San Diego, California, USA
July 23, 2013
Illumina, Inc. (NASDAQ:ILMN) today announced its financial results for the second quarter of 2013.
Second quarter 2013 results:
- Revenue of $346 million, a 23% increase compared to $281 million in the second quarter of 2012
- GAAP net income for the quarter of $36 million, or $0.26 per diluted share, compared to $23 million, or $0.18 per diluted share, for the second quarter of 2012
- Non-GAAP net income for the quarter of $60 million, or $0.43 per diluted share, compared to $53 million, or $0.40 per diluted share, for the second quarter of 2012 (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 $89 million and free cash flow of $77 million for the quarter
Gross margin in the second quarter of 2013 was 64.6% compared to 68.8% in the prior year period. Excluding the effect of non-cash charges associated with stock compensation, amortization of acquired intangible assets, and legal contingencies, non-GAAP gross margin was 69.5% for the second quarter of 2013 compared to 70.9% in the prior year period.
Research and development (R&D) expenses for the second quarter of 2013 were $67.6 million compared to $71.2 million in the second quarter of 2012. R&D expenses included $9.0 million and $7.7 million of non-cash stock compensation expense in the second quarters of 2013 and 2012, respectively. Excluding these charges, contingent compensation, and impairment of in-process R&D, R&D expenses as a percentage of revenue were 17.0% compared to 14.7% in the prior year period.
Selling, general and administrative (SG&A) expenses for the second quarter of 2013 were $88.7 million compared to $68.5 million for the second quarter of 2012. SG&A expenses included $13.9 million and $14.3 million of non-cash stock compensation expense in the second quarters of 2013 and 2012, respectively. Excluding these charges, contingent compensation, and amortization of acquired intangible assets, SG&A expenses as a percentage of revenue were 20.3% compared to 19.4% in the prior year period.
Depreciation and amortization expenses were $23.3 million and capital expenditures were $11.5 million during the second quarter of 2013. The Company ended the second quarter of 2013 with $1.13 billion in cash, cash equivalents and short-term investments, compared to $1.35 billion as of December 30, 2012.
“We are very pleased with our operational execution for the first half of 2013 and the resulting record financial performance,” said Illumina’s President and Chief Executive Officer Jay Flatley. “Our business demonstrated strong trends globally and our 2013 strategic initiatives for robust long-term growth are progressing as planned. As a result we are raising our expectations for 2013 financial performance.”
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