SAN DIEGO--(BUSINESS WIRE)--Illumina, Inc. (NASDAQ:ILMN) announced today its financial results for the first quarter of 2007.
For the first quarter of 2007, Illumina reported revenue of $72.2 million, a 148% increase over the $29.1 million reported in the first quarter of 2006. This represents the Company's 23rd consecutive quarter of revenue growth. On a GAAP basis, the Company reported a net loss of $298.1 million, or $5.58 per basic and diluted share, for the first quarter of 2007, compared to net loss of $0.1 million, or $0.00 per basic and diluted share, in the comparable period of 2006. The net loss for the first quarter includes a non-cash charge of $303.4 million related to in-process research and development associated with the Company’s acquisition of Solexa, Inc. which was completed on January 26, 2007. Additionally, net loss includes charges of $0.4 million associated with the amortization of acquired intangible assets, $0.8 million related to the amortization of the increase in value of Solexa’s inventory as required under the purchase accounting rules and $7.7 million in non-cash stock compensation expense associated with SFAS No. 123R. Excluding the impact of these items, Illumina’s net income on a non-GAAP basis would have been $12.7 million, or $0.22 per diluted share, for the first quarter of 2007.
