Illumina, Inc. (NASDAQ: ILMN)
The diagnostics company also lifted its full-year earnings and sales guidance. Chief Executive Officer Francis deSouza, attributed the 25% year-over-year revenue jump to “broad demand across applications, systems and geographies.”
Prior to the announcement of the results, shares of the California-based firm had closed regular trading at $289.24. After rising 70.6% last year, ILMN stock has jumped 32.38% since the beginning of the year.
ILMN Earnings & Outlook
Illumina said net income jumped to $209 million, or $1.41 per share, from $121 million, or $0.87 per share, in the same quarter last year.
After stripping amortization expenses and special items, the company earned $212 million, or $1.43 per share, versus $121 million, or $0.82 per share in the second quarter of the previous year.
Net sales totaled to $830 million, up 25% from $662 million in the year-ago period. Analysts had expected adjusted earnings per share of $1.11 on net sales of $787 million, according to Thompson Reuters figures.
For the full-year, the company expects net sales to grow by about 20%, from its earlier outlook of between 15% and 16%.
Its GAAP EPS forecast is in the range of $5.10 to $5.20, while adjusted earnings per share guidance is between $5.35 and $5.45 per share. Analysts expect it to post full-year adjusted earnings of $4.87 per share.
Illumina CEO Comments
“Driven by broad demand across applications, systems and geographies, revenue grew 25% from the second quarter of 2017, and we are now expecting revenue growth of approximately 20% for 2018. Sequencing consumables, array consumables, and lab and other services each grew more than 30% compared to the second quarter of 2017, highlighting the growing interest in genomic information and its application to research, clinical and consumer markets,” said Francis deSouza in the company’s earnings statement.
Illumina, Inc. Company Profile
Illumina, Inc. is engaged in the manufacture and development of integrated systems for analyzing genetic function and variation.
The company operates through the Consolidated Variable Interest Entity segments (VIE) and the Core Illumina segments.
The Core Illumina segment serves customers in the clinical, applied and research markets, and enables genomic solutions adoption.
The Consolidated Variable Interest Entity segment includes activities of Helix and GRAIL.
The company has a strategic agreement with Loxo Oncology, Inc. for the development and commercialization of a multi-gene panel for broad tumor profiling. It also collaborates with Bristol-Myers Squibb Company.
It distributes and markets its products through life-science distributors, as well as directly to customers.
It operates in North America, Latin America, Europe, the Middle East, South Africa, and the Asia-Pacific region.
Its competitors include Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Oxford Nanopore Technologies Limited, BGI, QIAGEN N.V., Pacific Biosciences of California, Inc., and Roche Holding AG.
Illumina, Inc. was founded in 1998 by David R. Walt, Mark S. Chee, John R. Stuelpnagel, Lawrence A. Bock, and Anthony W. Czarnik.
Its headquarters are located in San Diego, California. –Reuters