Illumina, Inc. (NASDAQ: ILMN) stock continues bullish momentum boosted by earnings support

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Illumina, Inc. (NASDAQ: ILMN) stock rose over 10% in the last one month (as of May 11th, 2020; Source: Yahoo Finance) driven by positive earnings. The company posted better than expected results for the first quarter of FY 20. The company has reported Non-GAAP net income attributable to Illumina stockholders for the quarter of $243 million compared to $237 million for the first quarter of 2019. Total EMEA revenue was $221 million and total AMR revenue was $477 million. APJ posted revenue of $77 million with strong sequencing consumable growth including record shipments in Japan, despite COVID-19 related headwinds. The company expects Q2 to be an extremely challenging quarter with revenue declining sequentially in each region, however more modestly in China.

ILMN in the first quarter of FY 20 has reported the adjusted earnings per share of $1.64, beating the analysts’ estimates for the adjusted earnings per share of $1.26, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 2 percent to $859 million in the first quarter of FY 20, beating the analysts’ estimates for revenue of $856.9 million. Total sequencing system revenue was down 25% to $79 million from the same quarter of last year. Sequencing consumable revenue of $553 million grew 15% from the same quarter last year and was stronger than expected. Total array revenue was down 33% to $99 million from the same quarter last year. Array consumables had fallen both sequentially and year-over-year, which is consistent with the expectations of the DTC market. Overall, the company’s business affected negatively overall by $20 million in the first quarter, mainly due to sequencing instruments, but this was partially offset by a modest contribution from COVID-19 related stocking and broader strength across sequencing consumables and sequencing service and other.

Moreover, the company posted the Non-GAAP operating margin of 33.6%, up from 31% last quarter. For the first quarter of 2020, the company has delivered the non-GAAP net income of $243 million. In the first quarter, the company has generated cash flow from operations of $281 million. The company incurred the iirst quarter capital expenditures of $40 million and free cash flow of $241 million.

The company has ended the quarter with approximately $3.3 billion in cash, cash equivalents and short-term investments, which is down from $3.4 billion reported at the end of 2019 due to a $187 million in share repurchases in the first quarter and $132 million for the reverse termination fee and continuation advances paid to Pacific Biosciences.

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