Illumina, the San Diego-based manufacturer of genomics devices, reported first-quarter net income of $89.6 million, or 60 cents per diluted share.
The company recorded net income of $136.7 million in the first three months of last year, or 92 cents per diluted share, it said Tuesday.
The decline in the company’s profit came despite a hike in first-quarter revenue of about $33 million, to $571.8 million. That improvement was offset by higher costs for overhead, and research and development, according to company data.
“As we have previously shared, (the first quarter) was a slower start to the year than we expected,” said Chairman and CEO Jay Flatley.
My profile on @fdesouza, Illumina’s new CEO: “We are at a pivotal point. We have to deliver more than instruments.” https://t.co/MMetUWHViM
— Christina Farr (@chrissyfarr) April 27, 2016
“Our view of the growth potential of the sequencing market remains unchanged, as the largest opportunities are in their earliest stages of development,” Flatley said. “In the near-term, we are focused on improving execution to restore the growth rate we believe our markets can support.”
The company projects revenue growth of around 12 percent this year.
— City News Service
