Luminex Gets Nod for Virus Detection Measure

Luminex Corporation (NASDAQ:LMNX) disclosed that it received Food and Drug Administration emergency use authorization for ARIES SARS-CoV-2 assay to detect virus responsible for COVID-19 disease.

Luminex also launched the NxTAG® CoV Extended Panel last week after receiving an EUA from the U.S. FDA and Medical Device Authorization for importation or sale for Health Canada.

The panel is a high-throughput, scalable, cost-effective option for detecting SARS-CoV-2 in as many as 96 samples in approximately four hours. To provide a more complete picture of a patient's respiratory health, the NxTAG CoV Extended Panel can also be run in parallel with the NxTAG Respiratory Pathogen Panel.

What’s more, the Austin, Texas-based company issued a strong Q1 sales forecast. First-quarter revenues were just over $90 million, up approximately 10% over the prior-year quarter and approximately 8% above the top end of its previously communicated first-quarter revenue guidance range of $82 to $84 million.

This included a Molecular Diagnostics Revenue of approximately $45 million, up more than 25% vs. Q1 2019, driven by SARS-CoV-2 pandemic-related sales:

Non-automated assays were $19 million, up more than 15% vs. Q1 2019. Sample-to-answer business was about $26 million, up more than 50% vs. Q1 2019. Licensed Technologies Group revenue was approximately $37 million, up 5% vs. Q1 2019.

Full financial results for the quarter and any changes to 2020 guidance are due out as part of the company’s first-quarter earnings call, currently scheduled for May 11.

Shares added $1.07, or 4%, to $28.16.

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