San Diego biotech Illumina reported after the close of market on Nov. 20 that its third quarter revenue climbed 18 percent year over year.
The genomics company posted revenue of $714 million, compared to revenue of $607 million in the third quarter of 2016.
“We delivered strong financial results in the third quarter with revenue growth across both our sequencing and microarray portfolios,” said Francis deSouza, president and CEO.
The company updated its 2017 fiscal year revenue forecast, projecting revenue would grow 13 percent, up 1 percent from its previous forecast.
In trading on the morning of Nov. 21, Illumina shares were up slightly, reaching $211.54.
Illumina's reported net income was $163 million, or $1.11 per diluted share, up from $129 million in the prior year period, or $.87 per diluted share.
The company reported cash flow from operations of $235 million compared to $176 million in the third quarter of 2016. Free cash flow — cash from operations minus capital expenditures — was $153 million, versus $119 million in last year’s third quarter.
Gross margin was reported at 67.5 percent, compared to 70.2 percent in the prior year period.