Luna Innovations reports Q1 2018 results

Luna Innovations Incorporated (NASDAQ: LUNA), a global provider of advanced optical technology, has announced its financial results for the three months ended March 31, 2018, the company said.

For the three months ended March 31, 2018, Luna reported net income of USD 0.1 million compared to a net loss of USD (1.4) million for the three months ended March 31, 2017. Net income from continuing operations improved by USD 1.0 million, to USD 0.1 million, or USD 0.01 per share, for the three months ended March 31, 2018, compared to a net loss from continuing operations of USD (0.9) million, or USD (0.03) per share, for the three months ended March 31, 2017.

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was USD 0.6 million for the three months ended March 31, 2018 compared to a loss of USD (0.2) million for the three months ended March 31, 2017.

Total revenues for the three months ended March 31, 2018 were USD 12.2 million compared to USD 10.1 million for the three months ended March 31, 2017. Technology development revenues increased 9% to USD 4.6 million for the three months ended March 31, 2018, compared to USD 4.2 million for the three months ended March 31, 2017.

Products and licensing revenues increased 29% to USD 7.6 million for the three months ended March 31, 2018, compared to USD 5.9 million for the three months ended March 31, 2017. The increase in the products and licensing revenues for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 was realized primarily in Luna´s ODiSI, Optical Backscatter Reflectometer, and tunable laser products.

Gross profit was USD 5.0 million, or 41% of revenues, for the three months ended March 31, 2018, compared to gross profit of USD 3.9 million, or 38% of revenues, for the three months ended March 31, 2017.

Selling, general and administrative expenses were USD 3.8 million for the three months ended March 31, 2018, compared to USD 3.7 million for the three months ended March 31, 2017.

Luna Innovations Incorporated (www.lunainc.com) is a provider of optical technology, providing unique capabilities in high speed optoelectronics and high performance fiber optic test products for the telecommunications industry and distributed fiber optic 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.