Record Q2 revenue for Illumina
US genomics powerhouse Illumina, which has major operations in Cambridge UK, has posted record Q2 revenues.
Revenue for the period increased 78 per cent to $1.126 billion. GAAP net income for the quarter of $185 million, or $1.26 per diluted share, compared to $47m ($0.32 per diluted share) for the prior year period.
Non-GAAP net income for the quarter of $276m, or $1.87 per diluted share, compared to $92m year-on-year.
Cash flow from operations was also up – $253m compared to $240m last time.
CEO Francis deSouza said: “Illumina’s record second quarter revenue exceeded expectations across all regions. This demonstrates the strength of our business led by clinical applications, including oncology and genetic disease testing, as well as research.
“Additionally, we are proud of the critical role that NGS plays in identifying and monitoring COVID-19 variants to inform strategies to combat the pandemic. As a result of the enduring strength of the core business, we are again raising our 2021 financial guidance.”
Gross margin in the second quarter of 2021 was 71.2 per cent compared to 67.7 per cent in the prior year period.
Illumina has continued to scale its investment in the pipeline. Research and development expenses for the second quarter of 2021 were $202m compared to $155m. Non-GAAP R & D expenses as a percentage of revenue were 18 per cent compared to 24.7 per cent in the same period of last year.
Illumina gifts $1m capability to India’s Covid fight
Illumina has donated $1 million in sequencing capabilities to the Molecular Diagnostic Reference Laboratory at Kasturba Hospital, in the Municipal Corporate of Greater Mumbai, to help expand SARS-CoV-2 sequencing capabilities in the region and support the broader genomic surveillance effort across India.
Kasturba Hospital was the first hospital in Mumbai to begin sequencing SARS-CoV-2 this year and will examine how variants of the virus are being spread across India.
“Illumina believes in democratisation of access to sequencing and we are committed to helping the regions of the world that carry most of the infectious disease burden to build genomics capabilities,” said Francis deSouza.
“This donation will help to make NGS technology and expertise accessible in Mumbai, supporting the region and contributing to genomic surveillance in India more broadly.’
The donation includes two of Illumina’s newest next-generation sequencing (NGS) platforms, the NextSeq™ 2000, reagents, a rapid bioinformatics analysis platform (DRAGEN) and four years of service support for the sequencing installations.