NEW YORK, July 16 (GenomeWeb News) - Illumina reported a steep increase in revenues and smaller losses for the second quarter of 2004 this week.
Revenues for the quarter were $11.5 million, up from $4.8 million during the same period last year.
Research and development costs declined slightly, to $5.3 million, from $6.2 million during the same quarter a year ago.
The company's net loss amounted to $3.5 million, or $.1 per share, down from $8.6 million, or $.27 per share, during the second quarter of 2003.
As of June 27, Illumina had $66.2 million in cash and investments, of which $12.1 million were short term restricted investments.
Tim Kish, the company's CFO, said in a statement that "we remain well positioned to reach breakeven early in 2005."