San Diego genomics company Illumina on Jan. 30 posted fourth quarter revenue of $778 million, a 26 percent year-over-year increase.
This beat out the average estimate of analysts, who predicted revenue would come to $750 million.
“With 26 percent revenue growth in the fourth quarter, and 15 percent for the full year, our 2017 results demonstrate customers’ growing demand across both our sequencing and array portfolios,” said Francis deSouza, president and CEO. “From our NovaSeq and the recently launched iSeq, to our clinical portfolio that includes the VeriSeq NIPT Solution, NextSeqDx and MiSeqDx, Illumina is well-positioned to continue to drive sequencing innovation and unlock the power of the genome.”
Net income was $68 million under GAAP (generally accepted accounting principles), which includes an estimate of the one-time transition tax as a result of U.S. tax reform. The previous period was $124 million.
Non-GAAP net income came to $212 million, versus $126 million in the prior fourth quarter.
Gross margin was 69.7 percent compared to 67.7 percent in the fourth quarter of 2016.
Illumina ended the fourth quarter with $218 million in free cash flow, compared to $180 million in the previous year’s fourth quarter.