Illumina, a leading gene-sequencing company, has announced a narrower loss in the second quarter of the year. This positive outcome is primarily attributed to stronger sales of its new product, NovaSeq X.
Financial Performance
The San Diego-based company reported a loss of $234 million, or $1.48 per share, in Q2, compared to a loss of $535 million, or $3.40 per share, during the same period last year. This result surpassed analysts' expectations of per-share losses of $1.51. Adjusting for certain one-time items, Illumina recorded earnings per share of 32 cents, significantly higher than the estimated profit of 2 cents.
Revenue Growth
Illumina achieved a 1% increase in revenue, amounting to $1.18 billion in Q2. Analysts had projected revenue of $1.16 billion. These better-than-expected financial results can be attributed to the successful shipment of 109 NovaSeq X instruments during the quarter. This product was launched in September.
Future Outlook
Charles Dadswell, Interim Chief Executive of Illumina, acknowledged that the company anticipates a decrease in revenue for the remainder of the year. The cautious spending behavior of consumers and a slower recovery in China are the main factors contributing to this forecasted decline.
Our Latest News
Bond Yields Steady Ahead of U.S. Economic Data
Bond yields remained steady as investors anticipate U.S. economic data, including payrolls and manufacturing reports. Market movement reflects the influence of...
Raiffeisen Bank International to Acquire Stake in Strabag
Raiffeisen Bank International (RBI) plans to acquire a stake in Austrian construction company Strabag, optimizing its portfolio and focusing on core markets. Th...
DoorDash Expands Grocery Delivery Services
DoorDash adds 100,000 non-restaurant stores to its platform, focuses on long-term partnerships with grocers. Analyst predicts continued market share growth and...