Illumina Reports Financial Results for Third Quarter of Fiscal Year 2021

About this update from Illumina, Inc.

[{"type":"text","content":"Raises Fiscal Year 2021 Revenue Guidance\n\n\nSAN DIEGO, Nov. 4, 2021 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) today announced its financial results for the third quarter of fiscal year 2021, which include the consolidated financial results of GRAIL.\nThird quarter consolidated results:\nRevenue of $1,108 million, a 40% increase compared to the prior year period GAAP net income for the quarter of $317 million, or $2.08 per diluted share, which included a $900 million gain from our previously held investment in GRAIL and $654 million in day one compensation expense related to the GRAIL acquisition. This compared to $179 million, or $1.21 per diluted share, for the prior year period Non-GAAP net income for the quarter of $221 million, or $1.45 per diluted share, which included dilution from GRAIL non-GAAP operating loss of $0.19 per diluted share and incremental dilution from the 9.8 million shares issued to fund the GRAIL acquisition of $0.06 per diluted share. This compared to $150 million, or $1.02 per diluted share, for the prior year period. Non-GAAP net income excludes gain on previously held investment in GRAIL, day one compensation related expense and other acquisition-related expenses (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 $(272) million compared to $153 million in the prior year period Free cash flow (cash flow from operations less capital expenditures) of $(324) million for the quarter compared to $105 million in the prior year period\"Illumina's financial results again exceeded expectations in the third quarter led by record shipments for both clinical and research,\" said Francis deSouza, Chief Executive Officer. \"Clinical market expansion is driving momentum in the core business, including significant demand in testing for therapy selection in oncology as we continue to advance genomics as a standard of care in the clinic. Our teams' continued execution to meet this robust demand will enable a strong finish to an exceptional 2021.\"\nGross margin in the third quarter of 2021 was 69.5% compared to 66.2% in the prior year period. Excluding amortization of acquired intangible assets, non-GAAP gross margin was 71.2% for the third quarter of 2021 compared to 67.4% in the prior year period....

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