Luminex Corporation (NASDAQ:LMNX) Q3 2019 Earnings Conference Call Transcript

Nov 04, 2019 • 05:00 pm ET

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Luminex Corporation (NASDAQ:LMNX) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Q3 2019 Luminex Corp Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jeff Christensen, Senior Director of Investor Relations. Thank you. Please go ahead, sir.

Executive
Jeff Christensen

Thank you and good afternoon, everyone. I joined Luminex in September and look forward to working with you. My contact information is in our financial results release. The slides of our third quarter 2019 results are available for viewing or download from our Investor Relations website at investor.luminexcorp.com. On the call today are Homi Shamir, President and CEO; Harriss Currie, Senior Vice President and CFO. We'll be following our standard agenda today. Homi will review our corporate highlights. Harriss will review the financial performance and after that we will open the call up for your questions. As a reminder, today's conference call is being recorded. The conference call replay and the slides will be available for six months on the Investor Relations section of our website.

Certain statements made during the course of today's call may not be purely historical and consequently may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and the Company's claims that projections provided by Section 21E of the Securities Exchange Act for such statements. These forward-looking statements speak only as of the date here of and are based on our current beliefs and expectations and are subject to known or unknown risk and uncertainties, some of which are beyond the Company's control that could cause actual results or plans to differ materially and adversely from those anticipated in the forward-looking statements.

Factors that could cause or contribute to such differences are detailed on our Form 10-K for the year ended December 31 and our quarterly reports on Form 10-Q filed with the Securities Exchange Commission. We encourage you to review these documents and we undertake no obligation to update these forward-looking statements.

Also, certain non-GAAP financial measures as defined by SEC Regulation G, may be covered on this call. To the extent that any non-GAAP financial measures are covered, a presentation of and reconciliation to the most directly comparable GAAP financial measure will be included in our press release which is available on our website in accordance with regulation G. I'll now turn the call over to our President and CEO, Homi Shamir.

Executive
Nachum Homi Shamir

Thank you, Jeff. Good afternoon. And once again, welcome to our third quarter 2019 earnings call. Earlier this afternoon, we posted our results for the third quarter of 2019. As you can see from this result, we continue to work through the departure of most of LabCorp businesses, which created a $7 million drag on the current quarter and $31 million revenue impact on our year-to-date basis, as well as the profitability challenges that their departure presented. Despite the LabCorp departure, we grew total revenue by about 9% over