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Legal Woes Drive Illumina s Q2 Net Loss to $16M as Revenue Sees Strong Growth

NEW YORK, July 19 - Illumina reported today a significant increase in second-quarter revenues atop a widened net loss brought on after the company was forced to pay $7.7 million in legal damages for wrongfully firing co-founder and former chief scientific officer Anthony Czarnik.

 

Illumina said total revenue for the period ended June 30 swelled to $1.9 million from just $470,000 in the year-ago quarter. The increase was fueled largely by revenue booked from product and service fees, which amounted to $1.2 million, up from $121,000 in the second quarter of 2001, Illumina said

 

The San Diego-based company said it spent $7 million on R&D, up from $5 million year over year. This increase, together with the $7.7 million in legal fees and jury-awarded damages, caused second-quarter net loss to reach $16.4 million, or $.54 per share, from $5.9 million, or $.20 per share, during the same period last year.

 

Illumina said that were it not for the heavy legal damages its net loss for the second quarter would have been $8.7 million, or $.28 per share.

 

The company said it had roughly $80 million in cash and investments as of June 30.

 

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