NEW YORK (GenomeWeb News) — Illumina yesterday said third-quarter revenues bolted 82 percent and R&D spending rose 160 percent, though profits fell 10 percent.
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Total receipts for the three months ended Sept. 30 increased to $97.5 million from $53.5 million year over year.
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Product revenues leapt to $90 million from $46.9 million, while service and other revenue rose to $7.4 million from $6.4 million year over year.
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R&D spending increased to $19.8 million from $7.7 million in the year-ago period, including around $13.2 million in non-cash stock compensation expenses.
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Profit for the quarter declined to $14.5 million from $16.2 million.
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Illumina said it had around $352.8 million in cash, equivalents, and short-term investments as of Sept. 30.
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The company raised its expected full-year 2007 revenue to between $354Â million and $358 million, which is $16 million higher than projections it made in July, or around 17 percent more than it projected at the beginning of the year.
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Illumina expects fourth-quarter revenue to be between $100 million and $104 million, or as much as 69 percent over the same period last year.