NEW YORK (GenomeWeb News) - Illumina yesterday reported a 174-percent increase in total revenue for the third quarter of 2006, as compared with the same period last year.
Citing heightened demand for its BeadChip product line, the company reported total revenue of $53.5 million for the quarter ending Oct. 1, compared with $19.5 million in the third quarter of 2005.
Revenues from product sales nearly tripled to $46.9 million from $16.3 million in the prior-year period.
The company cited recent genotyping deals with GlaxoSmithKline, Duke University, Massachusetts General Hospital, and Harvard Medical School as examples of demand for its products.
Illumina reported net income of $16.2 million for the quarter, including total non-cash stock compensation expense of $3.8 million, compared to a net loss of $1.5 million in the third quarter of 2005.
R&D spending rose to $7.7 million from $7 million in the prior-year period.
Illumina ended the third quarter with cash and short-term investments worth $169.9 million, of which $44.2 million was in cash and cash equivalents.