Illumina Q2 Results Top Estimates; Acquires Advanced Liquid Logic - Quick Facts

(RTTNews) - Illumina Inc. (ILMN) reported that its second quarter GAAP net income increased to $36 million, or $0.26 per share, from $23 million, or $0.18 per share in the comparable quarter a year earlier.

Non-GAAP net income for the quarter improved to $60 million, or $0.43 per share, from $53 million, or $0.40 per share in the year-ago quarter.

Revenue for the quarter rose 23 percent to $346 million from $281 million in the prior year period.

Analysts polled by Thomson Reuters estimated earnings of $0.40 per share on revenues of $331.77 million for the quarter. Analysts' estimates typically exclude special items.

In addition, the company raised its expectations for 2013 financial performance, stating that its business showed strong trends globally and that its 2013 strategic initiatives for long-term growth are progressing as planned.

For fiscal 2013, the company currently projects approximately 20 percent revenue growth and non-GAAP earnings per fully share of $1.68 to $1.72, including the impact of the Verinata and Advanced Liquid Logic acquisitions. Analysts estimate the company to earn $1.67 per share for the full-year period.

Illumina also announced that it has acquired Advanced Liquid Logic, a provider of liquid handling solutions, which will enable the company to deliver the simplest sample-to-answer next-generation sequencing workflow.