Illumina (Nasdaq: ILMN) reported earnings on April 22. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Illumina beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased significantly. Non-GAAP earnings per share increased significantly. GAAP earnings per share dropped to a loss.

Gross margins expanded, operating margins contracted, net margins shrank.

Revenue details
Illumina logged revenue of $331.0 million. The 19 analysts polled by S&P Capital IQ hoped for a top line of $310.7 million on the same basis. GAAP reported sales were 21% higher than the prior-year quarter's $272.8 million.

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

EPS details
EPS came in at $0.46. The 22 earnings estimates compiled by S&P Capital IQ anticipated $0.39 per share. Non-GAAP EPS of $0.46 for Q1 were 28% higher than the prior-year quarter's $0.36 per share. GAAP EPS were -$0.18 for Q1 compared to $0.20 per share for the prior-year quarter.

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

Margin details
For the quarter, gross margin was 68.2%, 70 basis points better than the prior-year quarter. Operating margin was 19.7%, 200 basis points worse than the prior-year quarter. Net margin was -6.8%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $325.0 million. On the bottom line, the average EPS estimate is $0.39.

Next year's average estimate for revenue is $1.33 billion. The average EPS estimate is $1.63.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 671 members out of 718 rating the stock outperform, and 47 members rating it underperform. Among 189 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 180 give Illumina a green thumbs-up, and nine 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 $55.36.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool recommends Illumina. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.