Luna Innovations Incorporated, a Roanoke, Virginia based research, development, and marketer of precision testing, measurement, sensing, and healthcare products, reported positive third quarter financial results yesterday. Quarterly revenue reached $10.7 million. The increase resulted in part from a 20% increase from 2007 in product and license revenue. Gross profit hit $4.3 million for the quarter in comparison to $3.5 million for the same period in 2007, an increase of 21%.
Along with the increase in product and license revenue, the improved results were based on a 3% decrease in operating expenses. These expenses for the third quarter of 2008 were $5.4 million, equal to 50% of total revenue. For the same period last year, operating expenses accounted for 63% of Luna’s total revenue of $5.5 million. Overall, Luna’s net loss decreased from $1.8 million for 2007 to $1.1 million. Taking into account a positive settlement of a lawsuit in July, 2008 with its former auditors, the net loss for the quarter was about $500,000. Net loss per share for the quarter was 10 cents as compared to 18 cents per share for the 3rd quarter of 2007.
Kent Murphy, Chairman and Chief Executive Officer, stated “I am pleased to report that during the third quarter we continued to achieve our planned improvement in both revenue and bottom line results.” He noted that Luna’s “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.”
Regarding the company’s future prospects, Luna expects continued growth in its product and licensing segments and growth in its research and development activities. Although the company forecasts higher revenue, it stated that it predicts a greater net loss for the 4th quarter of 2008 because of the costs of an ongoing lawsuit with Hansen Medical, Inc. of Mountain View, California.
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