(LMNX - Free Report
) , a developer of biological testing technologies, has accomplished a major milestone with the shipment of its 10,000th multiplexing instrument. The company has shipped its 10,000th Magpix instrument to the Rhode Island Hospital, which will be used for assay validation of Luminex’s xTAG Gastrointestinal Pathogen Panel (GPP).
The popularity and success of Luminex’s instruments demonstrate the company’s ability to develop world-class offerings. The open architecture and flexibility of the xMAP technology allows Luminex’s research partners to build assays as per their convenience.
Luminex’ revenues grew 9% in the last reported quarter, partially led by higher shipment of multiplexing analyzers, reflecting strong demand for Luminex products. The company shipped 205 multiplexing analyzers during the first quarter, resulting in total life-to-date dispatches of 9,865 analyzers, up 11% year over year.
Luminex possesses an extensive product portfolio and a healthy pipeline of novel assays, which are expected to support growth going ahead. Moreover, Luminex is developing innovative platforms by combining resources from its latest acquisitions. The company’s initiative to establish a direct sales force for its molecular diagnostics customers will likely improve operating efficiency.
However, Luminex operates in a highly competitive life sciences industry. Sluggish growth in its core markets as well as the ongoing global austerity measures are challenges faced by the company. In addition, the loss of its assay distributors is affecting the bottom line.
The stock carries a Zacks Rank #3 (Hold). Medical instrument companies, such as Thoratec
, Globus Medical
(GMED - Free Report
) and Syneron Medical
are expected to do well. All these stocks carry a Zacks Rank #2 (Buy).