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Illumina Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 29, 2012 05:05PM
Illumina Inc. (ILMN) filed Quarterly Report for the period ended 2012-09-30. Illumina, Inc. has a market cap of $5.89 billion; its shares were traded at around $47.93 with a P/E ratio of 34 and P/S ratio of 5.6. Illumina, Inc. had an annual average earning growth of 35.1% over the past 5 years.
Highlight of Business Operations:Consumables revenue increased $31.8 million, or 22%, to $176.7 million in Q3 2012 compared to $144.9 million in Q3 2011. The increase was attributable to increased sales of sequencing consumables, driven by higher consumable sales per HiSeq system and the growth of our installed base of sequencing instruments.
Instrument revenue increased $10.5 million, or 15%, to $82.4 million in Q3 2012 compared to $71.8 million in Q3 2011, driven by sequencing instrument shipments. We benefited from a full quarter of MiSeq system shipments in the current period compared to a partial quarter of shipments in Q3 2011, and we commenced commercial shipments of the HiSeq 2500 in Q3 2012. Additionally, we believe that Q3 2011 revenue was affected by purchasing delays due to the uncertainty surrounding the levels of academic funding in the United States and Europe and overall economic conditions at that time.
Consumables revenue increased $81.2 million, or 18%, to $533.3 million in the first three quarters of 2012 compared to $452.1 million in the same period in 2011. The increase was primarily attributable to increased sales of sequencing consumables, driven by higher consumable sales per HiSeq system and the growth of our installed base.
Instrument revenue decreased $58.7 million, or 20%, to $234.2 million in the first three quarters of 2012 compared to $292.9 million in the same period in 2011, driven by a decrease in HiSeq 2000 shipments, partially offset by three full quarters of MiSeq shipments. In the first three quarters of 2011, we shipped a high volume of HiSeq 2000 units, driven by the significant backlog entering the period and demand from the Genome Analyzer trade-in program.
Our effective tax rate was 33.2% for the first three quarters of 2012. The variance from the U.S. statutory rate of 35% was primarily attributable to the tax impact of the IPR&D impairment charge and headquarter relocation expense, both of which were recorded as discrete items in Q2 2012 and Q3 2012, respectively. Our future effective tax rate may vary from the U.S statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits, and the tax impact of non-deductible expenses and other permanent differences between income before income taxes and taxable income. The effective tax rate was 33.6% for the first three quarters of 2011. The variance from the U.S. statutory rate was primarily attributable to the tax benefit related to the loss on extinguishment of debt and adjustments related to tax returns for prior years in various jurisdictions, partially offset by a tax detriment related to non-deductible additional IPR&D charges.
Stocks Discussed: ILMN,