Luna Innovations reports strong Q3 2018 results

Luna Innovations Incorporated (NASDAQ: LUNA), a global provider of advanced optical technology, has reported record financial results for the three and nine months ended September 30, 2018, the company said.

Total revenues for the three months ended September 30, 2018 were USD 10.7 million compared to USD 8.3 million for the three months ended September 30, 2017.

Technology development revenues increased to USD 5.3 million for the three months ended September 30, 2018, compared to USD 4.6 million for the three months ended September 30, 2017.

Total products and licensing revenues increased to USD 5.4 million for the three months ended September 30, 2018, compared to USD 3.7 million for the three months ended September 30, 2017.

The increase in the products and licensing revenues for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 was due to continued growth in sales of Luna´s fiber optic-based sensing products, including its ODiSI products and its Terahertz products. The increase in technology development revenues for the three months ended September 30, 2018 compared to the prior-year period was due to continued growth in government research advancing optical and biomedical technologies and Luna´s success in winning these research contracts.

Gross profit was USD 4.7 million, or 44% of revenues, for the three months ended September 30, 2018, compared to gross profit of USD 3.3 million, or 40% of revenues, for the three months ended September 30, 2017.

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 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.