SAN DIEGO (AP) -- Genetic analysis instrument company Illumina Inc. said Tuesday its profit fell 24 percent in the second quarter because of a charge it took to write down the value of a company it bought in 2010.
Illumina said it took the impairment charge of $21.4 million related to the value of an early-stage technology it acquired in 2010. Excluding that charge, Illumina's profit increased slightly, and the company raised its earnings expectations for the full year.
The company said its net income decreased to $23.4 million, or 18 cents per share, from $30.6 million, or 22 cents per share. If one-time items are excluded, Illumina said it earned 40 cents per share. Revenue decreased to $280.6 million from $287.5 million.
Analysts expected net income of 37 cents per share and $279.3 million in revenue, according to FactSet.
Illumina said its product revenue shrank 4 percent to $258.8 million. Service revenue edged up to $21.8 million from $17.6 million a year ago
Illumina also took about $21.4 million in one-time charges in the first quarter for items including Roche interest expenses and costs related to Swiss drugmaker Roche Holding's unsuccessful bid to buy the company.
Roche went public with an offer to buy Illumina for $5.7 billion in January. It later raised the offer to $6.5 billion and went hostile, proposing its own slate of candidates to Illumina's board of directors. Illumina said both offers were too low, and Roche dropped its offer in April, saying Illumina's shareholders were going to reject its nominees.
Excluding one-time items, the company is now forecasting earnings of $1.50 to $1.60 per share in 2012, up from its previous estimate of $1.40 to $1.50 per share. It still expects revenue of $1.1 billion to $1.18 billion. Analysts are projecting income of $1.51 per share and $1.14 billion in revenue, on average.
Shares of Illumina fell $1.35, or 3.2 percent, to $41.52 on Tuesday.