Illumina Inc. Earnings Report

SAN DIEGO – Illumina Inc. (NASDAQ:ILMN) reported third quarter earnings that exceeded analyst estimates, yet shares fell 5.8% in after-hours trading due to a disappointing fourth quarter revenue guidance.

The genetic sequencing company posted adjusted earnings per share of $1.14, surpassing the consensus estimate of $0.88. Revenue for the quarter was $1.08 billion, in line with analyst projections.

However, Illumina's outlook for the fourth quarter disappointed investors. The company expects Q4 revenue of approximately $1.07 billion, below the $1.15 billion analysts were forecasting.

For the full year 2024, Illumina lowered its revenue guidance, now expecting Core Illumina revenue to decline about 3% compared to fiscal 2023, citing a constrained near-term macroeconomic environment.

> “The underlying demand for Illumina's products and applications remains strong and we are demonstrating significant progress in driving margin and earnings expansion,” said CEO Jacob Thaysen.

On a positive note, Illumina raised its full-year adjusted earnings per share guidance to a range of $4.05 to $4.15, above the consensus of $3.91.

The company also announced it is increasing its Core Illumina non-GAAP operating margin guidance for fiscal 2024 to a range of 21% to 21.5%.

Illumina's third quarter revenue of $1.08 billion represented a 2% YoY decline. The company noted that its NovaSeq X sequencing system continues to see strong customer adoption.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.