Illumina Inc. exceeded Wall Street’s expectations Tuesday when the medtech company reported its fourth-quarter revenue was up 5 percent.
Illumina brought in $619 million in Q4 revenue, up from $592 million in the same quarter the prior year. This beat analysts’ average estimate of $616.4 million.
"We ended 2016 on a stronger note than we anticipated, with robust performance across sequencing consumables and microarrays,” Illumina CEO Francis deSouza said in a statement.
DeSouza said the company’s sequencing consumables and microarray products drove the growth in Q4 revenue, while sales of sequencing instruments declined.
The company had a record quarter for its microarray business, with revenues growing 14 percent to $100 million in Q4. On the sequencing side, consumables revenue grew 20 percent to $331 million while sequencing instrument revenue declined 23 percent to $111 million.
Illumina’s stock (Nasdaq: ILMN) is up nearly 1 percent on the news, trading at $161.57 per share at midday Wednesday. The company’s market cap currently sits at $23.8 billion.