NEW YORK (GenomeWeb News) — Illumina today said first-quarter revenues increased 148 percent as R&D spending nearly doubled and the company posted a $300 million net loss affected by acquisition-related charges.
Total receipts for the three months ended March 31 increased to $72.2 million from $29.1 million year over year.
Product revenues nearly tripled, rising to $61.2 million from $21.3 million, while service and other revenue more than doubled to $10.8 million from $5.2 million year over year.
R&D spending almost doubled to $16 million from $8.2 million in the year-ago period.
Illumina said net loss swelled to $298 million from $104,000 in the year-ago period. The $600-million acquisition of Solexa in late January, which included a $303 million charge, had the greatest impact on the loss, Illumina said.
Illumina said it had around $326 million in cash, cash equivalents, and short-term investments as of March 31.
The company said it expects 2007 revenue to be between $305 million and $315 million.
Second-quarter revenues are expected to be between $74 million and $78 million.