SAN DIEGO (AP) — Genetic analysis instrument company Illumina Inc. on Monday reported a loss in the first quarter after a federal jury found it infringed on a patent belonging to Syntrix Biosystems.
Illumina said in March that the jury ruled in Syntrix's favor and ordered Illumina to pay Syntrix $96 million. Illumina plans to ask the judge to vacate the finding because it believes the claim lacks merit. During the first quarter, however, Illumina said it took a charge of $106.9 million related to the litigation.
The company said it lost $22.6 million, or 18 cents per share, during the period. It reported a profit of $26.2 million, or 20 cents per share, in the first quarter of 2012.
If one-time items including the legal contingencies are excluded, Illumina said it earned 46 cents per share in the latest quarter. Revenue increased 21 percent, to $331 million from $272.8 million.
Analysts were expecting adjusted net income of 39 cents per share and $311.5 million in revenue, according to FactSet.
Shares of Illumina rose $3.45, or 6.3 percent, to $58.57 in aftermarket trading. The stock lost 97 cents to $55.12 during the regular trading session before the quarterly results were issued.
Syntrix said Illumina's BeadChip products infringed on a patent belonging to Syntrix. BeadChips are silicon wafers the size of a microscope slide. They are covered in tiny silica beads, and each bead is covered with DNA molecules that capture gene sequences. The company's BeadArray technology allows it to run tests on those gene sequences, performing a broad analysis of genetic variation and biological function.
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