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.
Financial Performance
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.
Revenue Growth
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.
Future Outlook
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.
Our Latest News
U.S. Stock Market Update
VinFast Auto surges, major stocks show gains, futures market rises, commodities fluctuate, and global markets positive
Consumers Increasing Credit Card Balances Instead of Opening New Cards
Average credit-card balances reached a record high, with consumers preferring to increase existing balances rather than open new cards. Other forms of debt also...
Thermo Fisher Scientific Stock Falls as Sales Miss Expectations
Thermo Fisher Scientific stock falls as sales miss expectations, blaming a challenging macroeconomic environment for downward guidance adjustment. Despite marke...