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Illumina s Q3 Net Losses Widen but Still Beat Forecasts

NEW YORK, Oct 12 – Illumina reported Thursday third-quarter net losses of $3.9 million, or 15 cents a share, on a pro forma basis, compared with a net loss of $1.5 million, or 11 cents a share in the year ago period.

Consensus estimates forecast net losses of 20 cents a share, based on two analysts surveyed by First Call/Thomson Financial.

Ilumina’s revenues for the quarter were up more than six-fold to $663,000 from $100,000 in the year ago period.

For the first nine months of the year, Illumina posted a net loss of $14 million, or 61 cents a share, on a pro forma basis, compared with a net loss of $3.4 million, or 26 cents a share in the year ago basis. The company’s pro forma results assume the conversion of all convertible preferred stock into common stock.

The company raised $103 million in an initial public offering during the quarter. As of September 30, the company’s cash and investments totaled $124 million.

During the quarter the company also expanded its scientific team to develop high-throughput assays for SNP genotyping and gene expression analysis and launched an enterprise IT initiative to support the development of array and oligonucleotide manufacturing and production automation service operations.

Illumina of San Diego develops tools for the analysis of genetic variation and function. The company’s proprietary BeadArray technology uses fiber-optic technology to study proteins.

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