San Diego-based Illumina, a world-leading maker of gene-sequencing systems, reported a 128 percent increase in earnings on a 28 percent rise in sales for its first fiscal quarter.
The company earned $137 million, or 92 cents per share, on revenue of $539 million in the quarter ended March 29, compared to $60 million, or 40 cents per share, on sales of $421 million in the first fiscal quarter of 2014.
Research and development expenses for the first quarter were $92 million compared to $77 million in the prior year period.
“In the first quarter we delivered significant earnings growth as a result of strong demand for products across our sequencing portfolio,” said CEO Jay Flatley. “While the genomics market remains nascent, our best-in-class product offerings are accelerating adoption, setting the stage for a robust 2015.”
The Company said it expects revenue growth of 20 percent for the full year after allowing for the impact of a rising dollar on international sales.
Illumina is a global leader in gene sequencing and DNA array technologies for genetic research and clinical services. Last year the editors of the MIT Technology Review named Illumina the “smartest company in the world.”
