Research Desk Line-up: Jazz Pharma Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 15, 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 release of its second quarter fiscal 2017 results, on August 01, 2017.The DNA sequencing Company's revenue surged 10.3%, while GAAP EPS grew 6.1%. 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 Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) for due-diligence and potential coverage as the Company announced on August 08, 2017, its financial results for Q2 2017 and also affirmed its financial guidance for 2017. Register for a free membership today, and be among the early birds that get access to our report on Jazz Pharma 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 JAZZ. 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
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Earnings Reviewed
For the three months ended July 02, 2017, Illumina reported revenue of $662 million, reflecting a 10.3% increase compared to revenue of $600 million in Q2 2016. The Company's revenue numbers exceeded analysts' estimates of $642.2 million. For Q2 2017, Illumina reported service and other revenue of $119 million, up 32.2% compared to revenue of $90 million in Q2 2016. The Company announced product revenue of $543 million, reflecting a 6.5% y-o-y gain compared to revenue of $510 million in the year earlier same quarter.
During Q2 2017, Illumina's gross margin was 65.5% compared to 70.6% in Q2 2016. Excluding amortization of acquired intangible assets, the Company's non-GAAP gross margin was 67.0% for the reported quarter compared with 72.4% in the prior year's same period.
For Q2 2017, Illumina recorded research and development (R&D) expenses of $130 million compared to $125 million in Q2 2016. The Company's R&D expenses as a percentage of revenue were 19.7% in the reported quarter, including 0.8% attributable to Helix, compared to 20.7% in the year earlier same quarter, including 1.5% attributable to GRAIL and Helix.
Illumina's selling, general, and administrative expenses (SG&A) for Q2 2017 were $169 million compared to $148 million in Q2 2016. Excluding the amortization of acquired intangible assets, SG&A expenses as a percentage of revenue were 25.2%, including 1.0% attributable to Helix. This compared to 24.4% in the prior year's comparable quarter, including 1.1% attributable to GRAIL and Helix.
GAAP net income attributable to Illumina's stockholders was $128 million, or $0.87 per diluted share, for Q2 2017 compared to $120 million, or $0.82 per diluted share, for Q2 2016. The Company's non-GAAP net income attributable to Illumina's stockholders was $121 million, or $0.82 per diluted share, compared to $127 million, or $0.86 per diluted share, for the year earlier quarter. Illumina's earnings surpassed Wall Street's estimates of $0.82 per share.
Key Updates Since Q1 2017 Earnings Release
On June 29, 2017, Illumina received FDA approval for the Extended RAS Panel, a companion diagnostic kit that helps identify colorectal cancer patients eligible for Amgen's Vectibix®. The Company announced on June 26, 2017, that Genomics England will be using Illumina's variant interpretation and reporting software in the characterization of tumor and matched normal samples as part of the 100,000 Genomes Project.
During the reported quarter, Illumina announced that Helix has launched an online consumer marketplace of DNA-powered products. On May 22, 2017, the Company appointed Mark Van Oene as Chief Commercial Officer
Cash Matters
During Q2 2017, Illumina's depreciation and amortization expenses were $38 million and capital expenditures for free cash flow purposes were $69 million. At the close of the quarter, the Company held $1.9 billion in cash, cash equivalents, and short-term investments compared to $1.6 billion as of January 01, 2017.
Illumina's cash flow from operations was $178 million and free cash flow was $109 million for the reported quarter compared to $242 million and $174 million, respectively, in Q2 2016.
Financial outlook
For FY17, the Company has updated its projections to approximately 12% revenue growth. GAAP earnings per diluted share attributable to Illumina's stockholders is forecasted to be $5.36 to $5.46 for FY17, while the Company is expecting non-GAAP earnings attributable to Illumina's stockholders of $3.60 to $3.70 per diluted share.
Stock Performance
At the closing bell, on Monday, August 14, 2017, Illumina's stock rose slightly by 0.28%, ending the trading session at $194.80. A total volume of 658.49 thousand shares have exchanged hands. The Company's stock price surged 8.19% in the last three months, 18.90% in the past six months, and 16.65% in the previous twelve months. Moreover, the stock skyrocketed 52.14% since the start of the year. The stock is trading at a PE ratio of 38.38 and currently has a market cap of $28.56 billion.
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