Categories Earnings, Health Care

Illumina’s Q2 results beat market estimates

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.

Illumina beat market estimates for revenue and earnings in second quarter 2019

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.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

IPO Alert: Here’s what to look for when CaliberCos goes public

The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is

CarMax (KMX) Stock: Does the current dip offer a buying opportunity?

The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with

Ultimax Digital gears up for $10mln IPO. Here’s all you need to know

The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top