Revenue during the quarter grew 19.56 percent to $72.27 million from $60.45 million in the previous year period. Gross margin for the quarter contracted 1056 basis points over the previous year period to 61.25 percent. Operating margin for the quarter stood at negative 3.24 percent as compared to a positive 13.23 percent for the previous year period.

Operating loss for the quarter was $2.34 million, compared with an operating income of $8 million in the previous year period.

However, the adjusted operating income for the quarter stood at $6.97 million compared to $12.62 million in the prior year period. At the same time, adjusted operating margin contracted 1123 basis points in the quarter to 9.65 percent from 20.88 percent in the last year period.

"When I joined Luminex more than two years ago my immediate goals were to simplify our business, improve operating efficiency and drive profitability. In addition, a pivotal goal was to set the Company on a strategic growth path that would increase shareholder value for the foreseeable future. We remain laser focused on delivering it. During 2016 we acquired Nanosphere, eliminated several lines of business and redeployed those personnel to our family of molecular sample-to-answer solutions which now include ARIES®, Verigene®, and in the future, Project ATLAS. These platform solutions enable our clinical laboratory customers to simplify complex workflows while delivering accurate and timely data to improve patient care," said Homi Shamir, president and chief executive officer of Luminex.

For financial year 2017, Luminex Corporation expects revenue to be in the range of $295 million to $305 million.

For the first-quarter 2017, Luminex Corporation expects revenue to be in the range of $73 million to $75 million.

Operating cash flow declines
Luminex Corporation has generated cash of $49.68 million from operating activities during the year, down 13.42 percent or $7.70 million, when compared with the last year.

The company has spent $62.89 million cash to meet investing activities during the year as against cash outgo of $22.15 million in the last year. It has incurred net capital expenditure of $13.28 million on net basis during the year, down 28.82 percent or $5.38 million from year ago.

The company has spent $21.63 million cash to carry out financing activities during the year as against cash inflow of $1.52 million in the last year period.

Cash and cash equivalents stood at $93.45 million as on Dec. 31, 2016, down 27.30 percent or $35.09 million from $128.55 million on Dec. 31, 2015.

Working capital drops significantly
Luminex Corporation has witnessed a decline in the working capital over the last year. It stood at $133.54 million as at Dec. 31, 2016, down 26.75 percent or $48.76 million from $182.29 million on Dec. 31, 2015. Current ratio was at 4.32 as on Dec. 31, 2016, down from 7.69 on Dec. 31, 2015.

Cash conversion cycle (CCC) has decreased to 67 days for the quarter from 85 days for the last year period. Days sales outstanding went down to 21 days for the quarter compared with 22 days for the same period last year.

Days inventory outstanding has decreased to 67 days for the quarter compared with 84 days for the previous year period. At the same time, days payable outstanding went down to 20 days for the quarter from 21 for the same period last year.