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Illumina Reports Strong Financial Results For Second Quarter Of Fiscal Year 2014

Illumina, Inc. (NASDAQ:ILMN) today announced its financial results for the second quarter of 2014.

Second quarter 2014 results:
  • Revenue of $448 million, a 29% increase compared to $346 million in the second quarter of 2013
  • GAAP net income for the quarter of $47 million, or $0.31 per diluted share, compared to $36 million, or $0.26 per diluted share, for the second quarter of 2013
  • Non-GAAP net income for the quarter of $85 million, or $0.57 per diluted share, compared to $60 million, or $0.43 per diluted share, for the second quarter of 2013 (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 $178 million and free cash flow of $155 million for the quarter

Gross margin in the second quarter of 2014 was 67.1% compared to 64.6% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation, amortization of acquired intangible assets, and legal contingencies, non-GAAP gross margin was 70.9% for the second quarter of 2014 compared to 69.5% in the prior year period.

Research and development (R&D) expenses for the second quarter of 2014 were $83.0 million compared to $67.6 million in the prior year period. R&D expenses included $12.8 million and $9.0 million of non-cash stock compensation expense in the second quarters of 2014 and 2013, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 15.6% compared to 17.0% in the prior year period.

Selling, general and administrative (SG&A) expenses for the second quarter of 2014 were $114.6 million compared to $88.7 million in the prior year period. SG&A expenses included $20.8 million and $13.9 million of non-cash stock compensation expense in the second quarters of 2014 and 2013, respectively. Excluding these charges, amortization of acquired intangible assets and contingent compensation, SG&A expenses as a percentage of revenue were 20.5% compared to 20.3% in the prior year period.

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