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Illumina Reports Financial Results For Third Quarter Of Fiscal Year 2015

The following excerpt is from the company's SEC filing.

San Diego -- (BUSINESS WIRE) -

- Illumina, Inc. (NASDAQ:ILMN) today announced its financial results for the

quarter of fiscal year

Third quarter 2015 results

Revenue of

$550 million

increase

compared to

$481 million

in the

, and an increase of 18% on a constant currency basis

GAAP net income attributable to Illumina stockholders for the quarter of

$118 million

per diluted share, compared to

$93 million

per diluted share, for the

Non-GAAP net income attributable to Illumina stockholders for the quarter of

$120 million

$114 million

(see the table entitled “Itemized Reconciliation Between GAAP and Non-GAAP Net Income Attributable to Illumina Stockholders” for a reconciliation of these GAAP and non-GAAP financial measures)

Cash flow from operations of

$181 million

and free cash flow of

$152 million

Gross margin in the

in the prior year period. Excluding the effect of non-cash stock compensation expense, amortization of acquired intangible assets, and legal contingencies, non-GAAP gross margin was

quarters of

and 2014.

Research and development (R&D) expenses for the

were

$99.2 million

$85.1 million

in the prior year period. R&D expenses included

$9.1 million

$14.6 million

of non-cash stock compensation expense in the

, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were

Selling, general and administrative (SG&A) expenses for the

$136.6 million

$119.9 million

in the prior year period. SG&A expenses included

$20.1 million

$27.2 million

, respectively. Excluding these charges, amortization of acquired intangible assets, and contingent compensation, SG&A expenses as a percentage of revenue were

During the quarter, the company recorded a GAAP tax benefit of $24.8 million, or $0.17, related to the exclusion of stock compensation from prior period cost-sharing charges as a result of a recent tax court ruling in which an unrelated third party was successful in challenging such charges. This benefit is reflected in the GAAP net income attributable to Illumina stockholders.

Depreciation and amortization expenses were

$32.9 million

and capital expenditures were

$29.5 million

during the

. The company settled $207.4 million of the 0.25% Convertible Senior Notes due 2016 and repurchased $37.5 million of common stock under the previously announced 10b5-1 share repurchase program. At the close of the quarter the company held

$1.44 billion

in cash, cash equivalents and short-term investments, compared to

$1.34 billion

as of

December 28, 2014

“The fundamentals of our business remain strong, despite a 3% miss to revenue expectations,” stated Jay Flatley, CEO. “Our competitive position and product development pipeline are as robust as ever, which we believe will enable our continued penetration of the enormous market opportunities ahead.”

Updates since our last earnings release:

Launched TruSight® Tumor 15, a panel designed to identify variants in 15 genes commonly associated with oncology therapeutics

Launched new TruSeq® Custom Amplicon, Rapid Exome and Exome library preparation kits

Introduced Infinium® arrays that explore genetic variation through population and disease specific genotyping

Launched BaseSpace® Professional and Enterprise Editions, fully integrated Laboratory Information Management System (LIMS) solutions and advanced infrastructure upgrades

Expanded the rights of use for the HiSeq X™ Sequencing System to allow customers to perform whole-genome sequencing of non-human species

Entered into a collaboration with Memorial Sloan Kettering Cancer Center to conduct research studies focused on understanding the biology of circulating tumor DNA (ctDNA)

Entered into collaborations with Burning Rock and Amoy Diagnostics to develop clinical applications in China for oncology diagnostics based on Illumina’s NGS technology

Joined the Worldwide Innovative Networking (WIN) Consortium

a global network of leading academic, industry, and non-profit research organizations working to personalize cancer care

Announced the formation of Helix, a joint venture to empower consumers to discover insights into their genomes

Completed the acquisition of GenoLogics, a developer of industry-leading LIMS for life sciences organizations

Financial outlook and guidance

The non-GAAP financial guidance discussed below reflects certain pro forma adjustments to assist in analyzing and assessing our core operational performance. Please see our Reconciliation of Non-GAAP Financial Guidance included in this release for a reconciliation of the GAAP and non-GAAP financial measures.

For fiscal 2015, the company projects approximately 18% total revenue growth (21% on a constant currency basis, assuming current rates) and fourth quarter revenue of approximately $570 million. The company has updated its projections for non-GAAP earnings per diluted share attributable to Illumina stockholders to $3.29 to $3.31 for fiscal 2015 and fourth quarter non-GAAP earnings per diluted share attributable to Illumina stockholders of $0.78 - $0.80.

Quarterly conference call information

The conference call will begin at 2:00 pm Pacific Time (5:00 pm Eastern Time) on Tuesday, October 20, 2015. Interested parties may listen to the call by dialing 866.318.8619 (passcode: 77482042), or if outside North America by dialing 1.617.399.5138 (passcode: 77482042). Individuals may access the live teleconference in the Investor Relations section of Illumina’s web site under the “company” tab at www.illumina.com.

A replay of the conference call will be available from 6:00 pm Pacific Time (9:00 pm Eastern Time) on October 20, 2015 through October 27, 2015 by dialing 888.286.8010 (passcode: 76392714), or if outside North America by dialing 1.617.801.6888 (passcode: 76392714).

Statement regarding use of non-GAAP financial measures

The Company reports non-GAAP results for diluted net income per share, net income, gross margins, operating expenses, operating margins, other...


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