San Diego’s medtech giant Illumina Inc. reported Tuesday that its second quarter revenue rose 11 percent.
Total revenue for the quarter was $600.1 million, up from $539.4 million in the same period last year. This beat out the average estimates of analysts, who predicted $593 million.
Revenue for this quarter included a 10 percent increase in product revenue, as well as an 18 percent increase in service and other revenue.
"We delivered solid second quarter financial results with notable strength across our sequencing consumable and array portfolios," said Francis de Souza, president and CEO of Illumina, in a statement.
Net income was $120.4 million for the quarter, compared to $102.2 million in the second quarter of last year.
Illumina's research and development expenses rose 30 percent to $124.6 million in the quarter, from $96.2 million in the prior year quarter. A fraction of those expenses were attributable to the firm's spinout companies Grail and Helix (only about 1.4 percent).
Illumina ended the quarter with $951.7 million in cash and cash equivalents.