Illumina reported recently that its revenues for the third quarter grew 20 percent year over year, driven by growth across its sequencing and microarray products.

For the three months ended Sept. 30, the San Diego-based company reported $853.0 million in total revenues, up from $714.0 million in Q3 2017 and beating the average analysts' estimate of $828.6 million.

Product revenues for the quarter rose 19 percent to $710.0 million from $596.0 million in Q3 2017, and service and other revenues rose 21 percent to $143.0 million from $118.0 million during last year's third quarter.

"Illumina's strong performance in the third quarter of 2018 reflected growth across our sequencing and arrays portfolios," Illumina President and CEO Francis deSouza said in a statement. "Sequencing system revenue of $138 million was the strongest since 2015, reflecting strong demand within our sequencing family from the NovaSeq, the most powerful and flexible sequencer ever, to the iSeq, our most accessible and easiest-to-use sequencer."

The company's Q3 net income rose to $199.0 million, or $1.33 per share, from $163.0 million, or $1.11 per share, a year ago. The firm's adjusted net income for the quarter was $1.52 per share, beating the average analyst estimate of $1.26 per share.

Illumina's R&D expenses for the quarter climbed 19 percent to $159.0 million from $134.0 million in the prior-year quarter. Its Q3 SG&A costs rose 18 percent to $197.0 million over $167.0 million in Q3 2017.