Drug Development

Illumina shares tank after sequencing giant falls short on revenue

francis-desouza

Illumina CEO Francis deSouza

Illumina CEO Francis deSouza got to start off his new job with the unenviable task of pre-reporting an ugly set of quarterly sales numbers.

The genomic sequencing giant $ILMN recorded a 26% decline in revenue from high throughput sequencing instruments, which matched the decline in its share value as investors got a chance to assess disappointing numbers that fell well short of expectations.

Illumina came up with a preliminary projection of $607 million in third quarter sales, which also fell behind its own, earlier projections of $625 to $630 million.

HiSeq 2500 and HiSeq 4000 orders in the Americas were lower than expected and we closed one less HiSeq X system deal than anticipated, resulting in a shipment figure of 26 X units during the quarter, deSouza told analysts in a short and sour call Monday evening.

The final numbers are still being crunched, but deSouza expects 4th quarter sales will be flat.

DeSouza, president for the past three years, took the helm from Jay Flatley last July. Flatley stepped up the ladder to executive chairman. The new CEO was admitted to MIT at the age of 16.


The best place to read Endpoints News? In your inbox.

Full-text daily reports for those who discover, develop, and market drugs. Join 17,000+ biopharma pros who read Endpoints News by email every day.

Free Subscription

EvaluatePharma World Preview 2017