Illumina Falls as Second-Quarter Revenue Misses Expectations

Shares of Illumina Inc. fell in late trading Tuesday after the gene-sequencing company’s second-quarter revenue missed analysts’ expectations.

Sales for the quarter were $539 million, San Diego-based Illumina said in a statement Tuesday, falling short of the $542 million average of analysts’ estimates compiled by Bloomberg. The company hadn’t fallen short of analysts’ sales expectations since the third quarter of 2009.

Shares fell 8.9 percent to $218.50 in late trading in New York. The company’s stock had gained 35 percent in the last 12 months as of Tuesday’s close.

Excluding one-time items, earnings per share were 80 cents, compared with the average analyst estimate of 77 cents.

Illumina makes gene-sequencing machines used by hospitals, researchers and pharmaceutical companies. Results of the tests are used to help develop new treatments as well as to analyze tumors that can be targeted by drugs.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE