Investing.com — Shares in Illumina (NASDAQ:) shed more than a tenth of their value in early U.S. trading on Friday after the genetic testing company lowered its annual income guidance for a second consecutive quarter.
In a trading update, the California-based life sciences firm said it now expects to report adjusted earnings per share of $0.60 to $0.70 in its 2023 fiscal year, down from its prior outlook of $0.75 to $0.90.
Illumina also warned of a “challenging” operating environment, although Chief Executive Officer Jacob Thaysen said he remained confident that the company will be able to navigate these issues and position itself for long-term success.
Third-quarter sales edged up by 0.4% compared to the same period last year to $1.12 billion, narrowly missing Bloomberg consensus estimates of $1.13 billion.
Sales of its core products, which include instruments used in gene sequencing, dropped by 2.3% year-on-year to $941.0 million, below expectations of $953.4M. Illumina had previously flagged that demand would be hit by a sluggish post-pandemic recovery in China and weak consumer spending.
During the quarter, the group also logged $712M and $109M in impairments…
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