Francis deSouza, Illumina CEO (Photographer: Kyle Grillot/Bloomberg via Getty Images)

Af­ter a bad quar­ter, Il­lu­mi­na fo­cus­es on new DNA se­quenc­ing plat­form

Il­lu­mi­na on Tues­day re­port­ed a steep drop in quar­ter­ly rev­enue and in 2022, the com­pa­ny took a charge of $3.91 bil­lion to write down the val­ue of its ac­qui­si­tion of the can­cer test­ing firm Grail. De­spite a bad quar­ter, Il­lu­mi­na ex­pects its new DNA se­quencer will lead to sol­id growth this year.

The San Diego-based com­pa­ny post­ed fourth-quar­ter rev­enue of $1.08 bil­lion, down 10% from the same pe­ri­od the pri­or year, cit­ing dis­rup­tions from Covid-19 lock­downs in Chi­na and less test­ing of the virus. Il­lu­mi­na said in­ter­est in its No­vaSeq X plat­form — which will de­but this quar­ter, with the ex­pec­ta­tion that it could low­er the cost of DNA se­quenc­ing to $100 per genome — should pro­pel the com­pa­ny to 7% to 10% rev­enue growth in 2023.

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