Illumina Reports Financial Results for Fourth Quarter and Fiscal Year 2020

About this update from Illumina, Inc.

[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nIllumina, Inc. (NASDAQ: ILMN) today announced its financial results for the fourth quarter and fiscal year 2020.\n\nRecord fourth quarter revenue reflects a strong close to 2020:\n\n\nRevenue of $953 million, an increase of 20% compared to the third quarter of 2020 and $0.5 million higher compared to the prior year period\n\n\nGAAP net income attributable to Illumina stockholders for the quarter of $257 million, or $1.75 per diluted share, compared to $239 million, or $1.61 per diluted share, for the prior year period\n\n\nNon-GAAP net income attributable to Illumina stockholders for the quarter of $179 million, or $1.22 per diluted share, compared to $252 million, or $1.70 per diluted share, for the prior year period. Non-GAAP net income excludes net gains from mark-to-market adjustments on our strategic investments, primarily from our marketable equity securities (see the “Reconciliation Between GAAP and Non-GAAP Net Income Attributable to Illumina Stockholders” table for a reconciliation of these GAAP and non-GAAP financial measures)\n\n\nCash flow from operations of $406 million compared to $443 million in the prior year period\n\n\nFree cash flow (cash flow from operations less capital expenditures) of $344 million for the quarter compared to $386 million in the prior year period\n\n\n“Illumina delivered a strong finish to 2020 with record fourth quarter revenue exceeding our expectations,” said Francis deSouza, Chief Executive Officer. “We also had record orders in the quarter, including record sequencing instrument orders and the second highest quarter for NovaSeq instrument orders. Our business delivered strong sequential growth in the second half of 2020 and we expect continued recovery from the pandemic in 2021.”\n\nGross margin in the fourth quarter of 2020 was 66.1% compared to 69.5% in the prior year period. Excluding amortization of acquired intangible assets and expenses related to COVID-19, non-GAAP gross margin was 66.9% for the fourth quarter of 2020 compared to 70.2% in the prior year period.\n\nResearch and development (R&D) expenses for the fourth quarter of 2020 were $200 million compared to $161 million in the prior year period. Non-GAAP R&D expenses as a percentage of revenue were 20.9% compared to 16.8% in the prior year period.\n\nSelling, general and administrative (SG&A)...

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