Illumina Q4 Revenues Up 32%
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Illumina, Inc. has announced its fourth quarter 2014 results, including revenue of $512 million, a 32% increase compared to $387 million in the fourth quarter of 2013.
Gross margin in the fourth quarter of 2014 was 75.1% compared to 66.9% in the prior year period. Excluding the effect of non-cash stock compensation expense, legal contingencies, amortization of acquired intangible assets, and impairments, non-GAAP gross margin was 72.3% for the fourth quarter of 2014 compared to 71.4% in the prior year period.
Research and development (R&D) expenses for the fourth quarter of 2014 were $142.9 million compared to $76.7 million in the prior year period. R&D expenses included $11.8 million and $10.9 million of non-cash stock compensation expense in the fourth quarters of 2014 and 2013, respectively. Excluding these charges, legal contingencies, impairments, and contingent compensation, R&D expenses as a percentage of revenue were 15.7% compared to 17.0% in the prior year period.
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2014 were $122.2 million compared to $111.6 million in the prior year period. SG&A expenses included $23.7 million and $16.8 million of non-cash stock compensation expense in the fourth quarters of 2014 and 2013, respectively. Excluding these charges, and amortization of acquired intangible assets, SG&A expenses as a percentage of revenue were 18.9% compared to 22.2% in the prior year period.
Depreciation and amortization expenses were $30.0 million and capital expenditures were $34.8 million during the fourth quarter of 2014. The Company ended the fourth quarter of 2014 with $1.34 billion in cash, cash equivalents and short-term investments, compared to $1.17 billion as of December 29, 2013.
“We delivered record fourth quarter and fiscal year 2014 financial results which greatly exceeded our expectations. Our focus on technology innovation, as evidenced by the launch of HiSeq XTM Ten, which enables the $1,000 genome, and the NextSeq® 500, were major contributors to our outperformance,” stated Jay Flatley, CEO. “The recently announced HiSeq X Five, HiSeq® 3000/4000 and NextSeq 550 instruments further enhance the most extensive sequencing portfolio available, and will position us for continued long-term growth as we develop and address the large and nascent market opportunities ahead of us.”
Full details of the results can be seen here.
