Illumina falls as forecasts flat 2024 sales

Illumina

09/02/2024 13:02

** Illumina  ILMN.O  shares fall 3% to $138.99 premarket
    ** Co, after market close on Thursday, forecast 2024 core
business revenue to be nearly flat, compared with FY 23 dragged
by subdued demand for its genetic testing tools and diagnostics
products
    ** ILMN reported Q4 rev of $1.12 bln vs estimates of $1.09
bln, helped by strong demand for its consumables and DNA
sequencing instruments, NovaSeq X 
    ** ILMN earned adj. profit of 14 cents per share vs
analysts' estimate of 2 cents per share -LSEG data
     ** "While these results exceeded the very low expectations
previously set, investors will be looking for the new management
team to improve the company's long-term prospects significantly
to get shares moving up substantially," Morningstar analyst
Julie Utterback wrote in a note
    ** Up to last close, stock fell ~28% in the last 12 months 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))