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High-tech giant Illumina set to expand operation

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05/26/2017 | 11:24am CEST

High-tech giant Illumina Inc plans to expand its operation in China after recording high double-digit growth in the past two years.

The California-based company manufactures and markets next-generation genetic sequencing technology for customers such as healthcare providers, research centers and pharmaceutical firms.

"China has already become Illumina's largest market outside the United States and our sales revenue has showed double-digit growth," Francis deSouza, chief executive of Illumina, said in Shanghai.

"The market is still in the early stages of genome sequencing services, but we feel the time is right to expand here."

Still, deSouza said that China has become a major driver in Illumina's rapid growth in the Asia-Pacific region.

Last month, the Nasdaq-listed company reported that its first-quarter revenue in the Asia-Pacific region, including China, grew 15 percent year-on-year.

But deSouza made it clear growth had surged. "Genome sequencing data are widely used in key sectors such as agriculture, forensic science and clinical operation," he said. "And we are seeing increased demand across all these sectors. There is great room for growth."

Part of Illumina's plan will be to team up with Chinese partners involved in genome sequencing services, such as DNA tracking, as the company looks to increase its global footprint.

But deSouza declined to disclose names, although he made it clear startups would be priority targets.

"Startup companies in China's genome sequencing service sector are likely to benefit by using Illumina's resources," he said. "This would be vital at the early stage of research and development. It would be a way to help small enterprises turn a good idea into a business."

To illustrate what is stake, the market forecast for next generation sequencing will hit $12.8 billion by 2022, according to Allied Market Research.

In 2015, it was just $3.57 billion, data from the US-based market research company and consultants showed.

Illumina is one of the largest players in next-generation sequencing, which is at the cutting-edge of the industry, with a 70 percent market share in the sector, according to Research Markets, an online business data base.

Last year, annual sales revenue approached $2.4 billion, an 8 percent year-on-year jump with non-GAAP profit at $503 million.

But the company is facing fierce competition from a number of players, including BGI, one of the world's largest genomics organizations based in Shenzhen, Guangdong province.

[email protected]

(China Daily 05/26/2017 page16)

(c) 2017 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 2 656 M
EBIT 2017 666 M
Net income 2017 663 M
Finance 2017 865 M
Yield 2017 -
P/E ratio 2017 34,97
P/E ratio 2018 44,04
EV / Sales 2017 9,36x
EV / Sales 2018 8,12x
Capitalization 25 736 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 178 $
Spread / Average Target 1,1%
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NameTitle
Francis A. deSouza President, Chief Executive Officer & Director
Jay T. Flatley Executive Chairman
Sam A. Samad Chief Financial Officer & Senior Vice President
Mostafa Ronaghi Chief Technology Officer & Senior Vice President
Norman Fjeldheim Chief Information Officer
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