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If you look closely at Thursday’s bad news from Illumina (ILMN), the multibillion-dollar standard-bearer of the genomics industry, you might see a worrisome sign.

Illumina missed its quarterly revenue expectations and slashed its full-year sales guidance by more than 50%, a shocking turn that sent its stock price down about 20%. And the details are interesting: Illumina still expects its core sequencing business to grow about 10% in 2019, but its array services — driven by direct-to-consumer demand — are now expected to fall by 14% on weak demand.

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