Illumina, a leading gene-sequencing company, has announced a narrower loss in the second quarter of the year. This positive outcome is primarily attributed to stronger sales of its new product, NovaSeq X.
The San Diego-based company reported a loss of $234 million, or $1.48 per share, in Q2, compared to a loss of $535 million, or $3.40 per share, during the same period last year. This result surpassed analysts' expectations of per-share losses of $1.51. Adjusting for certain one-time items, Illumina recorded earnings per share of 32 cents, significantly higher than the estimated profit of 2 cents.
Illumina achieved a 1% increase in revenue, amounting to $1.18 billion in Q2. Analysts had projected revenue of $1.16 billion. These better-than-expected financial results can be attributed to the successful shipment of 109 NovaSeq X instruments during the quarter. This product was launched in September.
Charles Dadswell, Interim Chief Executive of Illumina, acknowledged that the company anticipates a decrease in revenue for the remainder of the year. The cautious spending behavior of consumers and a slower recovery in China are the main factors contributing to this forecasted decline.
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