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Illumina s Q2 loss widens to 25 cents a share, falling short of expectations

NEW YORK, Sept 11 - Genomics company Illumina (Nasdaq: ILMN) reported Monday pro forma net losses of $5.3 million, or 25 cents a share, for the company’s fiscal second quarter, compared with losses of $1.1 million, or nine cents a share in the year ago period.

Wall Street had expected the San Diego-based company to post losses of 20 cents a share, based on a survey of two analysts conducted by First Call/Thomson Financial.

Revenues for the quarter slipped 39 percent in the second quarter to $79 million from $130 million a year ago.

The results reflect the conversion of preferred stock into common stock, which took place in July. Excluding the conversion, the company had losses of $2.05 cents a share, compared with 95 cents a share a year ago.

Net losses for the six-month period ended June 30, 2000 were $10.1 million, compared with net losses of $2.0 million, in the six month period of 1999. On a pro forma basis the loss per share was 48 cents for first half 2000, compared with 15 cents in the year ago period.

Illumina develops tools for the large-scale analysis of genetic variation and function. The company hopes that these tools and the information garnered from them will enable the development of personalized medicine.

Illumina was down 1 1/16, or 2.5 percent, at 41 7/8 in late afternoon trading.

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