Austin-based medical device maker Luminex said it will cut its workforce by 5 percent and close its office in Australia to provide more funding for research and development.
The company said the moves will save between $5 million and $6 million annually.
Luminex will use that money on research and development and commercial operations for its next generation of molecular diagnostics products, officials said.
Founded in 2009, Luminex makes medical diagnostic tests and equipment that identify conditions including illnesses in humans. The tests and equipment also are used for biosurveillance and food safety.
The company has 729 employees, including 415 in Austin. Officials said most of the cuts will take place at the company’s office in Brisbane, Australia, and there will be a small number of jobs eliminated in Austin.
The cuts are expected to result in a one-time cost of between $7 million and $8 million, and restructuring will be completed by March 31, 2014.
Last year, Luminex announced the acquisition of California biotech company GenturaDx for $50 million in cash. GenturaDX develops an automated testing system designed to speed molecular diagnostics testing available to hospitals and patients.
The company in June said it renewed a key distribution deal with Merck KGaG. Last month it received FDA and European approval for a genotyping asasay kit.
In fiscal 2012, Luminex reported a profit of $12.4 million, or 30 cents a share, on revenue of $202.6 million, up 10 percent from the previous year.
Luminex’s stock closed at $21.05, down 3 cents, or .14 percent, in trading on Thursday.