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I mentioned last week that the Illumina share price had shown some life after a few Covid research tailwinds. The company came out with fourth quarter results on Friday which really pleased the market. The share price popped 12% on the day to close at a record high of $504 a share.
Revenues in the quarter were 20% higher than the year before, coming in at $953 million. This was a record quarter with record sales of their sequencing instruments. For the full year they grew revenues by 9% to $3.2 billion.
The company puts a lot of money back into research and development. They spent $682 million on R&D last year, 21% of revenues. From next level sequencing machinery to providing venture capital to start ups in the genetics space to genetics data processing, Illumina ticks all the boxes in a very exciting medical field.
We feel it is still early days for genetics sequencing and its role in mainstream healthcare. Illumina's best days are still ahead.
The picture below is the CEO Francis deSouza who has a very impressive CV. Interestingly he was born in Addis Ababa, Ethiopia.
