NEW YORK (GenomeWeb News) - Illumina yesterday reported a 163-percent surge in second-quarter revenues and swung into profitability from a loss in the second quarter of 2005.
Total receipts for the three months ended July 2 increased to $41.6 million from $15.8 million in the same quarter one year ago.
Illumina posted net income of $6.8 million, compared to a net loss of $15.8 million in the year-ago period. The company noted that its Q2 2005 results included a $15.8 million R&D expense related to its acquisition of CyVera in April 2005.
Research and development expenses rose 17.8 percent to $8.6 million, compared to $7.3 million in the second quarter of 2005.
Illumina also updated its guidance for the third quarter and for the rest of the year. For the third quarter, the company now expects total revenue to be between $44 million and $48 million, or increases of between 126 percent and 146 percent.
For the full year, Illumina said it believes total revenue will be between be between $160 million and $170 million, or increases of between 118 percent and 131 percent year over year.
As of July 2, Illumina had $156.8 million in cash and short-term investments.