Luna Innovations Incorporated (NASDAQ:LUNA), a provider of advanced optical technology, has announced its financial results for the three months ended March 31, 2020, the company said.
Financial results for the three months ended March 31, 2020 marked the 10th consecutive quarter of year-on-year revenue and Adjusted EBITDA growth. The first-quarter 2020 results include a full quarter of the business of General Photonics Corporation (“GP”), acquired in March 2019, compared to one month for the three months ended March 31, 2019.
Products and licensing revenue for the three months ended March 31, 2020 increased compared to the prior year period, due to the inclusion of the incremental revenues associated with the acquired operations of GP, as well as increased revenues associated with Luna´s communications test products and other legacy products. Technology development revenues increased in Q1 2020, compared to the prior-year period, due to growth in various government research programs.
Operating income improved to USD 0.4 million in Q1 2020 from an operating loss of USD (0.9) million in Q1 2019. The increase in operating income was due to increased revenue and gross profit as well as improved operating expense leverage. Operating expenses increased by USD 0.3 million in Q1 2020 from Q1 2019 due primarily to additional expenses associated with the acquired operations of GP. Income/(loss) from continuing operations before income taxes increased to USD 0.5 million for the three months ended March 31, 2020, compared to USD (0.7) million for the three months ended March 31, 2019, driven primarily by revenue performance and operating expense leverage.
Luna Innovations Incorporated (www.lunainc.com) is a provider of optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Products and Licensing segment and a Technology Development segment. Luna´s business model is designed to accelerate the process of bringing new and innovative technologies to market.