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Illumina s Q4 Revenues Surge on Strong Sales, Net Losses Narrow

NEW YORK, Jan. 27 (GenomeWeb News) - Illumina today reported a 176 percent increase in revenues for its fourth fiscal quarter, accompanied by diminishing net losses and a slight decrease in R&D spending.

For the quarter ended Dec. 28, 2003, Illumina reported revenue of $10.7 million, compared to $3.9 million for the fourth quarter of 2002.

The company attributed the revenue increase to the sale of two SNP-genotyping BeadLab systems during the quarter, as well as strong sales in its system consumables, genotyping services, and oligo product lines. The company said it also saw the first revenues from its newly launched gene-expression offering during the quarter.

Illumina's net loss for the quarter was $4.0 million, or $0.12 per share, compared to a net loss of $7.6 million, or $0.24 per share, in the year-ago period.

The company spent $5.5 million on R&D in the fourth quarter of 2003, down from $6.3 million in the same period of 2002.

As of Dec. 28, 2003, Illumina's cash, investments, and long-term restricted investments totaled $45.1 million. Cash and investments alone totaled $32.9 million.

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