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Illumina Offers Sunny Earnings Forecast

Illumina Inc., a San Diego-based maker of tools for genetic analysis, said late Feb. 4 that it expects its quarterly and fiscal-year earnings to beat Wall Street expectations.

The company forecast adjusted earnings of 33 cents to 36 cents a share in the first quarter on $110 million to $115 million in sales. On average, analysts polled by Thomson Financial expected a profit of 26 cents a share on revenue of $111.2 million.

For the full year, Illumina said it expected to earn an adjusted profit of $1.45 to $1.60 a share on $500 million to $525 million in revenue, beating analyst expectations of $1.23 a share on revenue of $493.8 million.

Shares of Illumina, traded on Nasdaq under the symbol ILMN, were up $4.77, or about 7.4 percent, at $69.66 in afternoon trading Feb. 5.

Summing up financial results on Feb. 4, the company reported a net loss of $4.05 million, or 7 cents per diluted share, on revenue of $112.6 million during the fourth quarter, which ended Dec. 30. The company had net income of $17.1 million, or 34 cents per diluted share, during the year-ago quarter.

Revenue in the just-ended quarter grew 86 percent from $60.4 million in the year-ago period.

For the entire year, the company reported a net loss of $278.4 million, or $5.14 per diluted share, on revenue of $366.8 million. During the prior year, the company reported net income of $40 million, or 82 cents per diluted share. The company’s 2006 revenue was $184.6 million , a figure that Illumina almost doubled in 2007.

Expenses for 2007 included $303.4 million in acquired in-process research and development, as well as $54.5 million in litigation settlements.

, Heather Chambers

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