NEW YORK (GenomeWeb) – Illumina reported after the close of the market Tuesday that its first quarter revenues increased 27 percent year over year.

The San Diego-based firm posted revenues of $421 million for the three months ended March 31, compared to $331 million for the first quarter of 2012. It beat the average analyst estimate of $391.8 million.

Its product revenue jumped to $362.2 million from $296.2 million year over year, and its service and other revenue increased to $58.6 million from $34.8 million.

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