Illumina Reports Financial Results for Second Quarter of Fiscal Year 2021

About this update from Illumina, Inc.

[{"type":"text","content":"Raises Fiscal Year 2021 Guidance\n\n\nSAN DIEGO, Aug. 5, 2021 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) today announced its financial results for the second quarter of fiscal year 2021.\nSecond quarter results reflect record revenue:\nRevenue of $1,126 million, a 78% increase compared to the prior year period GAAP net income for the quarter of $185 million, or $1.26 per diluted share, compared to $47 million, or $0.32 per diluted share, for the prior year period Non-GAAP net income for the quarter of $276 million, or $1.87 per diluted share, compared to $92 million, or $0.62 per diluted share, for the prior year period. Non-GAAP net income excludes acquisition-related expenses, primarily the Continuation Payments paid to GRAIL (see the \"Reconciliation Between GAAP and Non-GAAP Net Income\" table for a reconciliation of these GAAP and non-GAAP financial measures) Cash flow from operations of $253 million compared to $240 million in the prior year period Free cash flow (cash flow from operations less capital expenditures) of $209 million for the quarter compared to $202 million in the prior year period\"Illumina's record second quarter revenue exceeded expectations across all regions,\" said Francis deSouza, Chief Executive Officer. \"This demonstrates the strength of our business led by clinical applications, including oncology and genetic disease testing, as well as research. Additionally, we are proud of the critical role that NGS plays in identifying and monitoring COVID-19 variants to inform strategies to combat the pandemic. As a result of the enduring strength of the core business, we are again raising our 2021 financial guidance.\"\nGross margin in the second quarter of 2021 was 71.2% compared to 67.7% in the prior year period. Excluding amortization of acquired intangible assets, non-GAAP gross margin was 71.8% for the second quarter of 2021 compared to 68.6% in the prior year period. \nResearch and development (R&D) expenses for the second quarter of 2021 were $202 million compared to $155 million in the prior year period. Non-GAAP R&D expenses as a percentage of revenue were 18.0% compared to 24.7% in the prior year period. \nSelling, general and administrative (SG&A) expenses for the second quarter of 2021 were $413 million compared to $177 million in the prior year period. Excluding acquisition-related expenses, ...

More updates from Illumina, Inc.