Revenue for Illumina Inc. surged in the first quarter 2014, thanks to the “astonishing demand” of a slew of newly released gene sequencing products, said CEO Jay Flatley.
The San Diego company posted revenue of $421 million for the quarter ended March 31, — up 27 percent compared with the $331 million in revenue from the first quarter 2013. Its net income was $60 million for the first quarter 2014, compared with a net loss of $23 million for the first quarter 2013.
“Our first quarter results have set the stage for a strong 2014,” Flatley said, in a statement. “We are experiencing an exciting uptake of our new products, including the NextSeq 500 and HiSeq X Ten, while demand for the overall product portfolio remains robust. We continue to innovate across the entire spectrum of the sequencing workflow to more broadly enable the adoption of genomics.”
The company announced its earnings after market close April 22, with stock trading at $147.98 per share. It had risen to $162.50, up 10 percent, in early after-hours trading.