Illumina Clocks 40% Growth In Q3; Earnings Beat Expectations

Illumina Inc ILMN reported Q3 revenues of $1.11 billion, +40% Y/Y, beating the consensus of $1.04 billion.
Consolidated Product revenues were $978 million, while Service and other revenues were $130 million.
"Illumina's financial results again exceeded expectations in the third quarter led by record shipments for both clinical and research," said Francis deSouza, CEO.
Illumina's Q3 consolidated adjusted EPS was $1.45, beating analysts' consensus of $1.14 and higher than $1.02 posted a year ago.
The adjusted gross margin improved to 71.2% from 67.4% last year.
The company finished Q3 with $1.08 billion in cash and cash equivalents and $185 million in short-term investments.
Guidance: Illumina expects FY21 revenue growth of approximately 36%, compared with the prior expectation of 32% - 34%.
It forecasts adjusted EPS of $5.50 - $5.60 (consensus $5.73), including dilution of approximately $1.00/share from Grail's adjusted operating loss and incremental dilution of $0.15/share from the 9.8 million shares issued to fund the acquisition.
Related: EC Adopts Interim Measure, Tells Grail To Work On Alternatives To Illumina Deal.
Price Action: ILMN shares closed 0.54% higher at $421.83 on Thursday.