Illumina, Inc. (NASDAQ: ILMN) rose after the company reported better-than-expected results for its second quarter. The company issued strong FY18 adjusted earnings guidance and sees sales growth of 20%.
The San Diego-based company reported Monday second-quarter revenue of $830 million, a 25% increase compared to $662 million in the second quarter of 2017
GAAP net income attributable to Illumina stockholders for the quarter was $209 million, or $1.41 per diluted share, compared to $128 million, or $0.87 per diluted share, for the second quarter of 2017
Non-GAAP net income attributable to Illumina stockholders for the quarter was $212 million, or $1.43 per diluted share, compared to $121 million, or $0.82 per diluted share, for the second quarter of 2017
Research and development (R&D) expenses for the second quarter were 2018 were $151 million compared to $130 million in the prior year period. Non-GAAP R&D expenses as a percentage of revenue were 18.2%, including 0.9% attributable to Helix. This compares to non-GAAP R&D expenses as a percentage of revenue of 19.7% in the prior year period, including 0.8% attributable to Helix.
For fiscal 2018, the company now projects revenue growth of approximately 20%, GAAP earnings per diluted share attributable to Illumina stockholders of $5.10 to $5.20 and non-GAAP earnings per diluted share attributable to Illumina stockholders of $5.35 to $5.45.
Illumina claims to be "improving human health by unlocking the power of the genome."
Shares in the company galloped $19.67, or 6.8%, to $308.91 mid-morning trading uesday.
