NEW YORK, July 17 - Illumina reported strong second-quarter revenue growth amid slight cutbacks in R&D spending and narrowing net losses.
The genotyping-technology firm said total revenue for the period ended June 29 increased to $4.8 million from $1.9 million one year ago. Receipts from product sales in the quarter jumped to $2.7 million from $1 million for the same period one year ago, while revenue from services swelled to $1.5 million from $99,000 during the same year-over-year period, the company said.
Second-quarter R&D spending dipped to $6.2 million from $7 million during the same period last year. As a result, net loss in the quarter shrank to $8.6 million, or $.27 per share, from $16.4 million, or $.54 per share, year over year.
Illumina said it had roughly $52.5 million in cash and investments as of June 29.