Illumina Inc., the San Diego-based maker of genetics equipment, Tuesday reported third-quarter net income of $128.7 million, or 87 cents per diluted share, compared to $118.1 million, or 79 cents per diluted share, in the same period last year.
The gain was largely attributable to a 10 percent increase in revenues, according to the company.
For the first nine months of Illumina’s fiscal year, net income was $335.6 million, or $2.27 per diluted share, compared to $357 million, or $2.39 per diluted share.
The company forecast fourth-quarter revenue to be flat or slightly above the third-quarter results.
“While sequencing sample volume growth remains robust, our lowered revenue outlook reflects our updated expectations for HiSeq 2500, HiSeq 4000 and HiSeq X instrument purchases, as well as HiSeq 2500 reagent sales,” said Francis deSouza, president and CEO.
“Over the last few weeks it has become clear that certain academic funding practices were modified in the third quarter, limiting our customers’ ability to make HiSeq X capital commitments. Further, HiSeq 2500 and 4000 demand has been impacted by a migration to NextSeq, for enhanced workflow flexibility and HiSeq X, given its beneficial pricing for whole genome sequencing.”
— City News Service contributed to this report.
