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Illumina Posts 93-Percent Jump in Q1 Revenue as R&D Grows and Losses Decline

NEW YORK, April 18 (GenomeWeb News) -   Illumina today reported a 93-percent increase in first-quarter revenues atop greater R&D spending and a narrowed net loss.

 

Total receipts for the three months ended April 2 increased to $29.1 million from $15.1 million year over year, Illumina said. Receipts from its three sources of revenue increased across the board year over year, with product revenue increasing 91 percent to 23.3 million, service and "other" receipts increasing 96 percent to $5.3 million, and research revenue increasing 97 percent to $574,000.

 

Illumina said R&D spending increased 39 percent in the first quarter to $8.2 million from $5.9 million.

 

Net loss in the period declined to $104,000, or $.00, from $1.2 million, or $.03 per share.

 

Illumina said it had around $49 million in cash and investments as of April 2.

 

The company also updated its guidance for the second quarter and the remainder of the year.  For the second quarter, the company now expects total revenue to be between $31 million and $33 million, which are increases of between 96 percent and 108 percent, year over year.

 

For the full year, Illumina now said it believes total revenue for 2006 will be between $130 million and $140 million, or increases of between 77 percent and 90 percent year over year.

 

The company also said that excluding the effect of non-cash stock compensation expense, R&D spending in 2006 as a percentage of total revenue is expected to decline, but will increase in whole terms to between from $30 million and $35 million from $27.7 million year over year.

 

Illumina also said it expects to be "at least" cash flow breakeven this year. "Working capital requirements and spending on capacity expansion will be the key drivers of cash flow in 2006," the company said in a statement.

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