Illumina beats Street, ups guidance

Illumina Inc. (NASDAQ:ILMN) jumped $5.34 to $87.10 in early after-hours trading on Monday after the sequencing and microarray company reported 3Q13 earnings that beat the Street. The company reported revenues for the quarter of $357 million, up 25% from $286 million in 3Q12 and beating the Street's estimate of $343.6 million. The company reported 3Q13 non-GAAP diluted EPS of $0.45, beating by $0.05 the Street's estimate of $0.40 and up from $0.41 in 3Q12. For the year, Illumina also raised its guidance and said it now expects about 22% revenue growth over 2012 and 2013 non-GAAP diluted EPS of $1.75-$1.77. Previously, the company expected about 20% revenue growth and non-GAAP diluted EPS of $1.68-$1.72. Illumina reported 2012 revenues of $1.2 billion. The Street is expecting full-year EPS of $1.72 on $1.4 billion in revenues.

Separately, Illumina partnered with the University of Cambridge and Genomics England Ltd. (London, U.K.) on a three-year project to sequence 10,000 genomes of children and adults with rare diseases. The project is part of plans announced by U.K. Prime Minister David Cameron to sequence and analyze the genomes of 100,000 NHS patients, with an initial focus on cancer, rare inherited diseases and infectious diseases (see BioCentury Extra, July 5). ...