Illumina Inc. fell as much as 16% in late trading after saying this year’s profit will be lower than analysts expected.
(Bloomberg) — Illumina Inc. fell as much as 16% in late trading after saying this year’s profit will be lower than analysts expected.
The genomics company expects to earn $1.25 to $1.50 a share in 2023, and revenue to reach $4.9 billion to $5 billion, according to a presentation Chief Executive Officer Francis deSouza gave Monday at the JPMorgan Healthcare Conference in San Francisco. Analysts were expecting the company to make $2.99 a share in 2023, according to estimates compiled by Bloomberg.
The sales outlook is in line with expectations but the 2023 profit figures are “disappointing,” said Jonathan Palmer, an analyst at Bloomberg Intelligence. Illumina also said its operating margin would likely reach about 8% during the period.
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