Research Desk Line-up: Sarepta Therapeutics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 3, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Illumina, Inc. (NASDAQ: ILMN), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ILMN, following the Company's disclosure of its third quarter fiscal 2017 financial results on October 24, 2017. The genetic testing tools Company's results surpassed top- and bottom-line expectations and also provided guidance for the fiscal year 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Biotechnology industry. Pro-TD has currently selected Sarepta Therapeutics, Inc. (NASDAQ: SRPT) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Sarepta Therapeutics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ILMN; also brushing on SRPT. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=ILMN

http://protraderdaily.com/optin/?symbol=SRPT

Earnings Reviewed

For the quarter ended October 01, 2017, Illumina's revenue totaled $714 million, reflecting an 18% increase compared to revenue of $607 million in Q3 2016, largely driven by growth in sequencing consumables and instruments as well as strong performance across the Company's microarrays portfolio. The Company's revenue numbers topped analysts' estimates of $694 million.

During Q3 2017, Illumina's gross margin was 67.5% compared to 70.2% in Q3 2016. Excluding amortization of acquired intangible assets, the Company's non-GAAP gross margin was 68.8% for the reported quarter compared to 72.0% in the prior year's same period.

For Q3 2017, Illumina's research and development (R&D) expenses totaled $134 million compared to $126 million in Q3 2016. The Company's R&D expenses as a percentage of revenue were 18.7%, in the reported quarter compared to 20.7% in the year-earlier quarter. Illumina's selling, general, and administrative (SG&A) expenses for Q3 2017 totaled $167 million compared to $139 million in Q3 2016. Excluding the amortization of acquired intangible assets, the Company's SG&A expenses as a percentage of revenue were 23.2% in the reported quarter versus 22.6% in the prior year's comparable quarter.

GAAP net income attributable to Illumina's stockholders for Q3 2017 was $163 million, or $1.11 per diluted share, compared to $129 million, or $0.87 per diluted share, for Q3 2016. Non-GAAP net income attributable to Illumina's stockholders for the reported quarter came in at $163 million, or $1.11 per diluted share, compared to $144 million, or $0.97 per diluted share, for the year-earlier corresponding quarter. The Company's earnings beat Wall Street's estimates of $0.98 per share.

Segment Results

During Q3 2017, Illumina's revenue total product revenue, which includes freight, was $596 million, up 16% on a y-o-y basis. The Company's Service and other segment revenue was at $118 million, up 26% from the year-ago same period, driven by strength in genotyping services due to consumer demand and sequencing instrument maintenance contracts.

For Q3 2017, Illumina's sequencing consumable revenue was $380 million, up 14% on a y-o-y basis. Microarray consumable revenue of $71 million grew 13% on a y-o-y basis. Total consumable revenue of $451 million represented 63% of total revenue for the reported quarter.

During Q3 2017, Illumina's revenue from sequencing instruments surged 21% to $128 million on a y-o-y basis, driven primarily by NovaSeq and offset in part by muted shipments of the HiSeq family of instruments. The Company shipped approximately 200 systems in the first 3 quarters of 2017, including more than 80 in the reported quarter. Illumina received approximately 70 orders in the reported quarter, ending Q3 2016 with a backlog of more than 100 systems.

Cash Matters

For Q3 2017, Illumina's cash flow from operations totaled $235 million compared to $176 million in Q3 2016. The Company's capital expenditures for free cash flow purposes were $82 million during the reported quarter. For Q3 2017, Illumina's free cash flow came in at $153 million compared to $119 million in Q3 2016

As of October 01, 2017, Illumina held $2.0 billion in cash, cash equivalents, and short-term investments, compared to $1.6 billion as of January 01, 2017. During the reported quarter, the Company repurchased approximately 385,000 shares under its previously announced buyback program at an average price of $195.

Financial outlook and guidance

For fiscal 2017, Illumina is forecasting revenue growth of approximately 13% compared to fiscal 2016. The Company is projecting GAAP earnings per diluted share attributable to Illumina's stockholders to be between $5.56 to $5.61 and non-GAAP earnings per diluted share attributable to Illumina's stockholders to be in the range of $3.73 to $3.78.

Stock Performance

At the closing bell, on Thursday, November 02, 2017, Illumina's stock slightly rose 0.52%, ending the trading session at $208.82. A total volume of 440.31 thousand shares have exchanged hands. The Company's stock price soared 7.38% in the last three months, 11.58% in the past six months, and 53.93% in the previous twelve months. Moreover, the stock skyrocketed 63.09% since the start of the year. The stock is trading at a PE ratio of 39.36 and currently has a market cap of $30.49 billion.

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SOURCE: Pro-Trader Daily