San Diego-based Illumina reported strong growth for its 2015 fiscal year on Tuesday, with net income increasing 31 percent and sales rising 19 percent.
The company, which is the world’s largest maker of DNA sequencing machines, reported a net income of $462 million on revenue of $2.22 billion, compared with a $353 million net income on revenue of $1.86 billion the year prior.
The strong annual performance came regardless of the dip in fourth-quarter net income to $104 million from $153 million in the same period of the previous year. Although there was a 15 percent increase in revenue during the period, operating expenses eclipsed the growth.
CEO Jay Flatley said recent new product announcements enhance the most extensive genomics portfolio available and position the company for long-term growth.
Illumina’s (Nasdaq: ILMN) stock is down almost 5 percent since the earnings were announced, and shares are currently trading for $147.39.