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Illumina Revenues Increase 25%

Published: Wednesday, January 29, 2014
Last Updated: Wednesday, January 29, 2014
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Company announces financial results for the fourth quarter and fiscal year 2013.

Fourth quarter 2013 results: 

  • Revenue of $387 million, a 25% increase compared to $309 million in the fourth quarter of 2012 
  • GAAP net income for the quarter of $81 million, or $0.56 per diluted share, compared to $72 million, or $0.53 per diluted share, for the fourth quarter of 2012 
  • Non-GAAP net income for the quarter of $65 million, or $0.45 per diluted share, compared to $57 million, or $0.42 per diluted share, for the fourth quarter of 2012 (see the table entitled "Itemized Reconciliation Between GAAP and Non-GAAP Net Income" for a reconciliation of these GAAP and non-GAAP financial measures) 
  • Cash flow from operations of $127 million and free cash flow of $100 million for the quarter 

Gross margin in the fourth quarter of 2013 was 66.9% compared to 65.8% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation, amortization of acquired intangible assets, legal contingencies, and inventory revaluation adjustments, non-GAAP gross margin was 71.4% for the fourth quarter of 2013 compared to 68.5% in the prior year period. 

Research and development (R&D) expenses for the fourth quarter of 2013 were $76.7 million compared to $56.9 million in the fourth quarter of 2012. R&D expenses included $10.9 million and $8.0 million of non-cash stock compensation expense in the fourth quarters of 2013 and 2012, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 17.0% compared to 15.4% in the prior year period. 

Selling, general and administrative (SG&A) expenses for the fourth quarter of 2013 were $111.6 million compared to $79.7 million for the fourth quarter of 2012. SG&A expenses included $16.8 million and $14.1 million of non-cash stock compensation expense in the fourth quarters of 2013 and 2012, respectively. Excluding these charges, contingent compensation and amortization of acquired intangible assets, SG&A expenses as a percentage of revenue were 22.2% compared to 19.9% in the prior year period. 

Depreciation and amortization expenses were $27.2 million and capital expenditures were $27.3 million during the fourth quarter of 2013. The Company ended the fourth quarter of 2013 with $1.17 billion in cash, cash equivalents and short-term investments, compared to $1.35 billion as of December 30, 2012. 

Fiscal 2013 results: 

  • Revenue of $1.42 billion, a 24% increase over the $1.15 billion reported in fiscal 2012 
  • GAAP net income of $125 million, or $0.90 per diluted share, compared to $151 million, or $1.13 per diluted share in fiscal 2012 
  • Non-GAAP net income of $250 million, or $1.80 per diluted share, compared to $210 million, or $1.59 per diluted share, in fiscal 2012 (see table entitled "Itemized Reconciliation Between GAAP and Non-GAAP Net Income" for a reconciliation of these GAAP and non-GAAP financial measures) 

Gross margin for fiscal 2013 was 64.2% compared to 67.4% in fiscal 2012. Cost of product sales during 2013 included impairment charges of $25.2 million related to a decision to discontinue a non-core product line. Excluding the effect of these charges as well as non-cash charges associated with stock compensation, amortization of acquired intangible assets, legal contingencies, and inventory revaluation adjustments, non-GAAP gross margin was 70.1% for fiscal 2013 compared to 69.7% in fiscal 2012. 

R&D expenses for fiscal 2013 were $276.7 million compared to $231.0 million in fiscal 2012. R&D expenses included $37.4 million and $30.9 million of non-cash stock compensation expense in fiscal 2013 and 2012, respectively. R&D expenses for fiscal 2012 included an impairment charge of $21.4 million related to an in-process research and development asset. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 16.8% compared to 15.3% in the prior year. 

SG&A expenses for fiscal 2013 were $381.0 million compared to $286.0 million in fiscal 2012. SG&A expenses included $61.4 million and $55.4 million of non-cash stock compensation expense in fiscal 2013 and 2012, respectively. Excluding these charges, contingent compensation, and amortization of acquired intangible assets, SG&A expenses as a percentage of revenue were 20.8% compared to 19.5% in the prior year. 

"The fourth quarter capped off a spectacular year for Illumina with robust performance across all products and geographies," stated Jay Flatley, CEO. "We made significant progress on key R&D programs which allowed us to introduce new products in early 2014 that will once again redefine the trajectory of sequencing. We plan to leverage this momentum in 2014 to more broadly enable the adoption of genomics." 

Updates since last earnings release: 

Introduced HiSeq XTM Ten Sequencing System, enabling 'factory scale' sequencing and announced sales to Macrogen, the Broad Institute, the Garvan Institute of Medical Research, and the New York Genome Center 

Launched NextSeqTM 500 Sequencing System, a new platform that packs high-throughput performance into an affordable desktop sequencer 

Announced plans to simplify library preparation with NeoPrepTM, a push-button, library-preparation system 

Launched BaseSpace® OnSite, a simple informatics appliance that enables users to securely stream data to a local, private cloud 

Unveiled new enhancements to the HiSeq® family of instruments, which will enable certain HiSeq instruments to produce 1 terabase of sequencing data 

Announced that Illumina received premarket clearance from the U.S. Food and Drug Administration (FDA) for the MiSeqDxTM system, MiSeqDx Cystic Fibrosis 139-Variant Assay, MiSeqDx Cystic Fibrosis Clinical Sequencing Assay, and MiSeqDx Universal Kit 

Acquired NextBio, a leader in analyzing and aggregating complex genomic data 

Entered into multi-year licensing agreements with Quest Diagnostics and LabCorp to use Illumina's NGS technology for clinical laboratory testing 

Entered into an agreement with Amgen to develop an Oncology Companion Diagnostic Test on the FDA-Cleared MiSeqDx NGS Instrument 

Further strengthened Illumina's management team by appointing Francis deSouza to the role of President 

Additional updates not highlighted above can be found on our investor relations webpage: http://investor.illumina.com 

Financial outlook and guidance 
The non-GAAP financial guidance discussed below reflects certain pro forma adjustments to assist in analyzing and assessing our core operational performance. Please see our Reconciliation of Non-GAAP Financial Guidance included in this release for a reconciliation of the GAAP and non-GAAP financial measures. 

For fiscal 2014 the Company is projecting approximately 15% to 17% revenue growth and non-GAAP earnings per fully diluted share of $2.00 to $2.06. These projections assume full year non-GAAP gross margin of approximately 70.0%, a pro forma tax rate of approximately 29.5% and stock compensation expense of approximately $128 million. Full-year weighted average diluted shares outstanding, for the measurement of pro forma amounts, is expected to be approximately 148 million shares assuming a stock price of $114.


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