Illumina Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2014; Revised Earnings Guidance for the Year 2014
Jul 23 14
Illumina Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 29, 2014. For the quarter, the company reported total revenue was $447,568,000 compared to $346,094,000 for the same period a year ago. Income from operations was $100,239,000 compared to $60,006,000 for the same period a year ago. Income before income taxes was $60,466,000 compared to $49,360,000 for the same period a year ago. Net income was $46,605,000 compared to $35,877,000 for the same period a year ago. Net income per diluted share was $0.31 compared to $0.26 for the same period a year ago. Net cash provided by operating activities was $178,030,000 compared to $88,606,000 for the same period a year ago. Purchases of property and equipment were $23,324,000 compared to $11,534,000 for the same period a year ago. Non-GAAP net income per diluted share was $0.57 compared to $0.43 for the same period a year ago. Non-GAAP net income was $84,570,000 compared to $59,694,000 for the same period a year ago. Non-GAAP operating profit was $155,722,000 compared to $111,663,000 for the same period a year ago.
For the six months, the company reported was total revenue was $868,349,000 compared to $677,052,000 for the same period a year ago. Income from operations was $192,335,000 compared to $14,859,000 for the same period a year ago. Income before income taxes was $144,254,000 compared to $1,798,000 for the same period a year ago. Net income was $106,582,000 compared to $13,290,000 for the same period a year ago. Net income per diluted share was $0.71 compared to $0.10 for the same period a year ago. Net cash provided by operating activities was $215,117,000 compared to $176,446,000 for the same period a year ago. Purchases of property and equipment were $42,336,000 compared to $32,975,000 for the same period a year ago. Non-GAAP net income per diluted share was $1.10 compared to $0.90 for the same period a year ago. Non-GAAP net income was $164,617,000 compared to $122,313,000 for the same period a year ago. Non-GAAP operating profit was $302,701,000 compared to $221,726,000 for the same period a year ago.
As a result of strong first half results, the company has increased its full year 2014 guidance to 25% to 26% revenue growth, and its non-GAAP earnings per fully diluted share to $2.26 to $2.28, higher than prior guidance of $2.10 to $2.15. Amortization of acquired intangible assets expected to be $0.20 per diluted share, non-cash interest expense per diluted share expected to be $0.16 and GAAP diluted net income per share in the range of $1.65 to $1.67. Additional modeling considerations include full year weighted average non-GAAP diluted share of $149 million, which assumes a stock price of $175; and a full year pro forma tax rate of 29%, which includes the 2014 federal R&D tax credit that has yet to be enacted. If the tax credit and other tax extend as in the past, annual tax rate would increase by approximately 200 basis points.
Berry Genomics and Illumina Co-Develop Integrated Next-Generation Sequencing System for Review and Approval by Chinese Regulatory Agency
Jul 21 14
Berry Genomics Co. Ltd. announced it has chosen Illumina Inc's. next-generation sequencing (NGS) technology as the platform on which Berry will secure Chinese Food and Drug Administration (CFDA) regulatory approval for clinical applications, thereby expanding access to NGS-based tests in China. Under the agreement, the companies co-developed an NGS system to provide a cost-effective, easy-to-use assay for non-invasive prenatal testing (NIPT). A working version of the new assay and instrument system has been validated in clinical settings in China, and is in late stage review under the CFDA's medical device registration process. The new system integrates Berry Genomics' Bambni(TM) assay, which includes a library preparation kit, analysis software, and a sequencing instrument based on Illumina's NextSeq(TM) 500 Sequencing System. Berry's proprietary Bambni(TM) assay, which has been validated on more than 200,000 samples, utilizes a unique PCR-free library prep technology and the proprietary RUPA(TM) analysis software.
Illumina Inc. Appoints Tina S. Nova as Senior Vice President and General Manager of its Oncology Business
Jul 14 14
Illumina Inc. announced that Tina S. Nova, Ph.D. has been named Senior Vice President and General Manager of Illumina's oncology business. Nova will lead the company's strategy for enabling the oncology community to develop innovative products across the full spectrum of cancer management based on Illumina next-generation sequencing technologies. Dr. Rick Klausner, who has served as interim oncology leader since January 2014, will continue in his role as Illumina's Senior Vice President and Chief Medical Officer. Previously, Nova co-founded the molecular diagnostics company Genoptix and served as its President and Chief Executive Officer from 2000. She was a member of the Genoptix board of directors until Novartis AG acquired the company in 2011. Nova also co-founded Nanogen Inc., where she was Chief Operating Officer and President from 1994 to 2000.