Illumina Reports Strong Start To Fiscal Year 2015

SAN DIEGO--(BUSINESS WIRE)--Illumina, Inc. (NASDAQ:ILMN) today announced its financial results for the first quarter of fiscal year 2015.

“In the first quarter we delivered significant earnings growth as a result of strong demand for products across our sequencing portfolio”

First quarter 2015 results:

• Revenue of $539 million, a 28% increase compared to $421 million in the first quarter of 2014, and an increase of 33% on a constant currency basis
• GAAP net income for the quarter of $137 million, or $0.92 per diluted share, compared to $60 million, or $0.40 per diluted share, for the first quarter of 2014
• Non-GAAP net income for the quarter of $135 million, or $0.91 per diluted share, compared to $80 million, or $0.53 per diluted share, for the first quarter of 2014 (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 $67 million and free cash flow of $30 million for the quarter

Gross margin in the first quarter of 2015 was 69.6% compared to 66.1% in the prior year period. Excluding the effect of non-cash stock compensation expense, amortization of acquired intangible assets and legal contingencies, non-GAAP gross margin was 72.2% for the first quarter of 2015 compared to 70.4% in the prior year period.

Research and development (R&D) expenses for the first quarter of 2015 were $91.8 million compared to $77.0 million in the prior year period. R&D expenses included $11.3 million and $11.7 million of non-cash stock compensation expense in the first quarters of 2015 and 2014, respectively. Excluding these charges and contingent compensation, R&D expenses as a percentage of revenue were 14.9% compared to 15.5% in the prior year period.

Selling, general and administrative (SG&A) expenses for the first quarter of 2015 were $116.3 million compared to $109.6 million in the prior year period. SG&A expenses included $18.0 million and $19.4 million of non-cash stock compensation expense in the first quarters of 2015 and 2014, respectively. Excluding these charges, amortization of acquired intangible assets, and contingent compensation, SG&A expenses as a percentage of revenue were 18.0% compared to 19.9% in the prior year period.

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