Genome sequencing technology maker Illumina, Inc. (NASDAQ:ILMN) posted a record second quarter revenue of $448 million, beating estimates of $427 million. Illumina, Inc. (NASDAQ:ILMN)’s CEO, Jay Flatley, discussed the company’s earnings and sequencing technology with Maria Bartiromo on Fox Business.
Flatley said that the quarter was probably the best the company had witnesses in terms of revenues, with top line revenue growth of 29%. Illumina, Inc. (NASDAQ:ILMN)’s geographical performance was also good across all regions, especially in Asia and Europe, where they saw 50% and 45% revenue growth respectively.
“We are particularly strong in China this quarter. We saw the number of our X Ten products which is the instrument platform that we announced in the first quarter. Instruments in general were strong across our entire business in the quarter,” he said.
A series of tactical innovations over the last five years has enabled Illumina, Inc. (NASDAQ:ILMN) to drive costs to $1000 for the human genome sequencing. These innovations have increased the density and speed of sequencing and improved the software which analyses the data. HiSeq X Ten, Illumina, Inc. (NASDAQ:ILMN)’s new product allows customers to sequence a human genome for a $1000.
“The most important area of focus for us as a company is to give our customers the tools to improve the clinical utility of the genome. By that I mean understanding the fundamentals of what lies behind the genome and how it relates to human health,” Mr. Flatley said.
Flatley said that America continues to be their biggest single market with 50% share, with Europe giving them 30% business and the rest coming from Asia. Japan emerged as a strong market over the last 2 – 3 years.
Among their clinical applications, Flatley considered the non-invasive pre-natal testing as the most important. This procedure, which replaces the traditional, highly invasive procedure, uses simple blood drops from the mother to read the fetal DNA and detect disease like Down syndrome.