Stevie Award for Luminex MAGPIX

Luminex Corporation ( LMNX - Analyst Report ) , a developer of biological testing technologies, has clinched two American Business Awards (“Stevie Awards”) for its flagship MAGPIX analytical instrument. The Stevie Awards were created to honor organizations of all types and sizes and business people in recognition of their positive contributions and achievements in the workplace globally.

The Texas-based company was crowned the “Most Innovative Company of the Year (for companies with less than 2,500 employees)” and “Business Innovation of the Year” awards for its innovative MAGPIX instrument. The awards were presented at a gala event at the New York Marriott Marquis Hotel in Times Square.

Apart from Luminex, other notable winners of the Stevie Award include Apple Inc. ( AAPL - Analyst Report ) , Whole Foods Market Inc. ( WFM - Analyst Report ) , Cisco Systems Inc. ( CSCO - Analyst Report ) , Dell Inc ( DELL - Analyst Report ) , General Electric ( GE - Analyst Report ) and Hewlett-Packard ( HPQ - Analyst Report ) .

The MAGPIX system (launched in July 2010) leverages Luminex’s proprietary open-architecture xMAP technology and is capable of producing up to 50 tests on a single sample. The versatile multiplexing platform can be used to test both nucleic acids (DNA and RNA) and proteins, making it applicable across multiple research settings.

MAGPIX has been designed to offer fast, accurate and easily reproducible test results while enabling laboratories to save time and cost. Based on a comparative study, MAGPIX is has been shown to be more efficient and cost-effective than the legacy Enzyme-linked Immunosorbent Assay (“ELISA”) test method. MAGPIX is easy to install and weighs less than 18 kilograms, making it convenient to ship and deploy across the globe.

Earlier, in April 2011, Luminex received the prestigious Medical Design Excellence Award (“MDEA”) for MAGPIX. The company recently forged a global sales and distribution deal with life sciences company Life Technologies Corporation ( LIFE - Analyst Report ) for the instrument.

Luminex develops and markets proprietary biological testing technologies, which have applications across the life sciences industry. Its xMAP technology enables fast, cost-effective and accurate conduct and analysis of biological tests. The company continues to expand its xMAP technology-based installed instrument base.

Luminex operates in the highly competitive life sciences industry, characterized by rapid and continuous technological innovation. Moreover, sluggish growth is a major challenge in its core markets. Our Neutral recommendation on the stock is backed by a short-term Zacks #3 Rank (Hold).