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What: Shares of genetic testing specialist Illumina (NASDAQ: ILMN ) popped 12% today after the company's quarterly results and outlook topped Wall Street expectations.
So what: The stock has soared over the past year on better-than-expected growth, and today's second-quarter results -- profit spiked 53% on a revenue jump of 23% -- coupled with upbeat guidance for the full year only reinforce that trend. Additionally, management said that it saw a significant increase in product and service revenue all while booking less charges, giving analysts plenty of good vibes over its earnings quality going forward, as well.
Now what: Management now sees full-year adjusted EPS of $1.68-$1.72 on a revenue increase of 20%, well above its prior view of $1.55-$1.62 in adjusted EPS and a 15% bump on the top line.
"Our business demonstrated strong trends globally and our 2013 strategic initiatives for robust long-term growth are progressing as planned," said President and CEO Jay Flatley. "As a result we are raising our expectations for 2013 financial performance."
Of course, with the stock now up more than 100% over its 52-week lows and trading at a forward P/E of around 40, much of those expectations might already be baked into the valuation.
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