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Luna Innovations Inc. (LUNA) filed Quarterly Report for the period ended 2011-09-30.
Luna Innovations Inc. has a market cap of $15.17 million; its shares were traded at around $1.11 with and P/S ratio of 0.44.
This is the annual revenues and earnings per share of LUNA over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LUNA.
Highlight of Business Operations:
We are organized into two business segments, our Technology Development segment and our Product and License segment. Our Technology Development segment, which includes our secure computing and communications group that we refer to as SCC, performs applied research for government-funded projects and represented approximately 70% and 59% of our total revenues for the three months ended September 30, 2011 and 2010, respectively. Most of the government funding in the part of our Technology Development segment outside of SCC is derived from the Small Business Innovation Research, or SBIR, program coordinated by the U.S. Small Business Administration, or SBA. Our SBIR research is focused on technological areas with commercial potential, and we strive to commercialize any resulting scientific advancements. Our SCC group provides innovative solutions designed to secure critical technologies within U.S. government systems, including the protection of deployed hardware and software systems and the communications between them. SCC both conducts applied research and provides services to the government in this area. SCC’s revenue is primarily derived from non-SBIR U.S. government contracts and purchase orders. Our Technology Development segment also performs applied research in the areas of sensing and materials.We generate revenues through technology development services provided under contractual arrangements, product sales, product development under contractual relationships and license fees. Our Technology Development segment revenues have historically accounted for a large portion of our total revenues, and we expect that they will continue to represent a significant portion of our total revenues for the foreseeable future. Our Technology Development segment revenues increased from $5.0 million in the three months ended September 30, 2010 to $6.2 million in the three months ended September 30, 2011, due primarily to the completion of four short-term contracts in our SCC group, as well as increased activity in our optical systems group.
We generate revenues from technology development, product sales and commercial product development and licensing activities. We derive Technology Development segment revenues from providing research and development services to third parties, including government entities, academic institutions and corporations, and from achieving milestones established by some of these contracts and in collaboration agreements. In general, we complete contracted research over periods ranging from six months to three years, and recognize these revenues over the life of the contract as costs are incurred or upon the achievement of certain milestones built into the contracts. Our Technology Development segment revenues represented approximately 70% and 59% of our total revenues for the three months ended September 30, 2011 and 2010, respectively and 63% and 66% of our total revenues for the nine months ended September 30, 2011 and 2010, respectively.
Our Product and License segment revenues reflect amounts that we receive from sales of our products or development of products for third parties, as well as fees paid to us in connection with licenses or sublicenses of certain patents and other intellectual property, and represented approximately 30% and 41% of our total revenues for the three months ended September 30, 2011 and 2010, respectively and 37% and 34% of our total revenues for the nine months ended September 30, 2011 and 2010, respectively.
Our Technology Development segment revenues increased $1.1 million primarily due to an increase in our SCC group of $0.6 million driven by four short duration contracts won and completed during the third quarter of 2011, and an increase in revenue from our optical systems group of $0.4 million driven by larger value Phase II contracts awarded over the past twelve months.
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