By Kathryn Hardison

Shares of Illumina Inc. dropped 22% to $178.32 in after-hours buying and selling on Thursday after the corporate posted worse-than-expected outcomes for its second quarter and lowered its fiscal-year outlook.

The corporate swung to a lack of $535 million, or $3.40 a share, in comparison with a revenue of $185 million, or $1.26 a share, a yr in the past. Analysts polled by FactSet had been in search of a revenue of 36 cents per share.

Chief Govt Francis deSouza mentioned the corporate confronted macroeconomic challenges that greater than offset its development in sequencing runs on its platforms. It additionally noticed $609 million in authorized contingencies, together with an accrual of $453 million, for the potential high quality that the European Fee could impose on revenues associated to a latest settlement.

Illumina on Thursday guided for fiscal-year consolidated income development within the vary of 4% to five%. It additionally forecast a loss per share within the vary of $2.93 to $2.78 and adjusted earnings per share between $2.75 and $2.90 for the yr.

In Might, it mentioned it was in search of annual consolidated income development between 14% and 16%, in addition to earnings per share of $2.33 to $2.53. It additionally forecast adjusted earnings per share between $Four and $4.20.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

August 11, 2022 16:52 ET (20:52 GMT)

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