NEW YORK, April 19 (GenomeWeb News) - Shares in Illumina were up 10.95 percent, or $2.82, at $28.57 -- a new 52-week high -- in mid-afternoon trading after the company yesterday reported a 93-percent increase in first-quarter revenues and increased its 2006 outlook.
As GenomeWeb News reported, Illumina said total receipts for the three months ended April 2 increased to $29.1 million from $15.1 million year over year, Illumina said. Receipts from its three sources of revenue increased across the board year over year, with product revenue increasing 91 percent to 23.3 million, service and "other" receipts increasing 96 percent to $5.3 million, and research revenue increasing 97 percent to $574,000.
The company yesterday also updated its guidance for the second quarter and the remainder of the year. For the second quarter, the company now expects total revenue to be between $31 million and $33 million, which are increases of between 96 percent and 108 percent, year over year.
For the full year, Illumina now said it believes total revenue for 2006 will be between $130 million and $140 million, or increases of between 77 percent and 90 percent year over year.
The company also said that excluding the effect of non-cash stock compensation expense, R&D spending in 2006 as a percentage of total revenue is expected to decline, but will increase in whole terms to between from $30 million and $35 million from $27.7 million year over year.
Illumina also said it expects to be "at least" cash flow breakeven this year. "Working capital requirements and spending on capacity expansion will be the key drivers of cash flow in 2006," the company said in a statement.