Luna Innovations reports Q3 2017 financial results

Luna Innovations Incorporated (NASDAQ: LUNA) has announced its financial results for the three months ended September 30, 2017, the company said.

For the three months ended September 30, 2017, Luna reported net income of USD 15.8 million compared to a net loss of USD (0.4) million for the three months ended September 30, 2016. Net income for the 2017 period included an after-tax gain of USD 15.1 million recognized on the sale of Luna´s high speed optical receivers (“HSOR”) business in August 2017.

Net income from continuing operations improved by USD 0.9 million, to USD 0.5 million, or USD 0.02 per share, for the three months ended September 30, 2017, compared to a net loss from continuing operations of USD (0.4) million, or USD (0.01) per share, for the three months ended September 30, 2016. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was USD 0.9 million for the three months ended September 30, 2017 compared to USD 0.3 million for the three months ended September 30, 2016.

Total revenues for the three months ended September 30, 2017, were USD 11.6 million compared to USD 11.2 million for the three months ended September 30, 2016. Technology development revenues increased 11% to USD 4.6 million for the three months ended September 30, 2017, compared to USD 4.1 million for the three months ended September 30, 2016. Products and licensing revenues remained substantially unchanged at USD 7.1 million for the three months ended September 30, 2017 and 2016. The increase in the technology development revenues for the three months ended September 30, 2017 compared to the three months ended September 30, 2016 was realized primarily in Luna´s intelligent systems research group.

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.