Illumina down 15% after hours on softer guidance

Illumina (NASDAQ:ILMN) slumps 15% after hours in reaction to its preliminary Q2 revenue, expected to be ~$835M, up less than 1% from a year ago ($830M) and below consensus of $888M. The less-than-expected growth was due to a large sequencing system order that failed to close, persistent weakness in the direct-to-consumer market and modest weakness in non-high-throughput systems.

As a result, management has lowered its 2019 revenue growth guidance to ~6% from 13 – 14%.

Sequencing revenue should grow ~10%, but its array business will be down ~14%. NovaSeq system shipments will be flat/slightly up from a year ago.

Its Q2 earnings call will be after the close on Monday, July 29.

https://seekingalpha.com/news/3477256-illumina-15-percent-hours-softer-guidance