San Diego-based Illumina reported a 119 percent increase in earnings for its second fiscal quarter, but the results disappointed analysts and the company’s shares fell Wednesday.
The maker of gene-sequencing equipment reported earnings of $102.2 million, or 69 cents per share, in the quarter ended June 28, a 119 percent increase over the $46.6 million, or 31 cents per share, recorded in the year-ago quarter. Revenue of $539.4 million was 21 percent higher than the $448.6 million of a year ago.
“We delivered solid financial results in the second quarter with increasing demand for our new products,” said CEO Jay Flatley. “The fundamentals of our business are strong and we remain focused on innovation and market expansion.”
Stock market analysts polled by Thomson Reuters had expected earnings of 77 cents per share per share on revenues of $542 million.
Illumina shares closed at $217.49 on Wednesday, down from $237.54 on Tuesday just before the earnings were released.
The company updated its forecast for the entire fiscal year, projects 20 percent and annual earnings per share of $3.39 to $3.45.
