Illumina plunges 8% on Q3 revenue miss & disappointing guidance

Illumina (NASDAQ:) shares dropped more than 8% after-hours following the company’s reported Q3 results and guidance cut.

EPS for the quarter came in at $0.33, better than the consensus estimate of $0.13, while revenues of $1.12 billion (down 5% year-over-year) missed the consensus of $1.13B.

“While the environment remains challenging, I am confident in our ability to navigate it and position the company for long-term success,” said CEO Jacob Thaysen, who started with Illumina on September 25, 2023.

For the fiscal 2023, the company anticipates EPS to be in the range of $0.60-$0.70, below the consensus estimate of $0.80.

2023 consolidated revenue is expected to decrease 2% to 3% from 2022, including Core Illumina revenue to decrease 3% to 4% and GRAIL revenue at the low end of the $90-$110 million range.