Illumina Shares Plunge 22% on Q2 Miss & Disappointing Guidance

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Illumina Shares Plunge 22% on Q2 Miss & Disappointing Guidance
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Illumina (NASDAQ: ILMN ) shares plummeted 22% after-hours following the company’s reported Q2 results, with EPS of $0.57 coming in worse than the consensus estimate of $0.64. Revenue grew 3% year-over-year (up 5% on a constant currency basis) to $1.16 billion, compared to the consensus estimate of $1.22 billion.

"Our second quarter results did not meet our expectations as challenges in a complex macroeconomic environment more than offset the growth we continue to see in sequencing runs on our platforms," said Francis deSouza, CEO of Illumina.

The analysts provided their full 2022-year outlook, expecting EPS to be in the range of $2.75-$2.90, worse than the consensus estimate of $4.12. Consolidated revenue growth is expected to be in the range of 4% to 5%.

The company expects 2022 Core Illumina revenue growth to be in the range of 3.5-4.5%, and GRAIL revenue to be in the range of $50-$70 million.

By Davit Kirakosyan

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