Genomics pioneer Illumina on Tuesday reported a 22 rise in profits on a 20 percent increase in revenue in the third quarter.
The San Diego-based manufacturer of gene sequencing machines earned $199 million, or $1.33 per share, on revenue of $853 million, compared to $163 million, or $1.11 per share, on revenue of $714 million in the third quarter of 2017.
Cash flow from operations rose to $292 million compared to $235 million in the third quarter of 2017.
“Illumina’s strong performance in the third quarter of 2018 reflected growth across our sequencing and arrays portfolios,” said Francis deSouza, president and CEO. “Sequencing system revenue of $138 million was the strongest since 2015, reflecting strong demand within our sequencing family from the NovaSeq, the most powerful and flexible sequencer ever, to the iSeq, our most accessible and easiest-to-use sequencer.”
For all of its 2018 fiscal year, the company projects revenue growth of 20 percent and earnings in the range of $5.32 to $5.37 per share.