Original from: Genomeweb
Illumina said after the close of the market on Thursday that its first quarter revenues rose 12 percent year over year.
For the three months ended April 3, 2022, the San Diego-based genomics technology firm recognized revenues of $1.22 billion compared to $1.09 billion in Q1 2021, in line with analysts' average estimate.
Nearly all revenues came from the core Illumina business; Grail, Illumina's cancer liquid biopsy subsidiary, recorded revenues of $10 million.
Product revenue for the quarter totaled $1.07 billion, up 12 percent from $953 million a year ago, and service and other revenue amounted to $153 million, up 9 percent from $140 million a year ago.
"Illumina maintained strong momentum in the first quarter, particularly across oncology therapy selection, genetic disease testing, and pathogen surveillance," Illumina CEO Francis deSouza said in a statement. "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."
Net income for the quarter was $86 million, or $.55 per share, compared to $147 million, or $1.00 per share, in Q1 2021. On an adjusted basis, EPS was $1.07, beating the consensus Wall Street estimate of $.90.
R&D expenses grew 21 percent to $323 million from $197 million in the prior year period. SG&A expenses fell 33 percent to $308 million from $374 million a year ago.
Grail R&D expenses were $85 million, while its SG&A expenses were $58 million.
As of April 3, Illumina had $1.35 billion in cash and cash equivalents and $65 million in short-term investments.
As previously announced, Illumina expects year-over-year revenue growth in the range of 14 percent to 16 percent and adjusted EPS between $4.00 and $4.20 per share.
