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Follow up for Luna:
Luna Innovations Incorporated, a company focusing on sensing & instrumentation and pharmaceutical nanomedicines, today announced its financial results for the third quarter ended September 30, 2008.
Kent Murphy, Chairman and Chief Executive Officer, provided this overview of Luna’s results:
“I am pleased to report that during the third quarter we continued to achieve our planned improvement in both revenue and bottom line results. For the first time, we achieved quarterly revenue in excess of $10 million. Our revenues of $10.7 million in the third quarter of 2008 represent an increase of 21% as compared to the same quarter last year, with growth of more than 20% in both of our lines of business. Our gross profit increased from $3.5 million in the third quarter of 2007 to $4.3 million this past quarter, and due in part to our continued focus on our operating expenses, our loss per share declined from $0.18 to $0.04. Excluding a one-time benefit that we realized on a litigation settlement with our former auditors, our net loss per share would have been $0.10, which is a substantial improvement compared to the third quarter of 2007.
“Our higher-margin product and license revenues continue to grow, and we remain on track to achieve a growth of approximately 30% in that segment this year as compared to last year. We also had continued success in strengthening our Technology Development Division and have a solid backlog of contracts specifically supporting much of our product development efforts.
“Also during the past quarter, we announced a National Institutes of Health grant from the National Cancer Institute to develop a contrast agent that is targeted to image brain cancers. Under this program, Luna is tasked with producing an improved magnetic resonance imaging (MRI) agent to enhance tumor imaging and advance the diagnosis and treatment of this disease by directing nanomolecules to specific biological targets. We expect that our exclusive nanotechnology using carbon nanospheres can meet the needs of this program.â€
Third Quarter Financial Highlights
* Achieved quarterly revenue greater than $10 million. Total revenues for the third quarter of 2008 increased 21% compared to the third quarter of 2007.
* Product and license revenues grew 21% to approximately $3.5 million in the third quarter of 2008, compared to $2.9 million in the third quarter of 2007.
* Gross profit for the third quarter of 2008 increased 21% to $4.3 million from $3.5 million for the corresponding period of 2007.
* Operating expenses decreased 3% to $5.4 million, or 50% of total revenues, from $5.5 million, or 63% of total revenues, in the third quarter of 2007.
* Net loss improved to $0.5 million from $1.8 million in the third quarter of 2007. Excluding the one-time benefit from a July 2008 settlement of a dispute with our former auditing firm the net loss would have been $1.1 million.
* Net loss per share for the third quarter of 2008 was $0.04 per share. Excluding the non-recurring, non-operating income related to the July 2008 settlement, net loss per share for the third quarter of 2008 would have been $0.10 per share compared to a net loss per share of $0.18 in the third quarter of 2007.
* Cash and cash equivalents totaled $15.2 million at September 30, 2008, as compared to $15.3 million at June 30, 2008, and $12.0 million at December 31, 2007.
Third Quarter Business Highlights
* Awarded a grant from the National Cancer Institute to adapt Luna’s exclusive carbon nanosphere-based contrast agent technology to produce an improved MRI agent for enhanced tumor imaging and advanced diagnosis and treatment.
* Continued to meet the development objectives and timeline of our partnership with Intuitive Surgical, Inc. to adapt Luna’s shape sensing technology for use in medical robotics for minimally invasive surgery.
* Demonstrated an increase in the number of hair follicles and growth of new hair on a second species of mouse using a topical application of our proprietary nanomedical compound; identified the lead compound for future development efforts of this potential product.
* Realized 20% increase in organic solar cell overall efficiency based upon the increase in open circuit voltage obtained from using Luna’s exclusive TRIMETASPHERE in place of the empty cage fullerenes typically used today.
Outlook for Remainder of 2008
For the fourth quarter of 2008, the company currently anticipates continued year-over-year growth in both its product and license segment and its Technology Development Division. The company currently expects total revenue to be in the range of $40.0 million to $41.0 million for 2008. Also for 2008, the company anticipates a net loss in the range of $6.0 million to $6.5 million. The improvement in expected net loss for the year from our earlier guidance of $6.5 million to $7.0 million reflects the non-recurring benefit realized from the July 2008 settlement. Accordingly, for the fourth quarter of 2008, the company expects revenue of approximately $10.5 million to $11.5 million and a net loss of approximately $1.8 million to $2.3 million. The higher expected loss in the fourth quarter of 2008 compared to the current quarter is primarily attributable to the expected increase in costs related to on-going litigation with Hansen Medical as Luna progresses toward trial in that matter.
http://www.lunainnovations.com
Luna Innovations Incorporated, a company focusing on sensing & instrumentation and pharmaceutical nanomedicines, today announced its financial results for the third quarter ended September 30, 2008.
Kent Murphy, Chairman and Chief Executive Officer, provided this overview of Luna’s results:
“I am pleased to report that during the third quarter we continued to achieve our planned improvement in both revenue and bottom line results. For the first time, we achieved quarterly revenue in excess of $10 million. Our revenues of $10.7 million in the third quarter of 2008 represent an increase of 21% as compared to the same quarter last year, with growth of more than 20% in both of our lines of business. Our gross profit increased from $3.5 million in the third quarter of 2007 to $4.3 million this past quarter, and due in part to our continued focus on our operating expenses, our loss per share declined from $0.18 to $0.04. Excluding a one-time benefit that we realized on a litigation settlement with our former auditors, our net loss per share would have been $0.10, which is a substantial improvement compared to the third quarter of 2007.
“Our higher-margin product and license revenues continue to grow, and we remain on track to achieve a growth of approximately 30% in that segment this year as compared to last year. We also had continued success in strengthening our Technology Development Division and have a solid backlog of contracts specifically supporting much of our product development efforts.
“Also during the past quarter, we announced a National Institutes of Health grant from the National Cancer Institute to develop a contrast agent that is targeted to image brain cancers. Under this program, Luna is tasked with producing an improved magnetic resonance imaging (MRI) agent to enhance tumor imaging and advance the diagnosis and treatment of this disease by directing nanomolecules to specific biological targets. We expect that our exclusive nanotechnology using carbon nanospheres can meet the needs of this program.â€
Third Quarter Financial Highlights
* Achieved quarterly revenue greater than $10 million. Total revenues for the third quarter of 2008 increased 21% compared to the third quarter of 2007.
* Product and license revenues grew 21% to approximately $3.5 million in the third quarter of 2008, compared to $2.9 million in the third quarter of 2007.
* Gross profit for the third quarter of 2008 increased 21% to $4.3 million from $3.5 million for the corresponding period of 2007.
* Operating expenses decreased 3% to $5.4 million, or 50% of total revenues, from $5.5 million, or 63% of total revenues, in the third quarter of 2007.
* Net loss improved to $0.5 million from $1.8 million in the third quarter of 2007. Excluding the one-time benefit from a July 2008 settlement of a dispute with our former auditing firm the net loss would have been $1.1 million.
* Net loss per share for the third quarter of 2008 was $0.04 per share. Excluding the non-recurring, non-operating income related to the July 2008 settlement, net loss per share for the third quarter of 2008 would have been $0.10 per share compared to a net loss per share of $0.18 in the third quarter of 2007.
* Cash and cash equivalents totaled $15.2 million at September 30, 2008, as compared to $15.3 million at June 30, 2008, and $12.0 million at December 31, 2007.
Third Quarter Business Highlights
* Awarded a grant from the National Cancer Institute to adapt Luna’s exclusive carbon nanosphere-based contrast agent technology to produce an improved MRI agent for enhanced tumor imaging and advanced diagnosis and treatment.
* Continued to meet the development objectives and timeline of our partnership with Intuitive Surgical, Inc. to adapt Luna’s shape sensing technology for use in medical robotics for minimally invasive surgery.
* Demonstrated an increase in the number of hair follicles and growth of new hair on a second species of mouse using a topical application of our proprietary nanomedical compound; identified the lead compound for future development efforts of this potential product.
* Realized 20% increase in organic solar cell overall efficiency based upon the increase in open circuit voltage obtained from using Luna’s exclusive TRIMETASPHERE in place of the empty cage fullerenes typically used today.
Outlook for Remainder of 2008
For the fourth quarter of 2008, the company currently anticipates continued year-over-year growth in both its product and license segment and its Technology Development Division. The company currently expects total revenue to be in the range of $40.0 million to $41.0 million for 2008. Also for 2008, the company anticipates a net loss in the range of $6.0 million to $6.5 million. The improvement in expected net loss for the year from our earlier guidance of $6.5 million to $7.0 million reflects the non-recurring benefit realized from the July 2008 settlement. Accordingly, for the fourth quarter of 2008, the company expects revenue of approximately $10.5 million to $11.5 million and a net loss of approximately $1.8 million to $2.3 million. The higher expected loss in the fourth quarter of 2008 compared to the current quarter is primarily attributable to the expected increase in costs related to on-going litigation with Hansen Medical as Luna progresses toward trial in that matter.
http://www.lunainnovations.com