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Illumina Reports Financial Results for Second Quarter 2011

Published: Wednesday, July 27, 2011
Last Updated: Tuesday, July 26, 2011
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Revenue of $287.5 million, a 36% increase over the $212.0 million reported in the second quarter of 2010.

Illumina, Inc. has announced its financial results for the second quarter of 2011.

Second quarter 2011 results include:

• Revenue of $287.5 million, a 36% increase over the $212.0 million reported in the second quarter of 2010.

• GAAP net income of $30.6 million, or $0.22 per diluted share, compared to net income of $29.8 million, or $0.21 per diluted share, for the second quarter of 2010. This represents a 4% increase to GAAP earnings per diluted share.

• Non-GAAP net income of $52.5 million, or $0.38 per diluted share, compared to $34.0 million, or $0.26 per diluted share, for the second quarter of 2010 (see the table entitled "Itemized Reconciliation Between GAAP and Non-GAAP Net Income"). This represents a 46% increase to non-GAAP earnings per diluted share.

Gross margin in the second quarter of 2011 was 67.3% compared to 68.9% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation and the amortization of acquired intangibles, non-GAAP gross margin was 69.0% for the second quarter of 2011 compared to 70.3% in the prior year period.

Research and development (R&D) expenses for the second quarter of 2011 were $50.8 million compared to $43.7 million in the second quarter of 2010. R&D expenses included $8.5 million and $6.0 million of non-cash stock compensation expense in the second quarters of 2011 and 2010, respectively. Excluding these charges and contingent compensation expense, R&D expenses as a percentage of revenue were 14.1% compared to 17.3% in the prior year period.

Selling, general and administrative (SG&A) expenses for the second quarter of 2011 were $69.2 million compared to $53.1 million for the second quarter of 2010. SG&A expenses included $13.3 million and $9.4 million of non-cash stock compensation expense in the second quarters of 2011 and 2010, respectively.

SG&A expenses also included contingent compensation expense and amortization of acquired intangibles in the second quarter of 2011. Excluding these charges, SG&A expenses as a percentage of revenue were 19.1% compared to 20.6% in the prior year period.

The company generated $71.2 million in cash flow from operations during the second quarter of 2011 compared to $77.2 million in the prior year period. Depreciation and amortization expenses were $16.5 million and capital expenditures were $16.2 million during the second quarter. The company ended the second quarter with $1.2 billion in cash and short-term investments compared to $894.3 million as of January 2, 2011.

Highlights since our last earnings release

• Commenced early access shipments of MiSeq, a low-cost personal sequencing system that provides individual researchers a platform with rapid turnaround time, unmatched accuracy, and radically improved ease of use.

• Commenced commercial shipments of our TruSeq SBS Kit V3, delivering a three-fold improvement to approximately 600G of output per run and improving accuracy.

• Commenced shipment of the HumanOmni5-Quad BeadChip, a four-sample microarray that can genotype up to 5 million markers per sample.

• Announced the University of Washington Department of Genome Sciences joined the IGN and reduced the price for sequencing whole human genomes through the Illumina Genome Network (IGN) to $5,000 per genome for projects of ten samples or more, and $4,000 for projects of 50 samples or more.

• Adjusted the price of our Individual Genome Sequencing (IGS) service to $9,500 for consumers, $7,500 for patients with a life-threatening illness, and $10,000 for cancer patients requiring a tumor-normal pair.

• Announced the availability of new TruSeq Custom Enrichment kits, which enable researchers to economically design and target genomic regions of interest.

• Announced the company has been selected as a preferred service provider for Cancer Research UK, the world's leading cancer charity, to sequence up to 1,500 whole human genome samples.

Financial outlook and guidance

The non-GAAP financial guidance discussed below excludes the following items (see the table entitled "Reconciliation of Non-GAAP Financial Guidance" for a reconciliation of these GAAP and non-GAAP financial measures):

• Charges associated with relocating the company's corporate headquarters.

• Loss on the extinguishment of debt.

• Non-cash interest expense and the double dilution associated with the accounting treatment of the company's outstanding convertible debt and the corresponding call option overlay.

• Amortization of acquired intangible assets.

• Contingent compensation expense.

• Acquisition related expenses.

As a result of the Company's financial performance in the first half of the year we are updating our financial guidance. We now expect:

• Revenue growth for fiscal 2011 of 24 - 26% from fiscal 2010 revenue of $902.7 million.

• For the year, gross margin is expected to range from 69.0 - 70.0%.

• Non-GAAP earnings per diluted share to grow 33 - 36% from 2010 non-GAAP earnings per diluted share of $1.06.


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