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Illumina Reports 55-Percent Gain in Q4 Revenue as R&D Spending Surges and Profit Slides

NEW YORK, Feb. 2 (GenomeWeb News) - Illumina yesterday reported that fourth-quarter revenue increased 55 percent amid a sharp increase in R&D spending and a decline in profits.

 

Total receipts for the three months ended Jan. 1 swelled to $23 million from $14.8 million year over year, the company said. Product receipts increased 67 percent year over year to $16.7 million while service and "other" revenue increased 43 percent to $5.7 million. Research receipts grew to $609,000 from $321,000 year over year, Illumina said.

 

R&D spending in the fourth quarter increased 42 percent to $7.5 million from $5.3 million year over year.

 

Illumina said that a one-time gain during the fourth quarter 2004 related to reduced damages awarded in a wrongful termination suit caused profit in the current quarter to decline to $326,000, or $.01 per basic share, from $3.2 million, or $.09 per basic share year over year.

 

Illumina said it had around $50.8 million in cash and investments as of Jan. 1.

 

Looking ahead, the company said it expects 2006 revenue to increase between 55 percent and 70 percent to between $115 million and $125 million, driven primarily by organic growth in its genotyping products.

 

Illumina also said it expects R&D spending during the year to decline as a percentage of total revenue, and should come in at between $30 million and $34 million.

 

For the first quarter, Illumina said it expects total receipts to range between $22 million and $24 million, which would be a year-over-year increase of between 46 percent and 59 percent.

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