ROANOKE, Va. -- April 14, 2020
Luna Innovations Incorporated (NASDAQ: LUNA), a leader in optical technology,
today provided an update on its business operations in light of the COVID-19
pandemic. Luna Innovations is deemed a critical business by the Department of
Homeland Security and remains fully operational.
“The safety and well-being of our Luna team, customers and the communities in
which we operate and live are our highest priorities,” said Scott Graeff,
President and CEO of Luna Innovations. “We are enormously grateful to our
employees for adapting well and quickly to the ‘new normal’ and for continuing
to serve our customers with little to no disruption. I’m particularly proud of
the way in which we’ve collaborated with organizations to do our part in
contributing to the fight against COVID-19, including our collaboration with
OESH to design and produce a 3-D printed respirator mask for use during this
N95 mask shortage. In addition, we are determined to be as transparent as
possible in this increasingly fluid situation. Operational decisions are being
based off the best and most current information we have in any given moment,
and we are continuously reevaluating as we obtain new information. I’m
extremely proud of, and grateful to, the Luna team for the flexibility,
courage and dedication they’ve shown in response to our approach.”
Business Continuity and Employee Well-Being
In mid-March, the company implemented several initiatives to ensure that it
continued to serve customers, to the best of its ability, uninterrupted while
providing employees with a safe workplace. These initiatives include:
* Creating alternate work arrangements, including staggered schedules and
shifts, distancing within its offices and working from home. Approximately
two-thirds of Luna employees are working from home full-time or on a
staggered schedule. For the remaining employees who have manufacturing
responsibilities, the company has created new work schedules and imposed
limitations to labs and offices, in order to practice social distancing.
Recognizing that maintaining a routine is important to a positive mindset,
Luna is encouraging all employees to adopt a routine that works best for
them.
* Implementing travel restrictions, including a freeze on all international
travel, and CEO approval for emergency only domestic travel.
* Encouraging employees to make full use of their health and well-being
benefits, including benefits related to mental wellness.
* Communicating openly and frequently with employees regarding the
Coronavirus Aid, Relief and Economic Security (CARES) Act, the Families
First Coronavirus Response Act (FFCRA), healthcare benefits and coverage,
and related COVID-19 government-sanctioned information.
* Making broad use of videoconference capabilities for meetings and
non-business related team get-togethers.
* Ensuring that the CEO communicates with each location at least once a
week, to address any questions, share information on operations, and
generally be available to all employees.
* Working closely with our global supply chain to ensure continuity of
supply of critical parts. To date supply chain interruptions have been
minimal, but we continue to monitor the situation closely.
Cash Position and Access to Capital
In addition, Luna Innovations has a strong cash position and adequate access
to capital. Cash and cash equivalents were $25 million as of the
fourth-quarter 2019, and Luna continues to have access to its $10 million
revolving credit facility, if needed. The company also has applied for certain
loans under the CARES Act. To date, Luna has not laid-off employees, and does
not anticipate doing so, although given the fluidity of the COVID-19 pandemic,
no guarantees have been made.
Innovative Collaborations to Provide Substitute for N95 Masks
Luna Innovations has joined forces with its Charlottesville neighbor, OESH, to
design and produce flexible 3D printed respirator masks for use during the
COVID-19 pandemic N95 respirator mask shortage. OESH is using its 3D printers
and expertise designing around body features along with flexible, plastic
material to produce the masks, which have a tight seal around the edges. The
respirator masks can be used when there are no certified N95 masks available.
The masks have two vents with removable caps. Cut up surgical gowns, HEPA
vacuum bags or cotton make-up pads can be used as filter material. Masks can
also be washed in a dishwasher, washing machine or by hand and reused with
different filter material.
Luna is welding the masks together, adding an aluminum strip on the nose and
distributing them. More information may be found at:
https://lunainc.com/luna-joins-oesh-design-produce-flexible-3d-printed-respirator-masks/
First-Quarter Earnings Release Date
Luna will report its first-quarter financial results for the period ended
March 31, 2020 after the close of the stock market on Thursday, May 7, 2020.
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 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200414005153/en/
Contact:
Investor Contacts:
Jane Bomba
Phone: 303-829-1211
Email: IR@lunainc.com
Sally J. Curley
614-530-3002
IR@lunainc.com
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