Illumina Q1 revenues up 12 per cent
Genetic sequencing giant Illumina, which has major Cambridge operations at Granta Park, hoisted Q1 revenues by 12 per cent to $1.22 billion. The US company is reiterating full year revenue guidance of 14-16 per cent growth from 2021.
Headquartered in San Diego, Illumina says the Q1 returns include consolidated financial results for GRAIL – a healthcare company focused on life-saving early detection of multiple cancers – which Illumina acquired last August.
CEO Francis deSouza says: “Illumina maintained strong momentum in the first quarter, particularly across oncology therapy selection, genetic disease testing and pathogen surveillance.
“Our business fundamentals are robust. We saw record total orders and exited the quarter with record total backlog. GRAIL also continued to gain traction and has now entered more than 30 partnerships with health systems, employers and insurers.
“We are advancing our innovation roadmap, delivering the sequencing breakthroughs that power genomic research and improve human health.”
Capital expenditures for free cash flow purposes were $61 million during the first quarter of 2022. Cash flow from operations was $172m compared to $282m in the prior year period with the decrease primarily attributable to GRAIL's operating loss.
Free cash flow (cash flow from operations less capital expenditures) was $111m for the quarter compared to $240m in the prior year period.
At the close of the quarter, the company held $1.4bn in cash, equivalents and short-term investments, compared to $1.3bn as of January 2, 2022.