Tuesday, October 25, 2011

Illumina (ILMN) Reports 3Q'11 Results

Illumina (ILMN) reported back on 02011.10.06 that 3Q'11 results were going to be disappointing. The Stocks::Stuffer posting on 02011.10.07 started with the following: Illumina (ILMN) is down 32% this morning after the company announced that the future is farther away than expected. ILMN snap shot on 02011.10.07: $27.38 Down $12.55 (-31.43%) 10:21AM EDT. Yesterday, 02011.10.24, ILMN closed at $28.72. Today, 02011.10.25, prior to the markets opening, Illumina reported the disappointing 3Q'11 results and here some notes from the company's 3Q'11 press release.

"generated $90.0 million in cash flow from operations during the third quarter of 2011 compared to $54.8 million in the prior year period"

"ended the third quarter of 2011 with $1.1 billion in cash [...]"

"Repurchased $204.0 million of common stock [...]" But how many ILMN shares?

"Research and development (R&D) expenses for the third quarter of 2011 were $50.4 million compared to $44.8 million in the third quarter of 2010." But... "Revenue of $235.5 million, a 1% decrease compared to the $237.3 million in the third quarter of 2010."

Sign of the times...

"Given the uncertainties associated with academic and government research funding and the global economic environment, the company is implementing a restructuring to better align the company’s organization and cost structure. As a result, the company expects to record a restructuring charge of approximately $15-17 million, the majority of which will be recorded during the fourth quarter of 2011."

Sign of the times...

"As we indicated in our press release earlier this month, we believe that fourth quarter revenue will be higher than third quarter levels, as a result of the commercialization of the MiSeq platform. However, given the uncertainty surrounding budgets for government funding of research and development, the company is not providing further guidance at this time."

Illumina.com::3rd-Quarter 02011 Results

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