- Luna Innovations Inc (NASDAQ:LUNA) reported fourth-quarter FY21 revenue growth of 26% year-on-year to $24.2 million, beating the consensus of $23.7 million.
- The gross margin contracted 300 bps to 58%, driven primarily by product mix due to acquisitions.
- Luna reported a positive operating margin of 4.3% against a negative margin of (3.3)% in the year-ago period.
- Non-GAAP EPS of $0.08 beat the consensus of $0.04.
- Luna held $17.1 million in cash and equivalents.
- Acquisition: Luna completed the divestiture of Luna Labs and the purchase of LIOS Sensing.
- Based in Cologne, Germany, LIOS Sensing is a fiber-optic distributed monitoring solutions provider.
- CEO Scott Graeff said, “We reported record backlog and delivered double-digit revenue and gross profit growth for the fourth-quarter and full-year. Across our sensing and communications testing businesses, we realized some of the largest customer orders to date and penetrated into new geographies and markets, while implementing systems to support growth.”
- Outlook: Luna sees FY22 revenue of $109 million – $115 million, above the consensus of $103.4 million.
- Luna sees Q1 FY22 revenue of $20 million – $22 million, below the consensus of $23.6 million.
- Price Action: LUNA shares traded higher by 12.9% at $7.53 on the last check Monday.
The Daily Biotech Pulse: ImmunityBio Reports Positive Readout, Valneva Starts Late-Stage Chikungunya Vaccine Study, Sio Gene Shelves Parkinson’s Program
Here's a roundup of top developments in the biotech space over the last 24 hours:
