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Illumina's Q1 Revenues Rise 16 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Illumina reported after the close of the market Wednesday that its first-quarter revenues increased 16 percent.

The San Diego-based firm brought in total revenues of $192.1 million for the three months ended April 4, compared to $165.8 million for the first quarter of 2009. Its product revenue was $173.7 million compared to $156.2 million, while its service and other revenue nearly doubled to $18.5 million from $9.6 million. Analysts, on average, had expected Q1 2010 revenues of $178.6 million.

Christian Henry, Illumina's CFO and GM of life sciences, said during a conference call that the firm saw significant growth for its sequencing products during the quarter. Revenues for its microarray business declined compared to Q1 2009, but was up sequentially for the second consecutive quarter, "and we now believe our array business is stabilized," he said.

Illumina's consumables revenues were $114 million, up 11 percent from $103 million from the first quarter of 2009. The firm's microarray consumables were down, but still represent half of the firm's consumables revenue, said Henry. He said the year-over-year decline was attributable to lower sales of whole-genome genotyping arrays, which was partially offset by growth in focused content arrays.

Henry said that total instrument revenues for the quarter were $57 million, up 13 percent from $50 million in Q1 2009. However, instrument revenues were down sequentially as the firm began to transition customers to its new HiSeq 2000 sequencing instrument.

"Initial demand for the HiSeq has been strong," said Henry. "However, as we communicated last quarter, our manufacturing capacity was constrained in Q1, resulting in a limited number of shipments." He said that the firm expects to be manufacturing the HiSeq system at "significant volumes" by the end of the second quarter.

Illumina President and CEO Jay Flatley noted during the call that the firm brought in stimulus-related orders of around $20 million in Q1.

Illumina's net income for the quarter was $21.2 million, or $.16 per share, up from $18.8 million, or $.14 per share, for the first quarter of 2009. On a non-GAAP basis, Illumina's EPS was $.21, beating analysts' consensus estimate of $.19.

Its R&D expenses increased 34 percent to $43.7 million from $32.7 million year over year, while its SG&A spending increased 18 percent to $50.3 million from $42.8 million. The R&D expenses include stock-based compensation for employee stock options and stock purchases.

Illumina finished the quarter with $213.2 million in cash and cash equivalents and $534.8 million in short-term investments.

In early Thursday trade on the Nasdaq, Illumina's shares soared 13 percent to $42.45.

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