Shares of Illumina, Inc. (NASDAQ:ILMN), the leading provider of DNA sequencing technology to academic and commercial laboratories, gained after the company reported financial results that exceeded Wall Street’s expectations. The results confirmed strong demand both for the company’s sequencing instruments in the Americas and China, as well as for its products in clinical applications, such as oncology screening and diagnosis. Management also demonstrated its ability to rein in expenses, which helped lead to accelerating EPS growth. We continue to believe Illumina has a long runway for growth, driven by increasing adoption of DNA sequencing technologies, particularly in clinical markets.
From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.