NEW YORK, April 20 (GenomeWeb News) - Illumina today reported a 153 percent increase in revenues for its first fiscal quarter of 2004, accompanied by narrowed losses.
For the quarter ended March 28, 2004, Illumina posted revenue of $10.8 million, up sharply from $4.3 million for the same period in 2003. Product revenue was $8.9 million for the quarter, up from $1.4 million in the first quarter 2003, while service revenue dipped slightly, to $1.2 million, from $1.9 million in the same period last year.
The company's net loss for the quarter was $3.9 million, or $0.12 per share, compared to $9.0 million, or $0.28 per share, in the first quarter of 2003.
Illumina reported $5.2 million in R&D expenses for the first quarter of 2004, down from $5.7 million in the same period of 2003.
Illumina's cash and investments as of March 28, 2004, were $27.9 million, compared to $32.9 million at the end of 2003. The company said that its cash holdings, including long-term restricted investments, totaled $40.0 million at the end of the quarter.