Illumina Reports Financial Results for Fourth Quarter and Fiscal Year 2002
Businesswire, Tuesday, January 28, 2003 at 16:14
SAN DIEGO, Jan 28, 2003 (BUSINESS WIRE) -- Illumina, Inc. (Nasdaq:ILMN) announced today its financial results for the fourth quarter and fiscal year ended December 29, 2002.
For the quarter ended December 29, 2002, Illumina reported a net loss of $7.6 million, or $0.24 per share, compared to a net loss of $8.2 million, or $0.27 per share for the same period in 2001. The net loss for the year ended December 29, 2002 was $40.3 million, or $1.31 per share, compared to a net loss of $24.8 million, or $0.83 per share for the same period in 2001. Total expenses for the year include a charge of $8.0 million related to a termination-of-employment lawsuit, which Illumina is appealing. Without this charge, the net loss for the fiscal year would have been $32.3 million, or $1.04 per share. Revenues for the fourth quarter and fiscal year were $3.9 million and $10.0 million respectively, as compared to $0.8 million and $2.5 million for the same periods in 2001. Cash and investments at December 29, 2002 totaled $66.3 million."Our fourth quarter was highlighted by Illumina being named the largest U.S. participant in the $100 million International HapMap Project,"stated Jay Flatley, Illumina President and CEO."Working closely with other international participants, Illumina will be directly responsible for mapping over 15% of the haplotypes in the human genome. This effort includes the development of nearly 250,000 new assays, leveraging our Oligator(TM) DNA synthesis capability and the production-scale throughput of our genotyping services operation."RETURN RETURN"Operationally, the performance of our genotyping services group highlighted the throughput and value proposition provided by our BeadArray(TM) technology. During the last month of the year, we completed over 34 million genotypes, including several days in which we operated at 2 million genotypes per day. To our knowledge, no other genotyping platform can achieve comparable levels of throughput while delivering such high accuracy and low cost,"commented Flatley."In addition,"noted Flatley,"we had strong revenue growth during the quarter, achieving a 30% increase over the third quarter 2002 amount. We expect that shipments of our genotyping laboratory and the follow-on consumables stream will drive significant growth in revenues during 2003.
However, given the difficulty in predicting the timing and magnitude of sales for our major product offerings, we may see some quarter-to-quarter fluctuations in revenue during the year, including the potential for an occasional sequential revenue decline."Looking forward to 2003, Illumina has established the following performance milestones for the year:
-- Sign 15 service contracts
-- Ship 5 production-scale genotyping"labs"-- Develop a minimum of 100,000 assays for the HapMap Project
-- Launch whole-genome oligo set
-- Launch first product for gene expression profiling
Other Quarterly Highlights
-- Illumina successfully completed a very large genotyping
services agreement for GlaxoSmithKline (GSK). The agreement
involved assay development for a significant number of SNP
markers and follow-on genotyping against a sample DNA set
provided by GSK. Illumina subsequently developed many of the
SNPs into a standard genotyping product containing over 60
discrete panels of markers. Each panel will be used for fine
mapping a specific chromosomal region. Used together, the
panels enable a genome-wide scan. The product offering was
launched earlier in January 2003.
-- The Company expanded its first standard product offering -- a SNP-based genetic linkage analysis assay -- into a 3500 markerpanel. The new panel, also launched earlier this month, exhibits excellent distribution across the human genome, high minor allele frequency, and statistically powerful performance compared to alternative approaches.
-- Illumina completed development activities on its
production-scale genotyping laboratory, which will allow
customers to generate one million genotypes per day. The
integrated offering includes Sherlock(TM) scanners, robots,
high-multiplex assay protocols, LIMS, automated allele-calling software, installation and training services, and access to Sentrix(TM) arrays. The Company recently announced that Genome Quebec had signed an agreement to purchase the first system.
-- Tristan Orpin joined Illumina as Vice President, Worldwide Sales. In addition, key positions were staffed in customer service and marketing in anticipation of 2003 shipments of the Company's production-scale genotyping system. |
