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Illumina Reports Second Quarter Financial Results For Fiscal Year 2018

Illumina

Illumina, Inc.  announced on July 30 its financial results for the second quarter of fiscal year 2018.

Illumina Reports Second Quarter Financial Results For Fiscal Year 2018

Second quarter 2018 results:

  • Revenue of $830 million, a 25% increase compared to $662 million in the second quarter of 2017
  • GAAP net income attributable to Illumina stockholders for the quarter of $209 million, or $1.41 per diluted share, compared to $128 million, or $0.87 per diluted share, for the second quarter of 2017
  • Non-GAAP net income attributable to Illumina stockholders for the quarter of $212 million, or $1.43 per diluted share, compared to $121 million, or $0.82 per diluted share, for the second quarter of 2017.
  • Cash flow from operations of $295 million compared to $178 million in the second quarter of 2017
  • Free cash flow (cash flow from operations less capital expenditures) of $218 million for the quarter, compared to $109 million in the second quarter of 2017

Gross margin in the second quarter of 2018 was 69.3% compared to 65.5% in the prior year period. Excluding amortization of acquired intangible assets, non-GAAP gross margin was 70.3% for the second quarter of 2018 compared to 67.0% in the prior year period.

Research and development (R&D) expenses for the second quarter of 2018 were $151 million compared to $130 million in the prior year period. Non-GAAP R&D expenses as a percentage of revenue were 18.2%, including 0.9% attributable to Helix. This compares to non-GAAP R&D expenses as a percentage of revenue of 19.7% in the prior year period, including 0.8% attributable to Helix.

Selling, general and administrative (SG&A) expenses for the second quarter of 2018 were $197 million compared to $161 million in the prior year period. Non-GAAP SG&A expenses as a percentage of revenue were 23.7%, including 1.0% attributable to Helix. This compares to 25.2% in the prior year period, including 1.0% attributable to Helix.

Depreciation and amortization expenses were $44 million and capital expenditures for free cash flow purposes were $77 million during the second quarter of 2018. At the close of the quarter, the company held $2.5 billion in cash, cash equivalents and short-term investments, compared to $2.1 billion as of December 31, 2017.

“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,” said Francis deSouza, President and CEO. “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.”

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