Genomics giant Illumina reports higher 2Q profits
Illumina, a San Diego-based genomics equipment firm, has reported second-quarter net income of almost $122m, up from $102.2m in the same period last year. Although revenue grew by approximately $71m in the first half of this year, total costs increased by around $114m as well. The organisation has invested more money into research and development this year than last, as well as stock rewards and administrative costs.

The illumina campus in University City. Courtesy of the company

San Diego-based Illumina Tuesday reported net income of nearly $122 million, or 82 cents per diluted share, for the second quarter of its fiscal year, compared to $102.2 million, or 69 cents per diluted share, in the year-ago period.

The maker of genomics equipment credited an increase of around $60 million in revenue during the quarter, which was partially offset by higher expenses.

“We delivered solid second quarter financial results with notable strength across our sequencing consumable and array portfolios,” said Francis deSouza, president and CEO. “We will continue to focus on our execution to deliver the sequential growth we are forecasting in the second half of the year.”

For the first two quarters combined, net income totaled nearly $211.6 million, or $1.43 per diluted share, compared to $238.9 million, or $1.61 per diluted share, in the first six months of last year.

While revenue grew by roughly $71 million in the first half of this year, total expenses were about $114 million higher, Illumina reported. The company sent more money than last year into research and development, along with administrative costs and stock awards.

–City News Service