Illumina Clocks 40% Growth In Q3; Earnings Beat Expectations

  • Illumina Inc ILMN reported Q3 revenues of $1.11 billion, +40% Y/Y, beating the consensus of $1.04 billion.
  • Consolidated Product revenues were $978 million, while Service and other revenues were $130 million.
  • "Illumina's financial results again exceeded expectations in the third quarter led by record shipments for both clinical and research," said Francis deSouza, CEO.
  • Illumina's Q3 consolidated adjusted EPS was $1.45, beating analysts' consensus of $1.14 and higher than $1.02 posted a year ago.
  • The adjusted gross margin improved to 71.2% from 67.4% last year.
  • The company finished Q3 with $1.08 billion in cash and cash equivalents and $185 million in short-term investments.
  • Guidance: Illumina expects FY21 revenue growth of approximately 36%, compared with the prior expectation of 32% - 34%.
  • It forecasts adjusted EPS of $5.50 - $5.60 (consensus $5.73), including dilution of approximately $1.00/share from Grail's adjusted operating loss and incremental dilution of $0.15/share from the 9.8 million shares issued to fund the acquisition.
  • Related: EC Adopts Interim Measure, Tells Grail To Work On Alternatives To Illumina Deal.
  • Price Action: ILMN shares closed 0.54% higher at $421.83 on Thursday.
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