San Diego Business Journal

Illumina’s 2013 Revenue Up 24%

By Meghana Keshavan Tuesday, January 28, 2014

Illumina Inc.’s fiscal 2013 revenue grew 24 percent to $1.42 billion, up from $1.15 billion in fiscal 2012, the San Diego gene sequencing company said in its Jan. 28 fourth quarter report.

Its net profit decreased, however, from $151 million in fiscal 2012 to $125 million in fiscal 2013, due largely to increased research and development as well as SG&A expenses, the company said.

Net profit was up in the fourth quarter, however, rising from $72 million in 2012 to $81 million in 2013, thanks to fourth quarter revenue in 2013 which increased 25 percent to $387 million, compared with $309 million in the like reporting period of 2012.

CEO Jay Flatley attributed fourth quarter gains to increased growth across all the company’s product lines and geographies. The company’s progress on key R&D programs allowed the company to introduce 15 new products earlier this month, which will “once again redefine the trajectory of sequencing,” Flatley said in the earnings release.

For fiscal 2014, the company said it projects about 15 to 17 percent in revenue growth. Analysts project revenues for fiscal 2014 to be about $1.57 billion.

Notably, CEO Jay Flatley sold 30,000 of his shares in the company on Jan. 23, according to a regulatory filing. The stock was trading at $142.30 at the time, bringing in $4.27 million. Flatley now owns 399,509 shares of stock, valued at about $56.85 million.

To read more on the Illumina’s impressive growth, see the Feb. 3 edition of the San Diego Business Journal.