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Illumina Posts 36 Percent Rise in Q1 Revenues; Ups '09 Guidance

NEW YORK (GenomeWeb News) – Illumina reported after the close of the market on Tuesday that its first-quarter revenues increased 36 percent year over year. Based on the strength of its first-quarter results, the firm upped its revenue guidance for full-year 2009 to a range of $700 million to $720 million.

Illumina generated revenues of $165.8 million for the three-month period ended March 29, compared to revenues of $121.9 million for the first quarter of 2008.

Christian Henry, CFO of Illumina, said during a conference call that sequencing and microarray product lines had "significant growth" in the quarter year over year. He noted that the firm brought in consumables revenue of $103 million, the first quarter in which Illumina eclipsed the $100 million mark for consumables revenue, compared to $63 million in consumables revenue in the first quarter of 2008.

However, shipments of Illumina's iScan array instruments were "below planned," said Illumina President and CEO Jay Flatley. "Since its launch, we indicated that we expected to ship fewer units of iScans relative to our legacy BeadStations because of its significant increase in throughput, and we saw this effect in the first quarter."

Flatley said that demand for the firm's Genome Analyzer continued to be strong during the first quarter. Over the past week, Illumina announced that the Broad Institute of MIT and Harvard had bought 22 new Genome Analyzers, nearly doubling its stock of the instruments, and the Beijing Genomics Institute purchased 12 new Genome Analyzers for use in its Hong Kong and Shenzhen research centers.

"Our expectation is that the demand for sequencing is continuing to accelerate here, even independent of the stimulus" funding, which is expected to make in impact later in the year and next year, Henry said during the call.

The firm's net income increased 76 percent to $18.8 million, or $.14 per share, from $10.7 million, or $.08 per share, for the first quarter of 2008.

Illumina's R&D spending rose sharply year over year, up 59 percent to $32.7 million from $20.6 million. Its SG&A spending increased 27 percent to $42.8 million from $33.8 million.

Illumina finished the quarter with $351.1 million in cash and cash equivalents and $321.4 million in short-term investments.

It increased its revenue guidance for 2009 to a range of between $700 million to $720 million, up from previous guidance of $690 million. For Q2, Illumina anticipates reporting revenues of between $168 million and $173 million and EPS of between $.27 and $.30.