Illumina shares fall as company cuts forecasts

Shares of Illumina Inc.
ILMN,
-3.36%
fell after hours on Thursday after the maker of DNA-sequencing technology cut its full-year sales and profit outlook. The company said it now expected full-year sales to fall 2% to 3%, compared with a forecast in August for around 1% growth, and an adjusted per-share profit of 60 to 70 cents, lower than prior expectations for 75 cents to 90 cents a share. Shares fell 8.9% after hours. For the third quarter, the company reported adjusted earnings per share of 33 cents, on revenue of $1.12 billion, which was flat compared to the same quarter last year. Analysts polled by FactSet expected adjusted earnings per share of 13 cents, on revenue of $1.13 billion. New Chief Executive Jacob Thaysen said the economic backdrop “remains challenging.” Illumina reported after U.S. regulators and the EU ordered the company to divest cancer-detection test maker GRAIL, which Illumina bought in 2021, amid competition concerns. Management said it had “retained advisors and preparing for sale and capital markets transaction options for GRAIL.”