Illumina (Nasdaq: ILMN) is expected to report Q3 earnings on Oct. 23. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Illumina's revenues will increase 21.1% and EPS will grow 72.7%.

The average estimate for revenue is $285.3 million. On the bottom line, the average EPS estimate is $0.38.

Revenue details
 Last quarter, Illumina chalked up revenue of $280.6 million. GAAP reported sales were 2.4% lower than the prior-year quarter's $287.5 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.40. GAAP EPS of $0.18 for Q2 were 18% lower than the prior-year quarter's $0.22 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 69.9%, 160 basis points better than the prior-year quarter. Operating margin was 16.7%, 970 basis points worse than the prior-year quarter. Net margin was 8.3%, 240 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.14 billion. The average EPS estimate is $1.56.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 673 members out of 723 rating the stock outperform, and 50 members rating it underperform. Among 192 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 185 give Illumina a green thumbs-up, and seven give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Illumina is outperform, with an average price target of $50.39.