SAN DIEGO—Genetic analysis company Illumina Inc. said Tuesday its second-quarter profit rose 66 percent on a surge in product sales, prompting the company to boost its third-quarter and full-year outlooks.
Shares jumped on the announcement, gaining $3.93, or 4.7 percent, to $88.03 in after-hours trading. The stock rose 6 cents to close at $84.10 during the regular trading session.
The company earned $15.4 million, or 23 cents per share, compared with profit of $9.3 million, or 16 cents per share, during the corresponding period a year prior. The per-share results reflect a 5.5 percent increase in the number of outstanding shares in the 2008 quarter.
Revenue rose 66 percent to $140.2 million from $84.5 million last year.
Excluding stock compensation expenses, a manufacturing equipment write-off and other charges, the company said it earned 44 cents per share.
Analysts polled by Thomson Financial expected profit of 28 cents per share on revenue of $130 million.
The majority of the company's revenue came from product sales, accounting for $128.6 million, while service and other lines contributed $11.6 million.
Looking ahead, the company said it expects third-quarter profit between 42 cents and 45 cents per share, on revenue between $142 million and $147 million. Analysts forecast third-quarter profit of 31 cents per share on revenue of $136.7 million.
For the full year, Illumina expects profit between $1.65 and $1.75 per share on revenue between $550 million and $560 million, while analysts expect $1.21 per share on revenue of $535.5 million.
The full-year outlook includes buyout of privately held Avantome Inc. for $25 million upfront, with future contingent payments up to $35 million.
