Luna Innovations Reports Strong Fourth-Quarter and Full-Year 2022 Results

Provides 2023 Guidance

Q4 Financial Highlights

  • Revenues of $31.7 million, up 31% year over year
    • Revenues in constant currency of $32.5 million; up 34% year over year
  • Gross margin of 61%, compared to 58% for the prior year
  • Net income of $0.9 million, compared to net income of $1.6 million for the prior year
  • Adjusted EBITDA of $4.7 million, compared to $3.1 million for the prior year
  • Adjusted EPS of $0.08, compared to $0.08 for the prior year

Full-Year Financial Highlights

  • Revenues of $109.5 million, up 25% year over year
    • Revenues in constant currency of $111.9 million; up 28% year over year
  • Gross margin of 61%, compared to 59% for the prior year
  • Net income of $9.3 million, compared to net income of $1.4 million for the prior year
  • Adjusted EBITDA of $12.1 million, compared to $7.6 million for the prior year
  • Adjusted EPS of $0.21, compared to $0.17 for the prior year

Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced its financial results for the three months and full fiscal year ended December 31, 2022.

"2022 was a transformational year for Luna representing the culmination of execution on the five-year strategic plan we outlined in 2017, thereby creating a pure-play fiber optics company,” said Scott Graeff, President and Chief Executive Officer of Luna. “We’ve moved into FY23 with keen focus and high expectations for organizational optimization, large customer wins, and market expansion.

“With the completed divestiture of Luna Labs, our acquisition of Lios Sensing, and the integration of OptaSense, we created a solid base that reflects our fiber-focused vision for our business going forward. We believe these accomplishments will help us deliver strong financial results in FY23 and will enable our success far into the future.

“We are creating a leading global organization with world-class capabilities,” Graeff continued. “With the right people in the right places in a right-sized organization, we are preparing for significant scalability and targeting meaningful growth. We are looking forward to a strong year in an expanding market with incredible potential.”

Fourth-Quarter Fiscal 2022 Financial Summary

Highlights of the financial results for the three months ended December 31, 2022 are:

 

 

Three Months Ended December 31,

 

Change

(in thousands, except share and per share data)

 

 

2022

 

 

 

2021

 

 

 

Revenues

 

$

31,702

 

 

$

24,222

 

 

31

%

 

 

 

 

 

 

Gross profit

 

 

19,335

 

 

 

14,120

 

 

37

%

Gross margin

 

 

61

%

 

 

58

%

 

 

 

 

 

 

 

 

Operating expense

 

 

17,871

 

 

 

13,085

 

 

37

%

Operating income

 

 

1,464

 

 

 

1,035

 

 

 

 

Operating margin

 

 

4.6

%

 

 

4.3

%

 

 

 

 

 

 

 

 

 

 

Other (expense)/income and income tax (expense)/benefit

 

 

(647

)

 

 

440

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

817

 

 

$

1,475

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net of income taxes of $500 and $203

 

 

36

 

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

853

 

 

$

1,575

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per diluted share (EPS)

 

$

0.02

 

 

$

0.05

 

 

 

 

Adjusted EPS

 

$

0.08

 

 

$

0.08

 

 

%

Diluted weighted average shares outstanding

 

 

34,354,984

 

 

 

33,665,613

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

4,692

 

 

$

3,123

 

 

50

%

A reconciliation of Adjusted EPS and Adjusted EBITDA to the nearest comparable figures under generally accepted accounting principles ("GAAP") can be found in the schedules included in this release.

Revenues for the three months ended December 31, 2022 increased 31% compared to the prior year period; 34% in constant currency.

Gross margin for the three months ended December 31, 2022 was 61%, compared to 58% for the three months ended December 31, 2021, driven primarily by product mix. Operating income increased to $1.5 million for the three months ended December 31, 2022, compared to $1.0 million for the three months ended December 31, 2021.

Net income was $0.9 million, or $0.02 per fully diluted share, for the three months ended December 31, 2022, compared to $1.6 million, or $0.05 per fully diluted share, for the three months ended December 31, 2021. Adjusted EPS was $0.08 for the three months ended December 31, 2022 compared to $0.08 for the three months ended December 31, 2021.

Adjusted EBITDA was $4.7 million for the three months ended December 31, 2022, compared to $3.1 million for the three months ended December 31, 2021.

Full-Year Fiscal 2022 Financial Summary

Highlights of the financial results for the year ended December 31, 2022 are:

 

 

Full Year Ended December 31,

 

 

(in thousands, except share and per share data)

 

 

2022

 

 

 

2021

 

 

Change

Revenues

 

$

109,497

 

 

$

87,513

 

 

25

%

 

 

 

 

 

 

 

Gross profit

 

$

66,497

 

 

$

51,556

 

 

29

%

Gross margin

 

 

61

%

 

 

59

%

 

 

 

 

 

 

 

 

 

Operating expense

 

 

68,381

 

 

 

54,146

 

 

26

%

Operating loss

 

 

(1,884

)

 

 

(2,590

)

 

 

 

Operating margin

 

 

(1.7

)%

 

 

(3.0

)%

 

 

 

 

 

 

 

 

 

 

Other (expense)/income and income tax benefit

 

 

(416

)

 

 

1,501

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations

 

$

(2,300

)

 

$

(1,089

)

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net of income taxes $3,705 and $584

 

 

11,579

 

 

 

2,471

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,279

 

 

$

1,382

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per diluted share (EPS)

 

$

0.28

 

 

$

0.04

 

 

600

%

Adjusted EPS

 

$

0.21

 

 

$

0.17

 

 

24

%

Diluted weighted average shares outstanding

 

 

32,591,973

 

 

 

31,658,085

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

12,143

 

 

$

7,584

 

 

60

%

A reconciliation of Adjusted EPS and Adjusted EBITDA to the nearest comparable GAAP figures can be found in the schedules included in this release.

Revenues for the year ended December 31, 2022 increased 25% compared to the prior-year period; 28% on a constant currency basis.

Gross margin of 61% for the year ended December 31, 2022 was up compared to 59% for the year ended December 31, 2021. Operating loss of $1.9 million for the year ended December 31, 2022, decreased compared to operating loss of $2.6 million for the year ended December 31, 2021.

Net income was $9.3 million, or $0.28 per fully diluted share, for the year ended December 31, 2022, compared to a net income of $1.4 million, or $0.04 per fully diluted share, for the year ended December 31, 2021. Adjusted EPS was $0.21 for the year ended December 31, 2022, compared to $0.17 for the year ended December 31, 2021.

Adjusted EBITDA was $12.1 million for the year ended December 31, 2022, compared to $7.6 million for the year ended December 31, 2021.

Q4 Business Highlights

  • Closed multiple, new, large and recurring OEM accounts
  • Won multiple, large contracts for our fiber sensing solutions in the infrastructure and energy industries
  • Achieved strong, 47% year-over-year growth for the Company's Terahertz products
  • Record quarter in the Company's Communications test vertical, delivering 59% year-over-year revenue growth
  • Delivered a new generation laser tester for Silicon Photonics applications

2023 Full-Year Outlook

For fiscal year and Q1 2023, Luna expects:

  • Total revenues in the range of $125 million to $130 million for full year 2023
  • Adjusted EBITDA in the range of $14 million to $18 million for full year 2023
  • Total revenues in the range of $23 million to $25 million for Q1 2023

Luna is not providing an outlook for net income, which is the most directly comparable GAAP measure to Adjusted EBITDA, because changes in the items that Luna excludes from net income to calculate Adjusted EBITDA, such as share-based compensation, tax expense, and significant non-recurring charges, among other things, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of Luna's routine operating activities.

The outlook above does not include any future acquisitions, divestitures, or unanticipated events.

Non-GAAP Financial Measures

In evaluating the operating performance of its business, Luna’s management considers Adjusted EBITDA, Adjusted EPS and revenue measured on a constant currency basis, which are non-GAAP financial measures. Adjusted EBITDA and Adjusted EPS exclude certain charges and income that are required by GAAP. Adjusted EBITDA and Adjusted EPS provide useful information to both management and investors by excluding the effect of certain non-cash expenses and items that Luna believes may not be indicative of its operating performance, because either they are unusual and Luna does not expect them to recur in the ordinary course of its business, or they are unrelated to the ongoing operation of the business in the ordinary course.

The Company calculates revenue measured on a constant currency basis by translating its foreign revenues for the relevant period in U.S. dollars at the average exchange rate in effect for the comparable prior year period. The Company presents revenue in this manner because it is a global company that transacts business in multiple currencies and reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant effect on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.

Adjusted EBITDA, Adjusted EPS and revenue measured on a constant currency basis should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Adjusted EBITDA and Adjusted EPS have been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.

Conference Call Information

As previously announced, Luna will conduct an investor conference call at 5:00 pm (ET) today to discuss its financial results for the three months and full-year ended December 31, 2022. The investor conference call will be available via live webcast on the Luna website at www.lunainc.com under the tab “Investor Relations.” To participate by telephone, the domestic dial-in number is 1.877.270.2148 and the international dial-in number is 1.412.902.6510. Participants should ask to join the Luna Innovations Incorporated conference call and are advised to dial in at least fifteen minutes prior to the call. A replay of the conference call will be available on the company's website under "Webcasts and Presentations" for 30 days following the conference call.

About Luna

Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.

Forward-Looking Statements

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna's expectations regarding its projected 2023 financial results and outlook and growth potential, as well as potential organizational optimization, large customer wins and market expansion. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, failure of demand for Luna's products and services to meet expectations, failure of target market to grow and expand, technological and strategic challenges, uncertainties related to the ultimate impact of the COVID-19 pandemic and those risks and uncertainties set forth in Luna’s Form 10-Q for the quarter ended September 30, 2022, and Luna's other periodic reports and filings with the Securities and Exchange Commission ("SEC"). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

Luna Innovations Incorporated

Consolidated Balance Sheets

(in thousands of U.S Dollars)

 

 

December 31, 2022

 

December 31, 2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

6,024

 

 

$

17,128

 

Accounts receivable, net

 

33,249

 

 

 

20,913

 

Contract assets

 

7,691

 

 

 

5,166

 

Inventory

 

36,582

 

 

 

22,493

 

Prepaid expenses and other current assets

 

4,328

 

 

 

3,793

 

Assets held for sale

 

 

 

 

12,952

 

Total current assets

 

87,874

 

 

 

82,445

 

Property and equipment, net

 

4,893

 

 

 

2,988

 

Intangible assets, net

 

18,750

 

 

 

17,177

 

Goodwill

 

26,927

 

 

 

18,984

 

Operating lease right-of-use assets

 

4,661

 

 

 

5,075

 

Other non-current assets

 

3,255

 

 

 

247

 

Deferred tax assets

 

4,647

 

 

 

3,321

 

Total assets

 

151,007

 

 

 

130,237

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt obligation

$

2,500

 

 

$

4,167

 

Accounts payable

 

8,109

 

 

 

2,809

 

Accrued and other current liabilities

 

16,694

 

 

 

9,258

 

Contract liabilities

 

4,089

 

 

 

4,649

 

Current portion of operating lease liabilities

 

2,239

 

 

 

2,101

 

Liabilities associated with assets held for sale

 

 

 

 

9,703

 

Total current liabilities

 

33,631

 

 

 

32,687

 

Long-term debt obligation

 

20,726

 

 

 

11,673

 

Long-term portion of operating lease liabilities

 

2,804

 

 

 

3,509

 

Other long-term liabilities

 

444

 

 

 

445

 

Total liabilities

 

57,605

 

 

 

48,314

 

Stockholders’ equity:

 

 

 

Common stock, par value $0.001, 100,000,000 shares authorized, 34,901,954 and 33,855,725 shares issued, 33,105,080 and 32,116,270 shares outstanding at December 31, 2022 and 2021, respectively

 

35

 

 

 

34

 

Treasury stock at cost, 1,796,862 and 1,744,206 shares at December 31, 2022 and 2021, respectively

 

(5,607

)

 

 

(5,248

)

Additional paid-in capital

 

104,893

 

 

 

98,745

 

Accumulated deficit

 

(2,296

)

 

 

(11,575

)

Accumulated other comprehensive loss

 

(3,623

)

 

 

(33

)

Total stockholders’ equity

 

93,402

 

 

 

81,923

 

Total liabilities and stockholders’ equity

$

151,007

 

 

$

130,237

 

Luna Innovations Incorporated

Consolidated Statements of Operations

(in thousands of U.S. Dollars, except per share data)

 

 

Three months ended December 31,

 

Year ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Revenues

$

31,702

 

 

$

24,222

 

 

$

109,497

 

 

$

87,513

 

Cost of revenues

 

12,367

 

 

 

10,102

 

 

 

43,000

 

 

 

35,957

 

Gross profit

 

19,335

 

 

 

14,120

 

 

 

66,497

 

 

 

51,556

 

Operating expense:

 

 

 

 

 

 

 

Selling, general and administrative

 

15,017

 

 

 

10,542

 

 

 

57,544

 

 

 

43,956

 

Research, development and engineering

 

2,854

 

 

 

2,543

 

 

 

10,837

 

 

 

10,190

 

Total operating expense

 

17,871

 

 

 

13,085

 

 

 

68,381

 

 

 

54,146

 

Operating income/(loss)

 

1,464

 

 

 

1,035

 

 

 

(1,884

)

 

 

(2,590

)

Other (expense)/income:

 

 

 

 

 

 

 

Other income

 

8

 

 

 

 

 

 

216

 

 

 

 

Investment income

 

 

 

 

 

 

 

46

 

 

 

 

Interest expense, net

 

(348

)

 

 

(104

)

 

 

(898

)

 

 

(479

)

Total other expense

 

(340

)

 

 

(104

)

 

 

(636

)

 

 

(479

)

Income/(loss) from continuing operations before income taxes

 

1,124

 

 

 

931

 

 

 

(2,520

)

 

 

(3,069

)

Income tax (expense)/benefit

 

(307

)

 

 

544

 

 

 

220

 

 

 

1,980

 

Income/(loss) from continuing operations

 

817

 

 

 

1,475

 

 

 

(2,300

)

 

 

(1,089

)

Income from discontinued operations, net of income tax expenses

 

1,108

 

 

 

100

 

 

 

1,730

 

 

 

2,471

 

(Loss)/gain on sale of discontinued operations, net of tax of income taxes

 

(1,072

)

 

 

 

 

 

9,849

 

 

 

 

Net income from discontinued operations

 

36

 

 

 

100

 

 

 

11,579

 

 

 

2,471

 

Net income

$

853

 

 

$

1,575

 

 

$

9,279

 

 

$

1,382

 

Net income/(loss) per share from continuing operations:

 

 

 

 

 

 

 

Basic

$

0.02

 

 

$

0.05

 

 

$

(0.07

)

 

$

(0.03

)

Diluted

$

0.02

 

 

$

0.04

 

 

$

(0.07

)

 

$

(0.03

)

Net loss per share from discontinued operations:

 

 

 

 

 

 

 

Basic

$

 

 

$

 

 

$

0.36

 

 

$

0.08

 

Diluted

$

 

 

$

 

 

$

0.36

 

 

$

0.08

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.02

 

 

$

0.05

 

 

$

0.28

 

 

$

0.04

 

Diluted

$

0.02

 

 

$

0.05

 

 

$

0.28

 

 

$

0.04

 

Weighted average shares (in thousands):

 

 

 

 

 

 

 

Basic

 

32,977

 

 

 

32,014

 

 

 

32,592

 

 

 

31,658

 

Diluted

 

34,355

 

 

 

33,666

 

 

 

32,592

 

 

 

31,658

 

Luna Innovations Incorporated

Consolidated Statements of Cash Flows

(in thousands of U.S. Dollars)

 

 

 

Year ended December 31,

 

 

 

2022

 

 

 

2021

 

Cash flows (used in)/provided by operating activities:

 

 

 

 

Net income

 

$

9,279

 

 

$

1,382

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

5,449

 

 

 

4,628

 

Stock-based compensation

 

 

4,232

 

 

 

2,955

 

Loss on sale and disposal of property and equipment

 

 

53

 

 

 

 

Gain from discontinued operations, net of tax

 

 

(9,849

)

 

 

 

Deferred tax benefit

 

 

(2,363

)

 

 

(1,501

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(9,151

)

 

 

113

 

Contract assets

 

 

(5,008

)

 

 

(1,672

)

Inventory

 

 

(10,028

)

 

 

939

 

Other current assets

 

 

(386

)

 

 

582

 

Other long-term assets

 

 

1,108

 

 

 

 

Accounts payable and accrued expenses

 

 

6,122

 

 

 

(3,213

)

Contract liabilities

 

 

1,973

 

 

 

186

 

Other long-term liabilities

 

 

2

 

 

 

84

 

Net cash (used in)/provided by operating activities

 

 

(8,567

)

 

 

4,483

 

Cash flows used in investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

 

(22,085

)

 

 

 

Acquisition of property and equipment

 

 

(2,888

)

 

 

(1,412

)

Intangible property costs

 

 

(50

)

 

 

(356

)

Proceeds from sale of discontinued operations, net

 

 

13,968

 

 

 

 

Net cash used in investing activities

 

 

(11,055

)

 

 

(1,768

)

Cash flows provided by/(used in) financing activities:

 

 

 

 

Proceeds from debt obligations

 

 

24,150

 

 

 

 

Payments on debt obligations

 

 

(16,763

)

 

 

(4,144

)

Payments on finance lease obligation

 

 

(48

)

 

 

(48

)

Purchase of treasury stock

 

 

(359

)

 

 

(459

)

Proceeds from ESPP

 

 

944

 

 

 

1,131

 

Proceeds from the exercise of options

 

 

1,588

 

 

 

2,256

 

Net cash provided by/(used in) financing activities

 

 

9,512

 

 

 

(1,264

)

Net change in cash and cash equivalents

 

 

(10,110

)

 

 

1,451

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(994

)

 

 

311

 

Cash and cash equivalents—beginning of period

 

 

17,128

 

 

 

15,366

 

Cash and cash equivalents—end of period

 

$

6,024

 

 

$

17,128

 

Supplemental disclosure of cash flow information

 

 

 

 

Cash paid for interest

 

$

805

 

 

$

458

 

Net cash received for income taxes

 

$

39

 

 

$

113

 

Luna Innovations Incorporated

Reconciliation of Net Income to Adjusted EBITDA

(in thousands)

 

 

Three months ended

December 31,

 

Year ended

December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

Net income

$

853

 

 

$

1,575

 

 

$

9,279

 

 

$

1,382

 

Income from discontinued operations, net of income taxes

 

36

 

 

 

100

 

 

 

11,579

 

 

 

2,471

 

Net income/(loss) from continuing operations

 

817

 

 

 

1,475

 

 

 

(2,300

)

 

 

(1,089

)

Interest expense

 

293

 

 

 

104

 

 

 

735

 

 

 

479

 

Income tax provision/(benefit)

 

307

 

 

 

(544

)

 

 

(220

)

 

 

(1,980

)

Depreciation and amortization (1)

 

1,455

 

 

 

1,077

 

 

 

5,449

 

 

 

4,517

 

EBITDA

 

2,872

 

 

 

2,112

 

 

 

3,664

 

 

 

1,927

 

Share-based compensation (1)

 

1,067

 

 

 

693

 

 

 

4,094

 

 

 

2,826

 

Integration and transaction expense

 

(21

)

 

 

249

 

 

 

2,163

 

 

 

2,322

 

Amortization of inventory step-up

 

286

 

 

 

69

 

 

 

677

 

 

 

509

 

Other non-recurring charges (2)

 

488

 

 

 

 

 

 

1,545

 

 

 

 

Adjusted EBITDA

$

4,692

 

 

$

3,123

 

 

$

12,143

 

 

$

7,584

 

 

(1) Excludes portion classified in discontinued operations.

(2) Other non-recurring charges include severance, customer accommodation, facility consolidation and debt refinancing costs.

Luna Innovations Incorporated

Reconciliation of Net Income to Adjusted EPS

(in thousands, except share and per share data)

 

 

Three months ended

December 31,

 

Year ended

December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

Net income

$

853

 

 

$

1,575

 

 

$

9,279

 

 

$

1,382

 

Income from discontinued operations, net of income taxes

 

36

 

 

 

100

 

 

 

11,579

 

 

 

2,471

 

Net income/(loss) from continuing operations

 

817

 

 

 

1,475

 

 

 

(2,300

)

 

 

(1,089

)

Share-based compensation (1)

 

1,067

 

 

 

693

 

 

 

4,094

 

 

 

2,826

 

Integration and transaction expense

 

(21

)

 

 

249

 

 

 

2,163

 

 

 

2,322

 

Amortization of intangible assets (1)

 

952

 

 

 

760

 

 

 

3,745

 

 

 

3,113

 

Amortization of inventory step-up

 

286

 

 

 

69

 

 

 

677

 

 

 

509

 

Other non-recurring charges (2)

 

488

 

 

 

 

 

 

1,545

 

 

 

 

Income tax effect on adjustments

 

(693

)

 

 

(443

)

 

 

(3,056

)

 

 

(2,193

)

Adjusted income from continuing operations

$

2,896

 

 

$

2,803

 

 

$

6,868

 

 

$

5,488

 

 

 

 

 

 

 

 

 

Adjusted EPS

$

0.08

 

 

$

0.08

 

 

$

0.21

 

 

$

0.17

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares:

 

 

 

 

 

 

 

Diluted

 

34,355

 

 

 

33,666

 

 

 

32,592

 

 

 

31,658

 

 

(1) Excludes portion classified in discontinued operations.

(2) Other non-recurring charges include severance, customer accommodation, facility consolidation and debt refinancing costs.

 

Contacts

Investor Contact:

Allison Woody

Phone: 540-769-8465

Email: IR@lunainc.com

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