Illumina reports eighth beat in a row, raises profit forecast

Mon Oct 21, 2013 4:53pm EDT

(Reuters) - Gene sequencing products maker Illumina Inc's (ILMN.O) results beat analysts' estimates for the eighth straight quarter, and the company forecast higher-than-expected earnings for the year.

Illumina shares, which have almost doubled this year, were up 6 percent at $86.92 in extended trading on Monday.

The company raised its adjusted earnings forecast for the year to $1.75-$1.77 per share from $1.68-$1.72. Analysts were expecting a profit of $1.72 per share.

The company's gene sequencing devices help read more than 3 billion "letters" in the human genetic code which can help in tracking food-related pathogens like salmonella outbreaks and other genetic disorders.

Third-quarter net income rose to $31.4 million, or 22 cents per share, from $29.7 million, or 22 cents per share, a year earlier.

Total revenue jumped 25 percent to $357 million.

Analysts on average had expected a profit of 40 cents per share, according to Thomson Reuters I/B/E/S.

The company, which has life sciences and diagnostics divisions, is in the process of a restructuring to expand into newer markets.

Illumina will align its business into five units - life sciences, reproductive and genetic health, oncology, enterprise informatics and emerging markets. The changes will be effective January 1.

(Reporting By Adithya Venkatesan in Bangalore; Editing by Maju Samuel)