Illumina drops 10% as 2023 guidance disappoints
JHVEPhoto


Illumina (NASDAQ:ILMN) lost ~10% pre-market Tuesday after the maker of gene sequencing instruments set its 2023 outlook below expectations as part of its presentation at the ongoing JPMorgan Healthcare Conference.
The company expects its revenue to reach $4.90B â $5.03B this year with 7% â 10% YoY growth, while the consensus estimates indicated $5.05B revenue and ~11% YoY growth.

Illumina (ILMN) projects its non-GAAP operating margin to stand at ~8% and adjusted earnings per share to reach $1.25 â $1.50 in 2023 compared to $3.10 in the consensus.
Based on preliminary results, the company also pre-announced its Q4 and 2022 financials indicating $1.075B and $4.576B in revenue compared to ~$1.06B and $4.57B in the consensus, respectively.
Additionally, Illumina (ILMN) projects the revenue from its GRAIL cancer test developer to reach ~$55M and $90M â $110M in 2022 and 2023, respectively.
The company has previously said it intends to appeal the European Commissionâs order to block the acquisition of GRAIL.

Seeking Alpha contributor Mike Zaccardi issued a Sell rating on Illumina (ILMN) last month, citing valuation concerns.