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Illumina Posts Preliminary Q1 Revenues of $270M

NEW YORK (GenomeWeb News) – Illumina today reported preliminary first-quarter revenues of $270 million, down more than 4 percent compared to the first quarter of 2011 but above Wall Street's consensus estimate of $257.4 million.

The company, which plans to formally report first-quarter results later this month, added that it expects non-GAAP earnings per share for the first quarter to be "at or above current consensus estimates."

"We are very pleased with our preliminary revenue results and the ability of the company to focus and execute this quarter," Illumina President and CEO Jay Flatley said in a statement. He noted that this is the company's third consecutive quarter with a book-to-bill ratio above 1.

"We are very encouraged by evidence that our customers are getting back to work," he said.

The annualized consumable pull-through for the HiSeq sequencer grew to approximately $300,000 per instrument in the first quarter, from $273,000 during the fourth quarter, which Flatley called "a very encouraging trend." However, the number had been $405,000 during the fourth quarter of 2010.

"With the Annual Shareholder Meeting around two weeks away, we view this as a public announcement by [Illumina] to illustrate that its business continues to have turned the corner from the mid-2011 misses," Robert W. Baird analyst Quntin Lai said in a note published today.

Illumina pre-announced the Q1 revenues less than a week after Roche increased its offer to acquire the company from $5.8 billion to nearly $6.6 billion. It has not yet provided its stockholders with a recommendation on the increased offer.

Oppenhemier analyst David Ferreiro said, "Given today's press release, we fully expect a rejection" of Roche's latest hostile bid.

In early Monday trade on the Nasdaq, shares of Illumina were down around 1 percent at $52.24.

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