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Illumina beats expectations with 3Q net income

SAN DIEGO (AP) -- Genetic testing equipment maker Illumina Inc. reported Monday that its adjusted net income grew more than 16 percent in the third quarter on higher product sales.

The company said revenue increased 25 percent to $357 million on the launch of new products, including gene testing kits and prenatal tests for pregnant women. The company's equipment and tests are used by pharmaceutical companies, medical research centers and biotechnology scientists.

The company's net income rose to $31.4 million, or 22 cents per share, from $29.7 million, or 22 cents per share in the third quarter of 2012. Excluding one-time costs, the company earned $63 million, or 45 cents per share in the latest quarter. Analysts polled by FactSet predicted adjusted earnings of 40 cents per share on sales of $344.1 million.

For full-year 2013 Illumina expects adjusted earnings per share between $1.75 and $1.77. Analysts are looking for $1.72.

Shares of the San Diego-based company gained $5.44, or 6.7 percent, to $87.20 in aftermarket trading, having closed the regular session at $81.76.