Luna Innovations Incorporated (NASDAQ: LUNA) today announced its
financial results for the first quarter ended March 31, 2012.
As compared to the same quarter last year, Luna improved its net
loss to $0.3 million for the first quarter of 2012 from a net loss
of $1.0 million, as lower operating expenses more than offset a
decline in revenues. Total revenues decreased to $8.4 million in
the first quarter of 2012 compared to $9.0 million in the first
quarter of 2011, primarily due to lower revenues from sales of
fiber optic test and measurement equipment. Gross profit decreased
to $3.2 million for the first quarter of 2012 compared to $3.3
million for the first quarter of 2011.
Luna also reduced its operating expenses to $3.5 million in the
first quarter of 2012 compared to $4.2 million in the first quarter
of the prior year. Adjusted EBITDA, a non-GAAP measure, which is
earnings before interest, taxes, and non-cash expenses of stock
based compensation, depreciation, amortization and warrant expense,
improved to $0.5 million for the first quarter of 2012, as compared
to $0.3 million for the first quarter of 2011. Cash decreased to
$7.9 million at March 31, 2012 from $8.9 million at December 31,
2011.
“We continue to make progress towards achieving the corporate
growth strategies that we outlined late last year,” said My Chung,
chief executive officer of Luna. “For example, we are focusing our
efforts on accelerating product sales in fiber optic sensing
through ongoing development of our ODiSi platform. Secondly, we
recently announced a new development agreement with Philips
Healthcare, which further strengthens our position in the
medical field. And finally, we are continuing to advance our
cybersecurity solutions. We remain confident that achievement of
these strategies will drive long-term growth and increased
shareholder value.”
First Quarter Financial and Business
Highlights
-- Total revenues decreased by 7%, from $9.0 million in the
first quarter of 2011 to $8.4 million in the first quarter of
2012.
-- Products and licensing revenue decreased by 20%, from $3.4
million in the first quarter of 2011 to $2.7 million in the first
quarter of 2012. Technology development revenues increased by 1%,
to $5.7 million for the first quarter of 2012 from $5.6 million for
the first quarter of 2011.
-- Gross profit for the first quarter of 2012 decreased to $3.2
million, or 38% of total revenues, from $3.3 million, or 37% of
total revenues, for the corresponding period of 2011.
-- Selling, general and administrative expenses decreased by 25%
to $2.8 million, or 33% of total revenues for the first quarter of
2012, from $3.7 million, or 41% of total revenues, for the first
quarter of 2011. This decrease was attributable to a $0.4 million
reduction in our stock compensation expense, a $0.3 million
reduction in legal and other professional fees, primarily the
result of a threatened proxy contest in 2011, and $0.2 million of
consulting fees to Dr. Kent Murphy incurred in the first quarter of
2011 as a result of accelerating expense recognition under our
consulting agreement with him.
-- Total operating expenses decreased to $3.5 million, or 42% of
total revenues, for the first quarter of 2012 from $4.2 million, or
47% of total revenues for the first quarter of 2011.
-- Adjusted EBITDA increased to $0.5 million in the first
quarter 2012 from $0.3 million in the first quarter of 2011.
-- Net loss attributable to common stockholders improved to $0.4
million for the first quarter of 2012 compared to $1.1 million for
the first quarter of 2011.
-- Cash and cash equivalents totaled $7.9 million at March 31,
2012 as compared to $8.9 million at December 31, 2011.
-- Luna extended its development and supply agreement with
Intuitive Surgical, as the companies work towards the integration
of Luna’s shape and position sensing technology into Intuitive’s
medical robotic products.
-- Luna was recognized with a U.S. Army Small Business
Innovation Research (SBIR) Achievement award for its successful
development of high-performance antennas for military vehicles.
-- Luna announced a development agreement with Philips
Healthcare to conduct work in advancing Luna’s technology towards
the commercialization of fiber-optic shape sensing in the
non-robotic medical field.
Outlook 2012
Based on information as of May 9, 2012, Luna continues to expect
total revenue for 2012 to be in the range of $32.5 million to $37.0
million. Also for 2012, we continue to anticipate a net loss to
common stockholders in the range of $0.2 million to $1.2 million.
For the second quarter of 2012, we expect revenue of $8.5 million
to $9.0 million and a net loss attributable to common stockholders
of $0.1 million to $0.3 million.
Non-GAAP Measures
In evaluating the operating performance of its business, Luna’s
management excludes certain charges and credits that are required
by generally accepted accounting principles (“GAAP”). These
non-GAAP results provide useful information to both management and
investors by excluding items that the company believes may not be
indicative of its operating performance, because either they are
unusual and the company does not expect them to recur in the
ordinary course of its business or they are unrelated to the
ongoing operation of the business in the ordinary course. These
non-GAAP measures should be considered in addition to results and
guidance prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. The
non-GAAP measures included in this press release have been
reconciled to the nearest GAAP measure in the table following the
financial statements attached to this press release.
Conference Call
Information
As previously announced, Luna Innovations will conduct an
investor conference call at 5:00 p.m. (EDT) today to discuss its
financial results and business developments for the first quarter
of 2012 and expectations for the remainder of 2012. The call can be
accessed by dialing 866.356.4441 domestically or
617.597.5396 internationally prior to the start of the call.
The participant access code is 56519917. Investors are
advised to dial in at least five minutes prior to the call to
register. The conference call will also be webcast live over the
Internet. The webcast can be accessed by logging on to the
“Investor Relations” section of the Luna Innovations website,
www.lunainnovations.com, prior to the event. The webcast will be
archived under the “Webcasts and Presentations” section of the Luna
Innovations website for at least 30 days following the conference
call.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com) is focused on sensing and
instrumentation. Luna develops and manufactures new-generation
products for the healthcare, telecommunications, energy and defense
markets. The company’s products are used to measure, monitor,
protect and improve critical processes in the markets it serves.
Through its disciplined commercialization business model, Luna has
become a recognized leader in transitioning science to solutions.
Luna is headquartered in Roanoke, Virginia.
Forward-Looking Statements:
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
our expectations regarding financial results for the second quarter
and full year 2012, the company’s focus on accelerating product
sales in fiber optic sensing, continuing development of shape
sensing technology in the medical area and advancing cybersecurity
solutions, demand for the company’s fiber optic equipment and
technologies, our expanded relationship with Intuitive Surgical,
and our new relationship with Philips Healthcare. Management
cautions the reader that these forward-looking statements are only
predictions and are subject to a number of both known and unknown
risks and uncertainties, and actual results, performance, and/or
achievements of the company may differ materially from the future
results, performance, and/or achievements expressed or implied by
these forward-looking statements as a result of a number of
factors. These factors include, without limitation the fact that
the outlook for the second quarter of and full year 2012 could
change, failure of demand for the company’s products and services
to meet expectations, technological challenges, and those risks and
uncertainties set forth in the company’s periodic reports and other
filings with the Securities and Exchange Commission. Such filings
are available at the SEC’s website at http://www.sec.gov, and at
the company’s website at http://www.lunainnovations.com. The
statements made in this release are based on information available
to the company as of the date of this release and Luna Innovations
undertakes no obligation to update any of the forward-looking
statements after the date of this release.
Luna Innovations Incorporated Condensed Consolidated
Statements of Operations Three Months Ended March 31,
2012 2011 (Unaudited) (Unaudited) Revenues:
Technology development $ 5,659,496 $ 5,621,615 Products and
licensing 2,713,814 3,377,009 Total
8,373,310 8,998,624 Cost of
revenues: Technology development costs 3,902,900 4,086,165 Products
and licensing costs 1,247,494 1,572,691
Total 5,150,394 5,658,856 Gross
profit 3,222,916 3,339,768
Operating expense: Selling, general, and administrative 2,800,317
3,725,829 Research, development, and engineering 695,155
512,378 Total 3,495,472
4,238,207 Operating loss (272,556 )
(898,438 ) Other expense, net Other income (expense), net
23,265 (1,985 ) Interest expense (79,658 ) (114,423 )
Total (56,393 ) (116,408 ) Loss before income
taxes (328,949 ) (1,014,847 ) Income tax expense
5,799 10,020 Net loss (334,748 )
(1,024,867 ) Preferred stock dividend 34,096
41,628 Net loss attributable to common
stockholders $ (368,844 ) $ (1,066,495 ) Net loss per share
of common stock: $ (0.03 ) $ (0.08 ) Luna Innovations
Incorporated Condensed Consolidated Balance Sheets March 31,
December 31, 2012 2011 (Unaudited)
Assets Current Assets Cash and cash equivalents $ 7,879,363
$ 8,939,127 Accounts receivable, net 6,824,530 5,958,086 Inventory,
net 3,273,384 3,330,773 Prepaid expenses 930,689 1,071,438 Other
current assets 36,796 35,717 Total
current assets 18,944,762 19,335,141 Property and equipment,
net 2,711,445 2,816,674 Intangible assets, net 513,656 539,563
Other assets 209,252 228,043
Total assets $ 22,379,115 $ 22,919,421
Liabilities and stockholders' equity Current Liabilities
Current portion of long term debt obligation $ 1,500,000 $
1,625,000 Current portion of capital lease obligation 51,717 50,949
Accounts payable 1,649,169 1,656,602 Accrued liabilities 3,570,589
3,612,193 Deferred credits 1,211,972 1,462,603
Total current liabilities 7,983,447 8,407,347
Long-term debt obligation 3,375,000 3,625,000 Long-term lease
obligation 169,787 183,008 Total
liabilities 11,528,234 12,215,355
Stockholders' equity Preferred stock 1,322 1,322 Common
stock 14,063 13,969 Additional paid-in capital 59,805,081
59,289,516 Accumulated deficit (48,969,585 )
(48,600,741 ) Total stockholders' equity 10,850,881
10,704,066
Total liabilities and
stockholders' equity $ 22,379,115 $ 22,919,421
Luna Innovations Incorporated Condensed Consolidated
Statements of Cash Flows Three months ended March 31,
2012 2011 (Unaudited) (Unaudited)
Cash
(used in)/provided by operating activities Net loss $ (334,748
) $ (1,024,867 )
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization 284,101 327,413 Share-based
compensation 454,584 817,711 Warrant Expense 11,886 24,041 Changes
in operating assets and liabilities: Accounts receivable (866,444 )
483,634 Inventory 57,389 (426,375 ) Other current assets 139,670
89,405 Other assets 18,791 18,792 Accounts payable and accrued
expenses (60,923 ) (384,997 ) Deferred credits (250,631 )
684,497 Net cash (used in)/provided by
operating activities (546,325 ) 609,254
Cash flows used in investing activities Acquisition of
property and equipment (104,719 ) (102,221 ) Intangible property
costs (48,246 ) (44,203 ) Net cash used in
investing activities (152,965 ) (146,424 )
Cash flows used in financing activities Payments on
capital lease obligations (12,453 ) (5,246 ) Payments of debt
obligations (375,000 ) (288,523 ) Proceeds from exercise of options
and warrants 26,979 132,379 Net
cash used in financing activities (360,474 ) (161,390
)
Net change in cash (1,059,764 ) 301,440 Cash and
cash equivalents, beginning of period 8,939,127
7,216,580 Cash and cash equivalents, end of
period $ 7,879,363 $ 7,518,020
Luna Innovations Incorporated Reconciliation of EBITDA and Adjusted
EBITDA to Net Loss Three Months Ended March 31, 2012
2011 (Unaudited) (Unaudited) Net loss $
(334,748 ) $ (1,024,867 ) Interest expense 79,658 114,423
Taxes 5,799 10,020 Depreciation and amortization 284,101
327,413
EBITDA
34,810 (573,011 ) Share-based compensation and warrant
expense 466,470 841,752 Adjusted EBITDA $ 501,280 $
268,741
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