Illumina Reports Financial Results for Second Quarter 2001
SAN DIEGO--(BW HealthWire)--Aug. 7, 2001--Illumina, Inc. (Nasdaq: ILMN - news) announced today its financial results for the second quarter and six-month period ended June 30, 2001.
For the quarter ended June 30, 2001, Illumina reported a net loss of $5.9 million, or $0.20 per share, compared to a net loss of $5.3 million, or $0.25 per share, for the same period in 2000. Net loss for the six-month period ended June 30, 2001 was $10.8 million, or $0.37 per share, compared to net loss of $10.1 million, or $0.48 per share for the same period in 2000. Revenues for the second quarter and six-month period were $0.5 million and $1.0 million respectively, as compared to $0.1 million and $0.2 million for the same periods in 2000. Cash and investments at June 30, 2001 totaled $110.0 million.
During the quarter Illumina initiated its SNP genotyping service business by entering into an agreement with GlaxoSmithKline. ``This agreement marked an important milestone in the rollout of our commercialization model, complementing our Oligator(TM) custom DNA synthesis business and giving Illumina access to a second, high-growth revenue stream,'' stated Jay Flatley, Illumina President and CEO.
Illumina's service business is designed to provide very high-throughput genotyping capabilities in an automated environment. For example, sample preparation and tracking typically constitute serious bottlenecks in high-throughput genotyping operations. The multiplexing capability of the BeadArray(TM) technology and an automated laboratory management system allow the Company to overcome these bottlenecks and will permit scaling the service business to a throughput capacity of at least one million data points, or genotyping calls, per day before the end of 2001.
Illumina's oligo service business continued to accelerate in the second quarter, contributing approximately 25% of revenues. During the quarter the company appointed Ken Sikes to the position of Director of Reagents Manufacturing, complementing the experienced team already in place. Ken was previously Director of Manufacturing at Operon. ``We are bringing together the people, the technology and the product offerings required to build a world-class oligo business at Illumina,'' noted Flatley. ``By the end of the year we expect to double our current manufacturing capacity and complete process automation that should allow us to gain a meaningful piece of this growing market.''
In other recent highlights, Illumina was issued one additional patent, bringing its total to 15; as of June 30, 58 U.S. patents and 51 foreign patents were pending. The Company elected Scott Greer, Chairman and CEO of Abgenix, Inc to its Board of Directors. And the Company was awarded two NIH grants, a $1.0 million Phase II Grant for RNA Profiling and a $0.3 million grant for automated oligonucleotide synthesis.
Illumina is developing next-generation tools for the large-scale analysis of genetic variation and function. The information provided by these analyses will enable the development of personalized medicine, a key goal of genomics and proteomics. The Company's proprietary BeadArray technology will provide the throughput, cost effectiveness and flexibility necessary to enable researchers in the life sciences and pharmaceutical industries to perform the billions of tests necessary to extract medically valuable information from advances in genomics. This information will correlate genetic variation and gene function with particular disease states, enhancing drug discovery, allowing diseases to be detected earlier and more specifically, and permitting better choices of drugs for individual patients. Illumina's technology will have applicability across a wide variety of industries beyond life sciences and pharmaceuticals, including agriculture, food, chemicals and petrochemicals. |
