Illumina Inc Stock Price, News & Analysis

Illumina executives will participate in the Bank of America 2021 Healthcare Conference on May 13, 2021. The fireside chat is scheduled for 11:45 am PT / 2:45 pm ET. Investors can access the live webcast via the Investor Info section of Illumina's website. Recordings will be available for at least 30 days post-event. Illumina continues to be a leader in DNA sequencing and array-based technologies, supporting advancements in life sciences, oncology, reproductive health, and agriculture.

Illumina (NASDAQ: ILMN) has filed a request with the General Court of the European Union to annul the European Commission's jurisdiction decision regarding its acquisition of GRAIL. This review was initiated by the Commission on April 19, 2021, seven months post-announcement. Illumina's General Counsel criticized this decision as unprecedented, asserting it could hinder innovation and inflate healthcare costs by delaying access to GRAIL's testing solutions. The company aims to resolve the review quickly while continuing to engage with the Commission.

Illumina reported a strong first quarter of 2021, achieving record revenue of $1,093 million, a 27% increase year-over-year. GAAP net income was $147 million or $1.00 per diluted share, down from $173 million or $1.17 per diluted share in the previous year. Non-GAAP net income was $278 million or $1.89 per diluted share, up from $243 million or $1.64 per diluted share. The company projects 2021 revenue growth of 25% to 28% and GAAP EPS guidance of $4.72 to $4.97. Gross margin decreased to 69.9% from 72.1% last year, while R&D and SG&A expenses rose significantly.

Illumina and Kartos Therapeutics have formed a partnership to co-develop a TP53 companion diagnostic based on Illumina’s TruSight™ Oncology 500 (TSO 500). This diagnostic will be the first to utilize TSO 500 with peripheral whole blood and will focus on multiple hematologic indications. The collaboration aims to enhance cancer diagnostics and precision medicine, particularly in blood cancers. TSO 500 is a pan-cancer assay that identifies key tumor biomarkers, and an in vitro diagnostic (IVD) test will be added to its portfolio.

Illumina (NASDAQ: ILMN) disputes the European Commission's review of its acquisition of GRAIL, aimed at enhancing early cancer detection. The company believes the review lacks jurisdiction and is committed to finalizing the acquisition, which is expected to expedite access to GRAIL's multi-cancer early detection tests. CEO Francis deSouza emphasized the potential for saving lives through this merger, leveraging Illumina's manufacturing and regulatory expertise to improve patient outcomes.

Illumina (NASDAQ: ILMN) announced preliminary revenue for Q1 2021, expecting approximately $1,085 million, a 26% increase from $859 million in Q1 2020. This growth led to an updated fiscal year 2021 revenue guidance of 25%-28% growth year-over-year. The increase was driven by record orders of $1.4 billion and significant growth in sequencing revenue (28%) and consumables (25%). The company highlighted strong demand due to the effectiveness of its technology in COVID-19 surveillance.

Illumina (NASDAQ: ILMN) announced its opposition to the FTC's challenge regarding its acquisition of GRAIL, aimed at enhancing early cancer detection. The acquisition could expedite the adoption of GRAIL's Galleri test, which screens for over 50 cancers. Currently, 71% of deadly cancers lack screening tests, emphasizing the importance of GRAIL's breakthrough. Illumina's CEO, Francis deSouza, affirmed the commitment to improve cancer detection, and the merger will enable quicker access to the test for patients globally. Illumina aims to uphold competitive pricing and access in the sequencing market.

Illumina (NASDAQ: ILMN) announces Jay Flatley’s resignation from the Board of Directors, with John W. Thompson set to be the new Chair effective May 26, 2021. Flatley reflects on his 22-year tenure and the company's accomplishments in next-generation sequencing. Thompson, a Board member since 2017, brings extensive experience, including his role as Chair of Microsoft’s Board. Both leaders express optimism about the future of Illumina, focusing on innovation and opportunities for growth in improving human health through advanced technology.