Luna Innovations Provides Business Update on COVID-19
14 Abril 2020 - 9:30AM
Business Wire
Company Announces First-Quarter Earnings
Release Date
Luna Innovations Incorporated (NASDAQ: LUNA), a leader in
optical technology, today provided an update on its business
operations in light of the COVID-19 pandemic. Luna Innovations is
deemed a critical business by the Department of Homeland Security
and remains fully operational.
“The safety and well-being of our Luna team, customers and the
communities in which we operate and live are our highest
priorities,” said Scott Graeff, President and CEO of Luna
Innovations. “We are enormously grateful to our employees for
adapting well and quickly to the ‘new normal’ and for continuing to
serve our customers with little to no disruption. I’m particularly
proud of the way in which we’ve collaborated with organizations to
do our part in contributing to the fight against COVID-19,
including our collaboration with OESH to design and produce a 3-D
printed respirator mask for use during this N95 mask shortage. In
addition, we are determined to be as transparent as possible in
this increasingly fluid situation. Operational decisions are being
based off the best and most current information we have in any
given moment, and we are continuously reevaluating as we obtain new
information. I’m extremely proud of, and grateful to, the Luna team
for the flexibility, courage and dedication they’ve shown in
response to our approach.”
Business Continuity and Employee
Well-Being
In mid-March, the company implemented several initiatives to
ensure that it continued to serve customers, to the best of its
ability, uninterrupted while providing employees with a safe
workplace. These initiatives include:
- Creating alternate work arrangements, including staggered
schedules and shifts, distancing within its offices and working
from home. Approximately two-thirds of Luna employees are working
from home full-time or on a staggered schedule. For the remaining
employees who have manufacturing responsibilities, the company has
created new work schedules and imposed limitations to labs and
offices, in order to practice social distancing. Recognizing that
maintaining a routine is important to a positive mindset, Luna is
encouraging all employees to adopt a routine that works best for
them.
- Implementing travel restrictions, including a freeze on all
international travel, and CEO approval for emergency only domestic
travel.
- Encouraging employees to make full use of their health and
well-being benefits, including benefits related to mental
wellness.
- Communicating openly and frequently with employees regarding
the Coronavirus Aid, Relief and Economic Security (CARES) Act, the
Families First Coronavirus Response Act (FFCRA), healthcare
benefits and coverage, and related COVID-19 government-sanctioned
information.
- Making broad use of videoconference capabilities for meetings
and non-business related team get-togethers.
- Ensuring that the CEO communicates with each location at least
once a week, to address any questions, share information on
operations, and generally be available to all employees.
- Working closely with our global supply chain to ensure
continuity of supply of critical parts. To date supply chain
interruptions have been minimal, but we continue to monitor the
situation closely.
Cash Position and Access to
Capital
In addition, Luna Innovations has a strong cash position and
adequate access to capital. Cash and cash equivalents were $25
million as of the fourth-quarter 2019, and Luna continues to have
access to its $10 million revolving credit facility, if needed. The
company also has applied for certain loans under the CARES Act. To
date, Luna has not laid-off employees, and does not anticipate
doing so, although given the fluidity of the COVID-19 pandemic, no
guarantees have been made.
Innovative Collaborations to Provide
Substitute for N95 Masks
Luna Innovations has joined forces with its Charlottesville
neighbor, OESH, to design and produce flexible 3D printed
respirator masks for use during the COVID-19 pandemic N95
respirator mask shortage. OESH is using its 3D printers and
expertise designing around body features along with flexible,
plastic material to produce the masks, which have a tight seal
around the edges. The respirator masks can be used when there are
no certified N95 masks available. The masks have two vents with
removable caps. Cut up surgical gowns, HEPA vacuum bags or cotton
make-up pads can be used as filter material. Masks can also be
washed in a dishwasher, washing machine or by hand and reused with
different filter material.
Luna is welding the masks together, adding an aluminum strip on
the nose and distributing them. More information may be found at:
https://lunainc.com/luna-joins-oesh-design-produce-flexible-3d-printed-respirator-masks/
First-Quarter Earnings Release
Date
Luna will report its first-quarter financial results for the
period ended March 31, 2020 after the close of the stock market on
Thursday, May 7, 2020.
About Luna
Luna Innovations, Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for the aerospace and automotive industries. Luna is
organized into two business segments, which work closely together
to turn ideas into products: a Technology Development segment and a
Products and Licensing segment. Luna’s business model is designed
to accelerate the process of bringing new and innovative
technologies to market.
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version on businesswire.com: https://www.businesswire.com/news/home/20200414005153/en/
Investor Contacts: Jane Bomba Phone: 303-829-1211 Email:
IR@lunainc.com
Sally J. Curley 614-530-3002 IR@lunainc.com
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