Illumina (NASDAQ:ILMN) reported second-quarter results that beat Wall Street estimates and raised its financial forecast for the year.
Quarterly revenue increased 79% to $1.13B, beating analysts average estimate by $120M.
FY21 Guidance: Revenue growth in the range of 32% to 34% (consensus 28.09%) from 25% to 28% previously; non-GAAP EPS of $6.30 to $6.50 (consensus $5.87) from prior outlook of $5.80 to $6.05; GAAP EPS of $4.69 to $4.89 (previously $4.72 to $4.97).
Gross margin in the second quarter of 2021 was 71.2% compared to 67.7% in the prior year period.
Research and development expenses for the second quarter of 2021 were $202M compared to $155M in the prior year period.
At the close of the quarter, the company held $4.3B in cash, cash equivalents and short-term investments, compared to $3.5B as of January 3, 2021.
The company also reported adjusted quarterly profit of $1.87 per share, beating analysts' estimate by 51 cents.