Illumina Inc. (NASDAQ: ILMN) recently updated its record quarterly sales figures. Total revenues surpass $1 billion again for the company, and earnings were above expectations.
In the second quarter, Illumina’s revenue reached $1126 million, up 78% year over year. GAAP net income for the quarter was $185 million, or $1.26 per diluted share. As of the end of the quarter, the cash reserve stood at $4.3 billion, with $253 million in cash flow from operating activities. Illumina Inc. (ILMN) has also increased its revenue guidance for 2021. It expects to grow by 32 – 34% yoy to $4.28 – $4.34 billion. The company’s high-performance NovaSeq systems have seen more than double the growth rate since the second quarter of 2020. Sales of NextSeq 2000, NextSeq 1000, and NextSeqDx, the medium throughput series, also reached new records.
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The revenues from sequencing tools increased by 115% over the past year to $189 million. Furthermore, ILMN was able to offer customers a genome sequencing price of $600, allowing them to enter new markets and retain control over competitors who target a $100 price. It is an important step in the long run as sequencing volumes continue to increase in research and are being used in more and more clinical applications, including full genome testing, cancer testing, and relapse monitoring.
Illumina Inc. (ILMN) has potential for growth in international markets. The second-quarter revenue in the Americas was $589 million, a 76% increase over the year-ago quarter. In the EMEA region (Europe, Middle East, and Africa), revenues grew by 90% to $320 million, while in China, they rose by 67% year-on-year to $132 million.
On August 16, ILMN stock traded at $524.84. The company’s market cap reached $76.00B along with 146.00 million shares outstanding.