Luminex Corporation (NASDAQ: LMNX) today announced the completion of its acquisition of privately-held EraGen Biosciences, Inc., an innovator in molecular diagnostic testing technologies for infectious disease and genetic applications, for $34 million in cash.
Luminex expects the EraGen acquisition will add between $5 million and $7 million to 2011 consolidated revenue. On a GAAP basis, inclusive of purchase related costs, Luminex expects this acquisition to be dilutive in 2011 and accretive to earnings in 2012. Luminex expects the acquisition to be neutral to earnings in 2011 on a non-GAAP basis as a result of acquisition costs and required accounting adjustments. These costs are not expected to repeat in subsequent periods.
Luminex third quarter revenue increases 10% to $50.0 million