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Illumina (ILMN) Tops Q2 Earnings & Revenues, Raises View

Illumina, Inc. ILMN reported adjusted earnings per share (EPS) of 82 cents in the second quarter of 2017, which beat the Zacks Consensus Estimate by 20.6%. The reported figure also surpassed the company’s guided range of 65–70 cents. Adjusted earnings, however, lagged the year-ago number by 4.7%.

Including one-time items, the company reported EPS of 87 cents compared with 82 cents a year ago.

Revenues

In the reported quarter, Illumina's revenues grew 10.3% year over year to $662 million, exceeding the company’s expectations of approximately 7%. Moreover, the top line beat the Zacks Consensus Estimate by 3.3%.

Per management, top-line growth in the second quarter can be attributed to strong uptake of sequencing consumables and microarrays. Moreover, the NovaSeq platform continued to drive growth with more than 230 orders since the launch in Jan 2017.

Product revenues (82.0% of total revenue) increased 6.5% year over year to $543 million. Service and Other (18%) revenues were up 32.2% year over year to $119 million.

Illumina, Inc. Price, Consensus and EPS Surprise

Illumina, Inc. Price, Consensus and EPS Surprise | Illumina, Inc. Quote

Operational Update

Illumina's adjusted gross margin came in at 67.1%, reflecting a contraction of 540 basis points (bps) year over year owing to NovaSeq introduction, higher array services revenues and product mix within sequencing consumables. Excluding amortization of acquired intangible assets and including stock-based compensation expenses, adjusted gross margin was 67.0%, highlighting a contraction of 540 bps from the prior-year period.

Research and development expenses were up 4% year over year to $130 million and selling, general & administrative...


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