Illumina Reports Financial Results for Third Quarter of Fiscal Year 2020

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[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nIllumina, Inc. (NASDAQ: ILMN) today announced its financial results for the third quarter of fiscal year 2020.\n\nThird quarter 2020 results reflect strong sequential growth: \n\n\nRevenue of $794 million, an increase of 26% compared to the second quarter of 2020 and a 12% decrease compared to $907 million in the prior year period\n\n\nGAAP net income attributable to Illumina stockholders for the quarter of $179 million, or $1.21 per diluted share, compared to $234 million, or $1.58 per diluted share, for the prior year period\n\n\nNon-GAAP net income attributable to Illumina stockholders for the quarter of $150 million, or $1.02 per diluted share, compared to $286 million, or $1.93 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 $153 million compared to $267 million in the prior year period\n\n\nFree cash flow (cash flow from operations less capital expenditures) of $105 million for the quarter compared to $218 million in the prior year period\n\n\n“Our business accelerated in the third quarter with sequencing consumable revenue growing 29% from the second quarter,” said Francis deSouza, Chief Executive Officer. “We’re also making progress incorporating genomics into the standard of care in non-invasive pre-natal testing, oncology therapy selection, and genetic disease diagnosis. Looking forward, we believe our planned acquisition of GRAIL will catalyze a new era of early cancer detection, transforming cancer survivability and opening up the largest clinical application of genomics we’ve seen.”\n\nGross margin in the third quarter of 2020 was 66.2% compared to 71.5% in the prior year period. Excluding amortization of acquired intangible assets and the net impact from expenses and payroll credits related to COVID-19, non-GAAP gross margin was 67.4% for the third quarter of 2020 compared to 72.5% in the prior year period.\n\nResearch and development (R&D) expenses for the third quarter of 2020 were $172 million compared to $151 million in the prior y...

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