Illumina Inc. (NASDAQ: ILMN) beat analysts’ forecasts for revenue and earnings in the second quarter of 2019. Despite the beat, shares were down 2.9% in after-market hours on Monday.
Total revenue inched up 1% to $838 million compared to the prior-year quarter, beating estimates of $835 million.
GAAP net income was $296 million, or $1.99 per share, compared to $209 million, or $1.41 per share, in the year-ago quarter. Adjusted net income was $200 million, or $1.35 per share, ahead of forecasts of $1.34 per share.
Gross margin dipped to 68.4% from 69.3% last year. Adjusted gross margin was 69.5% compared to 70.3% in the prior-year period. R&D expenses rose 9% year-over-year to $166 million.
Francis deSouza, President and CEO said, “In addition to continued sequencing consumables growth, we are encouraged by the sequential and year-over-year growth in shipments across our high, mid, and low-throughput sequencing system portfolio, including a record number of NextSeq Dx systems, reflecting the growing clinical opportunity.”
During the quarter, Illumina launched Veriseq NIPT v2, enabling a genome-wide screen which almost doubles the detection of chromosomal abnormalities. The company also partnered with AnchorDx, a molecular diagnostics company, to develop clinical oncology products for the Chinese market.
For the full year of 2019, Illumina expects revenues to grow approx. 6%. GAAP EPS is expected to be $6.41 to $6.51 and adjusted EPS is estimated to be $6.00 to $6.10.
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