Illumina (ILMN) shares surged 7.05% on Thursday, following the genomics company's release of better-than-expected third-quarter results and an improved full-year outlook. The strong performance was primarily driven by growth in the clinical market and a return to growth outside of China.

For the third quarter, Illumina reported revenue of $1.084 billion, surpassing analyst expectations of $1.065 billion. The company's adjusted earnings per share (EPS) came in at $1.34, significantly beating the consensus estimate of $1.17. Notably, Illumina's adjusted net income of $206 million also exceeded analyst projections of $181.62 million.

CEO Jacob Thaysen attributed the revenue acceleration to growth in the clinical market, Illumina's largest segment. The company also highlighted its success in executing strategic initiatives aimed at achieving long-term targets. In a show of confidence, Illumina raised its fiscal year 2025 guidance, now expecting non-GAAP EPS in the range of $4.65 to $4.75, up from previous estimates. The market's positive reaction reflects investor optimism about Illumina's ability to navigate challenges and capitalize on growth opportunities in the genomics sector.