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Illumina Reports 15 Percent Increase in Q2 Revenues, Profit Nearly Doubles

NEW YORK (GenomeWeb News) – Illumina yesterday reported a double-digit increase in revenues for the second quarter of 2009 as its net income almost doubled compared to the comparable period of 2008.

The company said that total revenue rose to $161.6 million from $140.2 million in the second quarter of 2008. Earlier in the month, Illumina lowered its second-quarter revenue forecast from an initial estimate of between $168 million and $173 million, citing order delays for its arrays and sequencers.

Illumina's net income for the quarter spiked to $24.7 million, or $.18 per diluted share, compared to $12.7 million, or $.09 per diluted share in the second quarter of 2008.

Research and development spending increased 41 percent to $33.1 million from $23.5 million in the year-ago period. Illumina said that second-quarter 2009 R&D expenses included $5 million of non-cash stock compensation expense and $900,000 of accrued contingent compensation associated with its acquisition of Avantome, which it completed in the third quarter of 2008.

Selling, general, and administrative expenses rose 18 percent to $41.9 million from $35.6 million for the second quarter of 2008.

As of June 28, Illumina had $790 million in cash and investments, of which $352 million was in cash and cash equivalents.

The company reiterated its most recent forecast of full-year 2009 revenues in the range of $690 million to $720 million, which represents year-over-year growth of between 20 percent and 26 percent.

For the third quarter of 2009, the company expects revenues between $162 million and $172 million, an increase of between 8 percent and 14 percent over the third quarter of 2008. The projection is in line with an average analyst estimate of $169.9 million for the third quarter.

The company's shares were up by nearly 8 percent, to $35.54, in mid-morning trade today.

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