It was an up kind of day yesterday for San Diego genetics analysis company Illumina.
Its shares rose more than 4 percent in after-hours trading after the company's report of a 66 percent jump in revenue and a $6.1 million increase in quarterly profits.
Illumina said it would acquire genetics sequencing company Avantome for $25 million upfront and contingent payments of up to $35 million. It also announced a 2-for-1 stock split.
The company also raised its earnings forecast for 2008 to $1.65 to $1.75 per share on revenue of $550 million to $560 million. For the third quarter, Illumina now expects a profit of 42 to 45 cents a share on revenue of $142 million to $147 million.
Analysts previously had forecast earnings of 31 cents per share on revenue of $136.7 million for the third quarter.
Illumina said it earned $15.4 million, or 23 cents a share, in the second quarter, up from $9.3 million, or 16 cents a share, in the same quarter of 2007. Revenue rose to $140.2 million, compared with $84.5 million in the same quarter a year ago.
The company has what many consider the leading technology in a red-hot field of science: reading genetic codes in biological samples and noting the differences in individuals' genes, and how those differences could correlate with disease.
Illumina attributed much of its gains to the increased sales of consumable goods, meaning the kits and parts used in its large analytic machines and systems.
The company's board approved the stock split after a year in which its shares have more than doubled in value. Shareholders of record Sept. 10 will receive an additional share for each one they hold Sept. 22.
The acquisition of Avantome, a privately held company, will give Illumina complementary sequencing technology, which involves reading and mapping the order of genes in a person's genome.
Illumina made its announcement after the market close yesterday. Its shares, which rose 6 cents in regular trading, were up $3.50 in after-market trading to $84.10.
Terri Somers: (619) 293-2028; terri.somers@uniontrib.com
