Illumina reported $782 million in first quarter revenue, a 31 percent year-over-year increase, the company announced April 24.
The jump from the San Diego-based genomics company topped Wall Street expectations. Analysts surveyed by Zacks projected $743 million in revenue.
Illumina reported adjusted earnings of $214 million or $1.45 per share during the period, also beating what analysts expected. They forecasted $1.02 per share.
“Our strong first quarter, with momentum across both our sequencing and microarray businesses, was driven by the growing adoption of applications spanning oncology, clinical and non-clinical research, population genomics and personal genomics,” said CEO Francis deSouza in a news release. “Genomic information is more valuable and actionable than ever before and we believe that we are in the earliest stages of a genomics revolution.”
Other good news for Illumina: Gross margin in the first quarter was 68.8 percent compared to 61.5 percent in first quarter of 2017.