San Diego-based biotech equipment maker Illumina on Wednesday reported 29 percent increase growth in revenue and a 31 percent increase in net income for its second fiscal quarter.
Revenue totaled $448 million in the quarter ended June 29, compared to $346 million in the second quarter of 2013. Net income was $47 million, or $0.31 per share, compared to $36 million, or $0.26 per share, for the year-ago quarter.
The company said research and development expenses for the latest quarter were $83.0 million compared to $67.6 million a year ago.
“We are witnessing tremendous interest in our products, which led to record financial results in the second quarter,” stated Jay Flatley, CEO. “With the most extensive sequencing portfolio available, we remain extremely well-positioned to develop and address the large and untapped market opportunities ahead of us.”
The company, founded in 1998, has pioneered desktop instruments for sequencing the human genome, reducing costs and making possible personalized genetic medicine.
The City Council on Monday unanimously ratified a 10-year, $1.5 million economic incentive agreement with Illumina to keep 300 manufacturing and sales employees in San Diego as the company expands.
