Illumina Reports Financial Results For Third Quarter Of Fiscal Year 2012

Illumina, Inc. (NASDAQ:ILMN) today announced financial results for the third quarter of 2012.

Third quarter 2012 results:

• Revenue of $286 million, a 21% increase compared to $235 million in the third quarter of 2011.
• GAAP net income for the quarter of $30 million, or $0.22 per diluted share, compared to net income of $20 million, or $0.15 per diluted share, for the third quarter of 2011.
• Non-GAAP net income for the quarter of $54 million, or $0.41 per diluted share, compared to $30 million, or $0.22 per diluted share, for the third quarter of 2011 (see the table entitled "Itemized Reconciliation Between GAAP and Non-GAAP Net Income" for a reconciliation of these GAAP and non-GAAP financial measures).
• Cash flow from operations of $51 million compared to cash flow from operations of $90 million for the third quarter of 2011 primarily due to changes in working capital associated with the timing of shipments.

Gross margin in the third quarter of 2012 was 68.5% compared to 66.7% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation and amortization of acquired intangibles, non-GAAP gross margin was 70.5% for the third quarter of 2012 compared to 68.9% in the prior year period.

Research and development (R&D) expenses for the third quarter of 2012 were $54.1 million compared to $50.4 million in the third quarter of 2011. R&D expenses included $7.8 million and $8.6 million of non-cash stock compensation expense in the third quarters of 2012 and 2011, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 15.9% compared to 17.4% in the prior year period.

Selling, general and administrative (SG&A) expenses for the third quarter of 2012 were $69.8 million compared to $66.0 million for the third quarter of 2011. SG&A expenses included $13.2 million and $13.8 million of non-cash stock compensation expense in the third quarters of 2012 and 2011, respectively. Excluding these charges, contingent compensation, and acquired intangible asset amortization, SG&A expenses as a percentage of revenue were 19.5% compared to 22.2% in the prior year period.

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