SAN DIEGO - Illumina Inc. (NASDAQ:ILMN) reported third quarter earnings that beat analyst estimates, but shares fell 5.8% in after-hours trading as the company's fourth quarter revenue guidance came in below expectations.
The genetic sequencing company posted adjusted earnings per share of $1.14, surpassing the consensus estimate of $0.88. Revenue for the quarter was $1.08 billion, in line with analyst projections.
However, Illumina's outlook for the fourth quarter disappointed investors. The company expects Q4 revenue of approximately $1.07 billion, below the $1.15 billion analysts were forecasting.
For the full year 2024, Illumina lowered its revenue guidance, now expecting Core Illumina revenue to decline about 3% compared to fiscal 2023. The company cited a constrained near-term macroeconomic environment for the reduced outlook.
"The underlying demand for Illumina's products and applications remains strong and we are demonstrating significant progress in driving margin and earnings expansion," said CEO Jacob Thaysen.
On a positive note, Illumina raised its full-year adjusted earnings per share guidance to a range of $4.05 to $4.15, above the consensus of $3.91.
The company also announced it is increasing its Core Illumina non-GAAP operating margin guidance for fiscal 2024 to a range of 21% to 21.5%.
Illumina's third quarter revenue of $1.08 billion represented a 2% YoY decline. The company said its NovaSeq X sequencing system continues to see strong customer adoption.
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