Illumina Inc Stock Price, News & Analysis

Illumina reported Q3 2022 revenue of $1.12 billion, a 1% increase year-over-year. The company incurred a GAAP diluted loss per share of $(24.26), driven by a $3.91 billion goodwill impairment related to the GRAIL segment. Non-GAAP diluted EPS stood at $0.34, down from $1.45 in Q3 2021. For fiscal 2022, the company expects overall revenue growth to be flat to 1% higher and anticipates a GAAP diluted loss per share between $(26.56) and $(26.41). Innovation continues with 50 orders for the new NovaSeq X.

Anavasi Diagnostics, a medical technology firm, has elected three new board members: Bryan Crane, PhD, from Illumina, Arthur Kirsch from Liquidia Corp, and David Vied from Cyanotech Corporation. This expansion aims to leverage their extensive industry experience to enhance Anavasi's growth as it progresses through clinical trials and product development. Nelson Patterson, CEO, expressed optimism about the fresh perspectives these members will bring. Anavasi has secured $6 million in seed funding and is currently in a $20 million Series A fundraising round.

Twist Bioscience Corporation (NASDAQ: TWST) and Illumina, Inc. (NASDAQ: ILMN) announced a partnership to enhance research capabilities with the co-branded Twist® for Illumina® Exome 2.0 Plus panel. Twist will manufacture the panel, which features high uniformity, low off-target rates, and is designed for Illumina sequencers. This collaboration aims to provide a market-leading exome panel, facilitating improved customer access to advanced genomic solutions. Both companies are recognized as leaders in genomics and next-generation sequencing.

Illumina (NASDAQ: ILMN) launched the Urinary Pathogen Infectious Disease/Antimicrobial Resistance (ID/AMR) Panel (UPIP) on Nov. 1, 2022, utilizing precision metagenomics to identify over 170 pathogens and 3700 AMR markers within 48 hours. This panel addresses urgent public health needs, as urinary tract infections (UTIs) lead to 10 million office visits and 1 million hospitalizations annually in the U.S. UPIP enhances infection detection without traditional culture methods, positioning Illumina as a leader in combating antimicrobial resistance and supporting global health preparedness.

Illumina and GenoScreen have formed a partnership aimed at combating multidrug-resistant tuberculosis (MDR-TB) globally. This collaboration will enhance the detection capabilities of countries heavily affected by TB, aligning with the World Health Organization's goal to eliminate the disease by 2035. The partnership involves the integration of Illumina's sequencing products with GenoScreen's Deeplex Myc-TB assay, allowing for rapid identification of anti-TB drug resistance. Currently, less than half of MDR-TB cases are detected, highlighting the critical need for improved testing methods.

Illumina announced a strategic research collaboration with AstraZeneca on October 11, 2022, aimed at accelerating drug target discovery by leveraging AI capabilities and genomic analysis. The partnership seeks to combine Illumina's AI-based tools with AstraZeneca's frameworks to enhance the precision of drug candidate identification. Joydeep Goswami highlighted the potential to prioritize candidates with higher approval prospects. The initiative focuses on analyzing multi-omics data and could pave the way for a long-term partnership based on its success.

Illumina (NASDAQ: ILMN) will release its third quarter 2022 financial results on November 3, 2022, after market close. The conference call for discussion will occur at 2:00 PM PT (5:00 PM ET) on the same day, hosted by CEO Francis deSouza and Interim CFO Joydeep Goswami. Investors can access the call via Illumina's investor website or by phone. A replay will be available for at least 30 days post-event. Illumina continues to lead in DNA sequencing and array-based technologies, supporting various health science applications.