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.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.