Illumina disappointed with Q2 performance – Business Weekly

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Genome sequencing giant Illumina, which has major operations at Granta Park in Cambridge, boosted Q2 revenue by three per cent to $1.16 billion but the results failed to meet its expectations for a number of macro-economic reasons.
The company expects 2022 full year revenue to grow between 4-5 per cent on last year but bemoans what it calls the ongoing negative impact of foreign exchange rates, customer lab expansion delays and macroeconomic-driven conservatism around immediate capital and inventory commitments –including in Greater China.
The Q2 performance includes consolidated financial results for GRAIL, which was acquired for $8 billion a year ago. GRAIL is a healthcare company focused on life-saving early detection of multiple cancers.
Illumina chief executive Francis deSouza said: “Our second quarter results did not meet our expectations as challenges in a complex macroeconomic environment more than offset the growth we continue to see in sequencing runs on our platforms. 
“As we strategically navigate these dynamics we continue to advance our innovation roadmap in support of our long-term growth trajectory. At our upcoming Illumina Genomics Forum and Investor Day events, we look forward to showcasing our breakthrough technologies that demonstrate the power and potential of genomics.”
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