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Illumina Posts Strong Q3 Revenue Growth; R&D, Loss Trimmed

NEW YORK, Oct.16 (GenomeWeb News) - Illumina today posted a dramatic increase in third-quarter revenues atop fallen R&D expenditures and narrowed net loss.

 

Total revenue for the period ended Sept. 28 increased to $8.2 million from $3 million one year ago, the company said. Product sales, which increased to $6.5 million in the current third quarter from $1.3 million in the year-ago period, made up the brunt of total revenues. Receipts from services in the quarter remained relatively flat at around $1 million.

 

R&D spending in the quarter fell to $5.1 million from $6.4 million in the third quarter 2002. Consequently, net loss narrowed to $5.5 million, or $.17 per share, from $7.6 million, or $.24 per share, year over year, Illumina said.

 

The company said it had around $51.2 million in cash and investments as of Sept. 28.

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