Illumina disappointed after disappointing revenue forecast and first sale

• Shares of Illumina fell early Friday after issuing a disappointing revision of its guidance for the year and a downgraded rating of Bank of America Merrill Lynch.
• The bank lowered its price target by more than 18% and awarded the stock its first "underperformance" rating since March.
• The genetics company said it expects a turnover of about $ 835 million in the second quarter, well below consensus of $ 887.9 badysts.
• Watch the Illumina trade live here.

Illumina shares fell more than 16% early in the session on Friday after the company lowered its guidance for the full year and reported on the second quarter results. discouraging.

The news was followed by a downgrade on Friday morning of Bank of America Merrill Lynch, which gave the genetics company its first underperforming rating since March. The bank also lowered the stock price target from $ 355 to $ 290, implying a 20% decrease from Thursday's $ 363.66 close. The average price goal of Illumina is $ 341.57.

The company announced Thursday it announced a business turnover of about 835 million US dollars in the second quarter, which is lower than consensus forecasts set by badysts, who set to 887, $ 9 million, according to Sentieo estimates.

Illumina also trimmed its outlook for the year and announced revenue growth of around 6%, well below its previous estimate of 13% to 14% growth in 2019.

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"We are obviously disappointed with our second quarter financial results," said Francis deSouza, president and CEO of Illumina, in a statement. "Our preliminary badysis suggests that these challenges are transient and do not reflect a global change in the fundamentals of our business"

"Despite our shortfall this quarter, we remain as enthusiastic as ever before the long-term growth prospects of our markets, and we are determined to set the bar for the sector in terms of consistency and execution in the future. dynamic genomic world. "

Illumina will announce its second quarter results on July 29th.