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Illumina Q2 Losses Meet Wall Street Estimates; Oligo Business Drives Revenue

NEW YORK, Aug. 7 – Illumina met Wall Street expectations on Tuesday as it posted a second-quarter net loss of $5.9 million, or $0.20 per share, compared with $5.3 million, or $0.25, for the same period last year.

Total revenue in the quarter ended June 30 was $470,000, surpassing the $79,000 that the functional genomics company posted for the second quarter 2000, an increase it attributed to a strong performance by its oligo service business.

Illumina also reported research and development expenditures of $5 million, a 66 percent increase year over year.

The last month of the period saw Illumina sign a deal with GlaxoSmithKline to provide SNP genotyping services.   

The agreement calls for Illumina to apply its BeadArray technology to determine the frequency of specific SNPs in samples provided by the UK-based drug giant. The companies did not disclose details. 

“This agreement marks an important milestone in the rollout of our commercialization model…giving Illumina access to a second, high-growth revenue stream,” Jay Flatley, president and CEO of Illumina, said in a statement on Tuesday.

Illumina’s SNP scoring technology is based on a technique, developed together with Applied Biosystems, for attaching strands of DNA to beads that are placed in an indentation on the tip of a fiber optic bundle. The company arrays these bundles onto a cassette that matches up with a standard 96-well microtiter plate.  

Illumina was also commissioned by Chevron to study how the BeadArray technology could be applied to detect certain compounds in hydrocarbon processing operations. 

Shares in Illumina were trading up $0.07 at $11.62 in early-afternoon Nasdaq trading on Tuesday.

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