San Diego-based Illumina on Tuesday reported 26 percent growth in profits on a 14 percent increase in revenue for its third fiscal quarter, but the results disappointed Wall Street.
The maker of gene sequencing systems earned $118 million, or 79 cents per share, in the quarter ended Sept. 27, compared to $93 million, or 63 cents per share, in the same period last year.
Revenues rose to $550 million from $481 million, even though they fell short of analysts’ expectations.
Earlier this month the company said it would miss its revenue target slightly, and the stock dropped to a 52-week low of $130. The stock was trading after hours Tuesday at $145.35.
“The fundamentals of our business remain strong, despite a 3 percent miss to revenue expectations,” said CEO Jay Flatley. “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.”
The company is projecting fourth quarter revenue of approximately $570 million and full year revenue growth of 18 percent.
