Il­lu­mi­na slash­es out­look for 2023, two ex­ec­u­tives de­part

Il­lu­mi­na, the world’s largest DNA se­quenc­ing com­pa­ny, cut its sales fore­cast for 2023 as de­mand slumped in Chi­na, and al­so an­nounced that two ex­ec­u­tives will de­part.

In quar­ter­ly re­sults re­leased to­day, the San Diego-based com­pa­ny record­ed $1.18 bil­lion in rev­enue. It ex­pects a 1% in­crease in rev­enue in 2023 com­pared to the pri­or year, re­vis­ing down an ear­li­er 7% to 10% growth fore­cast.

The news comes as Il­lu­mi­na tries to find a new CEO and pres­sure mounts from in­vestors and an­titrust reg­u­la­tors. Il­lu­mi­na’s stock $ILMN fell 6% in af­ter-hours trad­ing.

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.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER