Illumina Reports Financial Results for Second Quarter of 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 second quarter of fiscal year 2020.\n\n\nSecond quarter 2020 results reflect the impact of the global COVID-19 pandemic:\n\n\n\nRevenue of $633 million, a 25% decrease compared to $838 million in the second quarter of 2019\n\n\nGAAP net income attributable to Illumina stockholders for the quarter of $47 million, or $0.32 per diluted share, compared to $296 million, or $1.99 per diluted share, for the second quarter of 2019\n\n\nNon-GAAP net income attributable to Illumina stockholders for the quarter of $92 million, or $0.62 per diluted share, compared to $200 million, or $1.35 per diluted share, for the second quarter of 2019. Non-GAAP net income excludes discrete tax expenses and 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 $240 million compared to $143 million in the second quarter of 2019. Cash flow from operations for the second quarter of 2019 included an $84 million payment of the accreted debt discount related to the conversion of our 2019 Notes\n\n\nFree cash flow (cash flow from operations less capital expenditures) of $202 million for the quarter compared to $96 million in the second quarter of 2019. Free cash flow for the second quarter of 2019 included the convertible notes payment, referenced above\n\n\n\nGross margin in the second quarter of 2020 was 67.7% compared to 68.4% in the prior year period. Excluding amortization of acquired intangible assets and the net impact from payroll credits and expenses related to COVID-19, non-GAAP gross margin was 68.6% for the second quarter of 2020 compared to 69.5% in the prior year period.\n\n\nResearch and development (R&D) expenses for the second quarter of 2020 were $155 million compared to $166 million in the prior year period. Excluding payroll credits related to COVID-19, non-GAAP R&D expenses as a percentage of revenue were 24.7% compared to 19.8% in the prior year period.\n\n\nSelling, general and administrative (SG&A) expenses for the second quarter of 2020 were $177 million compare...

More updates from Illumina, Inc.