Form 8-K ILLUMINA INC For: Oct 10
Tweet
Share
E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 10, 2016
Illumina, Inc.
(Exact name of registrant as specified in its charter)
001-35406
(Commission File Number)
Delaware | 33-0804655 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | |
5200 Illumina Way, San Diego, CA 92122
(Address of principal executive offices) (Zip code)
(858) 202-4500
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 10, 2016, Illumina, Inc. (the "Company") issued a press release announcing preliminary revenue for the third quarter ended October 2, 2016. The full text of the Company’s press release is attached hereto as Exhibit 99.1.
On October 10, 2016, the Company held an investor call during which it discussed preliminary revenue for the third quarter ended October 2, 2016. Pursuant to General Instruction F to Form 8-K, a copy of the transcript from the investor call (the “Transcript”) is attached hereto as Exhibit 99.2 and is incorporated into this Item 2.02 by this reference.
The information furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated October 10, 2016, announcing Illumina, Inc.’s preliminary revenue for the third quarter
ended October 2, 2016.
99.2 Transcript of Illumina, Inc. investor conference call on October 10, 2016.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ILLUMINA, INC. | ||||
Date: | October 11, 2016 | By: | /s/ MARC A. STAPLEY | |
Marc A. Stapley | ||||
Executive Vice President, Chief Administrative Officer & Chief Financial Officer | ||||
Illumina Announces Preliminary Revenue for Third Quarter of Fiscal Year 2016
San Diego -- (BUSINESS WIRE) - October 10, 2016 - Illumina, Inc. (NASDAQ: ILMN) today announced estimated third quarter revenue of approximately $607 million, a 10% increase compared to $550 million in the third quarter of 2015. This unaudited estimate, based on management's preliminary financial analysis, is lower than the third quarter revenue guidance of $625 million to $630 million.
The shortfall in quarterly revenue was driven by a larger than anticipated year-over-year decline in high throughput sequencing instruments. As a result, the company expects fourth quarter revenue will be flat to slightly up sequentially.
Pre-Announcement Conference Call Details
A brief conference call to discuss preliminary third quarter results will be held today, October 10, 2016, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Interested parties may listen to the call by dialing 888.771.4371 (passcode: 43578941), or if outside North America by dialing +1.847.585.4405 (passcode: 43578941). Individuals may access the live teleconference in the Investor Relations section of Illumina’s web site under the “company” tab at www.illumina.com.
A replay of the conference call will be available from 4:00 pm Pacific Time (7:00 pm Eastern Time) on October 10, 2016 through October 17, 2016 by dialing 888.843.7419 (passcode: 43578941), or if outside North America by dialing +1.630.652.3042 (passcode: 43578941).
Third Quarter Results Conference Call Details
Results for third quarter 2016 will be issued following the close of market on Tuesday, November 1, 2016. On the same day, at 2:00 pm Pacific Time (5:00 pm Eastern Time) Francis deSouza, President and CEO, and Marc Stapley, Executive Vice President, Chief Administrative Officer, and Chief Financial Officer, will host a conference call to discuss financial and operating results.
Interested parties may listen to the call by dialing 888.771.4371 (passcode: 43579048), or if outside North America by dialing +1.847.585.4405 (passcode: 43579048). Individuals may access the live teleconference in the Investor Relations section of Illumina’s web site under the “company” tab at www.illumina.com.
A replay of the conference call will be available from 4:30 pm Pacific Time (7:30 pm Eastern Time) on November 1, 2016 through November 8, 2016 by dialing 888.843.7419 (passcode: 43579048), or if outside North America by dialing +1.630.652.3042 (passcode: 43579048).
Use of forward-looking statements
This release contains projections, information about our financial outlook, earnings guidance, and other forward-looking statements that involve risks and uncertainties. These forward-looking statements are based on our expectations as of the date of this release and may differ materially from actual future events or results. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are (i) our ability to further develop and commercialize our instruments and consumables and to deploy new products, services and applications, and expand the markets for our technology platforms; (ii) our ability to manufacture robust instrumentation and consumables; (iii) our ability to successfully identify and integrate acquired technologies, products or businesses; (iv) the future conduct and growth of the business and the markets in which we operate; (v) challenges inherent in developing, manufacturing, and launching new products and services; and (vi) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current quarter.
About Illumina
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and follow @illumina.
# # #
Illumina, Inc.
Investors:
Rebecca Chambers
858.255.5243
or
Media:
Eric Endicott
858.882.6822
CORPORATE PARTICIPANTS | |
Francis deSouza | President and CEO |
Rebecca Chambers | Vice President, Investor Relations and Treasury |
CALL DATE: October 10, 2016 - 1:30pm PT /4:30pm ET
Rebecca Chambers | |
Good afternoon everyone and thank you for joining today’s call on short notice. During the call, Francis deSouza, President and CEO, will review the preliminary third quarter financial results released after the close of the market, which are unaudited. Given that we are still working through our close and forecast process, we will not be hosting a question and answer session, but plan on doing so on our earnings call, which is scheduled for November 1st. At that time, we will provide our full financial results for the third quarter, EPS guidance for 2016 and additional details on our commercial activities.
This call is being recorded, and the audio portion will be archived in the Investor section of our website. It is our intent that all forward-looking statements regarding our expected financial results and commercial activity made during today’s call will be protected under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from those projected or discussed. All forward-looking statements are based upon current information available, and Illumina assumes no obligation to update these statements. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Illumina files with the Securities and Exchange Commission, including Illumina's most recent forms 10-Q and 10-K.
With that, I will now turn the call over to Francis.
Francis deSouza | |
Thanks Rebecca and good afternoon everyone.
We are clearly disappointed by the preliminary revenue result of approximately $607 million, an increase of 10% over the prior year period, and lower than our guidance of $625 million to $630 million.
The primary driver of this miss was high throughput instrument sales compared to our expectations. HiSeq 2500 and 4000 orders in the Americas were lower than expected and we closed one less HiSeq X system deal than anticipated, resulting in a shipment figure of 26 X units during the quarter. As a result, total sequencing instrument revenue declined 26% year-over-year, a larger decrease than that anticipated at the beginning of Q3.
Sequencing consumables were generally consistent with our expectations. Pull-through across our benchtop instruments was in-line with our guidance ranges. HiSeq utilization was slightly below $300K, the low end of its range, and HiSeq X exceeded $725K, the high end of the range, due primarily to a large, one-time stocking order, similar to that seen in Q3 of last year.
As you know, our quarter ended a week ago and our revenue is back-end loaded. Consequently, we are still closing our books and compiling the typical analyses that we perform every quarter-end, including capacity utilization and segment trends.
We are also in the midst of rolling up our Q4 forecast. Our current expectation is that Q4 revenue will be flat to slightly up sequentially. We are no longer counting on the uptick on high throughput sequencing instruments that we were previously predicting, and there are a number of large, binary deals that may or may not close in the quarter. We plan to provide further details and insights as to the underlying dynamics for Q3 and Q4 on our earnings call.
Returning to the level of predictability that our stakeholders expect is my top priority as CEO, and you have my commitment that we are focused on achieving this goal.
Thank you for joining us today. This concludes our call.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Illumina (ILMN) PT Lowered to $125 at Baird
- BE Semiconductor Industries N.V. Announces Q1-24 Results
- LA Wine Country Stylish Wedding Transportation, Luxury Limousines Available
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
