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Luminex Reports 2008 Results

Luminex Corporation (Luminex) has reported revenues of $104.4 million for the full year of 2008, compared with the revenues of $75 million in the previous year-end. It has also reported a net income of $3.05 million, or $0.08 per diluted share, for the full year of 2008, compared with the net loss of $2.7 million, or $0.08 per diluted share, in the previous year-end.

Net income of $2.0 million for the fourth quarter of 2008 and $3.1 million of net income for 2008

Consolidated fourth quarter revenue of $28.2 million, up 31 % over the fourth quarter of 2007; and 2008 consolidated revenue of $104.4 million, up 39 % over 2007

System shipments of 250, resulting in cumulative life-to-date shipments of 5,891, up 18 % from the fourth quarter a year ago; representing the ninth consecutive quarter of system shipments of 200 or more

Fourth quarter consumables revenue of $8.3 million and royalty revenue of $4.0 million, up 53 % and 44 %, respectively, from the fourth quarter of 2007. For the year ended 2008 royalties increased 45 % and consumables increased 65 % over the prior calendar year

Consolidated gross profit margin of 69 % for the fourth quarter 2008, and 68 % for the year 2008, compared with fourth quarter 2007 gross profit margin of 62 % and 61 % for 2007

Finished the year with $124.1 million in cash and investments

Delivered first commercial shipments of new instrument, FLEXMAP 3D

Net income for the fourth quarter of 2008 was $2.0 million, or $0.05 per share, compared with a net loss of $2.8 million, or ($0.08) per share for the fourth quarter of 2007, excluding fourth quarter 2007 non-recurring items of $13.9 million.

“2008 was a transformational year for Luminex as the Company delivered a record performance and achieved several major milestones,” said Patrick J. Balthrop, president and chief executive officer of Luminex. “In addition to record revenues and profits, we introduced innovative products, entered into exciting new partnerships and enhanced our balance sheet. Our fourth quarter results demonstrated the Company’s continuing momentum.

“Record revenue growth, combined with the highest gross margins in our history, has positioned Luminex well for the future,” added Balthrop. “The successful execution of our growth strategy has led to our installed base of almost 6,000 instruments which continues to drive demand and high growth in our most profitable product lines. These resources provide Luminex with the ability to invest in the Company’s longer term growth strategies, such as innovative research and development projects, geographic and commercial expansion, and dedication to regulatory compliance. As we look toward 2009 and beyond, we believe that Luminex is well positioned to execute our growth strategy and continue to deliver long term shareholder value.”

Financial Outlook And Guidance

Outlook for Fiscal 2009

The company presently expects full year 2009 revenue to be between $130 million and $140 million. The full year figures represent an increase of between 25 % and 34 % over reported 2008 revenue.