Genetic analysis instrument company Illumina Inc. reported Monday a sharp increase in fourth-quarter profit on the sale of a business unit to Amgen Inc.
The company recorded a $48.6 million gain from the pre-tax sale of its stake in deCode Genetics Inc. during the period.
Illumina (Nasdaq: ILMN) said its net income rose to $72 million, or 53 cents per share, in the quarter that ended Dec. 30 from $11.7 million, or 9 cents per share, in the prior-year period.
Revenue rose 24 percent to $309.3 million.
Excluding one-time gains and expenses the company would have earned 57 million, or 42 cents per share.
That was just ahead of estimates by Wall Street analysts for an adjusted 41 cents per share on revenue of $305.8 million, according to FactSet.
For fiscal 2012 the company earned $151 million, or $1.13 per share, up from $86.6 million or 62 cents a share.
"We are very pleased with our execution in 2012," stated Jay Flatley, Illumina's president and CEO. "We ended the year with a strong performance, and made significant progress on our strategy of growing our clinical business, both organically and through acquisition."