NEW YORK (GenomeWeb News) — Illumina yesterday said second-quarter revenues and R&D spending more than doubled over last year as profits jumped 37 percent.
Total receipts for the three months ended June 30 increased to $84.5 million from $41.6 million year over year.
Product revenues jumped to $74.3 million from $36.4 million, while service and other revenue increased to $10.1 million from $4.8 million year over year.
R&D spending swelled to $18.2 million from $8.6 million in the year-ago period.
Profit for the second quarter increased to $9.3 million from $6.8 million.
llumina said it had around $343 million in cash, equivalents, and short-term investments as of June 30.
The company raised its expected full-year 2007 revenue to between $335 million and $345 million, which is $30 million higher than projections it made in April and as much as 86 percent better than 2006 receipts.
Third-quarter revenues are expected to be between $88 million and $92 million, or as much as 74 percent over the same period last year.