 45,985 44,503 45,820 44,148 Dividends declared per share $ 0.10 $ 0.09 $ 0.37 $ 0.30 LUMINEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 (unaudited) (unaudited) Cash flows from operating activities: Net income (loss) $ 239 $ 3,383 $ 15,170 $ (3,838) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 7,712 7,358 30,483 28,529 Amortization of debt issuance costs 2,623 - 6,533 - Stock-based compensation 4,070 3,554 14,851 13,198 Deferred income tax (benefit) expense 215 3,526 6,593 (7,444) (Gain) loss on sale or disposal of assets 505 409 851 641 (Earnings) loss on equity method investment (1) 241 (2,719) 1,592 (2,719) Other 1,216 203 2,087 (329) Changes in operating assets and liabilities: Accounts receivable, net (6,503) (10,004) (11,139) (2,440) Inventories, net (13,313) (956) (45,973) (13,559) Other assets 4,499 819 4,125 4,789 Accounts payable 3,505 (1,170) 3,184 3,370 Accrued liabilities 6,359 1,326 19,686 (5,630) Deferred revenue (13) (421) 1,888 (1,031) Net cash provided by (used in) operating activities 11,355 5,308 49,931 13,537 Cash flows from investing activities: Purchase of property and equipment (6,296) (3,133) (17,910) (16,249) Proceeds from business acquisition consideration, net of cash acquired - - - 1,916 Purchase of equity method investment - (6,980) (6,980) Proceeds from cost method investment - 735 - 734 Acquired technology rights - (40) 22 (40) Net cash used in investing activities (6,296) (9,418) (17,888) (20,619) Cash flows from financing activities: Proceeds from issuance of convertible note, net of issuance costs - - 252,247 - Purchase of convertible notes bond hedge - - (54,626) - Proceeds from issuance of warrants - - 19,968 - Proceeds from issuance of common stock 640 1,269 20,435 3,750 Shares surrendered for tax withholding (8) (6) (2,373) (2,095) Dividends paid (4,187) (4,055) (16,485) (12,153) Net cash provided by (used in) financing activities (3,555) (2,792) 219,166 (10,498) Effect of foreign currency exchange rate on cash (551) 24 (975) 312 Change in cash and cash equivalents 953 (6,878) 250,234 (17,268) Cash and cash equivalents, beginning of period 308,454 66,051 59,173 76,441 Cash and cash equivalents, end of period $ 309,407 $ 59,173 $ 309,407 $ 59,173 SOURCE Luminex Corporation Related Links http://www.luminexcorp.com

Answer: Luminex Corporation Reports Fourth Quarter and Full-Year 2020 Results