The Illumina Campus in San Diego. Courtesy of the compnay

A number of stock market analysts upgraded their outlook for San Diego genomics pioneer Illumina on Wednesday after the company’s first-quarter earnings soundly beat expectations.

The life sciences company on Tuesday reported adjusted earnings per share of $1.45 for the quarter, beating analysts’ consensus estimates by more than 40 cents.

Revenue for the fiscal quarter ended April 1 totaled $782 million, a 31 percent increase compared to $598 million in the first quarter of 2017. Net income was $208 million, compared to $367 million last year, but the earlier-year figure included a pre-tax gain of $453 million.

“Our strong first quarter, with momentum across both our sequencing and microarray businesses, was driven by the growing adoption of applications spanning oncology, clinical and non-clinical research, population genomics and personal genomics,” said Francis deSouza, president and CEO. “Genomic information is more valuable and actionable than ever before and we believe that we are in the earliest stages of a genomics revolution.”

Among the analysts upgrading the stock were Baird, Janney and Piper Jaffray.

The company’s stock closed at $244.99 on Tuesday, up $1.26, but was down in mid-day trading Wednesday along with the rest of the market.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.