Illumina Reports Q2 Earnings Well Below Expectations, Lowers Full-Year Revenue Guidance

Gelonghui August 7 | Illumina, Inc. announced its Q2 earnings, with revenue reaching $1.112 billion, a year-over-year decrease of 5.4%, surpassing the analysts' average estimate of $1.08 billion; earnings per share were $0.36, an increase of 12.5% year-over-year, but below the analysts' average estimate of $0.90; adjusted gross margin was 69%. CEO Jacob Thaysen stated, "Consumables sales remain robust as customers continue to ramp up testing activities, but instrument demand has slowed somewhat in a tight funding environment."

The company expects Core Illumina revenue to decline 2% to 3% year-over-year, compared with a previous forecast for flat full-year sales in that segment. The company forecasts adjusted earnings between $3.80 and $3.95 per share, versus the analysts’ expectations of $3.91.