Illumina Reports Financial Results For Second Quarter Of Fiscal Year 2012

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

Second quarter 2012 results:
  • Revenue of $281 million, a 2% decrease compared to $287 million in the second quarter of 2011.
  • GAAP net income for the quarter of $23 million, or $0.18 per diluted share, compared to net income of $31 million, or $0.22 per diluted share, for the second quarter of 2011.
  • Non-GAAP net income for the quarter of $53 million, or $0.40 per diluted share, compared to $52 million, or $0.38 per diluted share, for the second 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 $96 million compared to cash flow from operations of $71 million for the second quarter of 2011.

Gross margin in the second quarter of 2012 was 68.8% compared to 67.3% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation, amortization of acquired intangibles, and legal contingencies, non-GAAP gross margin was 70.9% for the second quarter of 2012 compared to 69.0% in the prior year period.

Research and development (R&D) expenses for the second quarter of 2012 were $71.2 million compared to $50.8 million in the second quarter of 2011. R&D expenses in the second quarter of 2012 included a one-time charge of $21.4 million related to in-process research and development associated with the impairment of an early-stage technology acquired in 2010 as well as $7.7 million and $8.5 million of non-cash stock compensation expense in the second quarters of 2012 and 2011, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 14.7% compared to 14.1% in the prior year period.

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