Skip to main content
Premium Trial:

Request an Annual Quote

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.

 

Click here for more information.

The Scan

Another Resignation

According to the Wall Street Journal, a third advisory panel member has resigned following the US Food and Drug Administration's approval of an Alzheimer's disease drug.

Novavax Finds Its Vaccine Effective

Reuters reports Novavax's SARS-CoV-2 vaccine is more than 90 percent effective in preventing COVID-19.

Can't Be Used

The US Food and Drug Administration says millions of vaccine doses made at an embattled manufacturing facility cannot be used, the New York Times reports.

PLOS Papers on Frozen Shoulder GWAS, Epstein-Barr Effects on Immune Cell Epigenetics, More

In PLOS this week: genome-wide association study of frozen shoulder, epigenetic patterns of Epstein-Barr-infected B lymphocyte cells, and more.