Illumina Offers Beat-And-Raise As The Hunt For Covid Variants Intensifies

Illumina (ILMN) offered a beat-and-raise late Thursday as the genetic sequencing giant helps track the spread of Covid variants. But Illumina stock dipped in late action.




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During the second quarter, Illumina earned $1.87 per share, minus some items, on $1.13 billion in sales. Earnings popped nearly 202% while sales jumped 78% year over year. Both measures easily topped the average estimate of analysts polled by FactSet for $1.36 and $1.01 billion, respectively.

Revenue exceeded expectations across all geographies, Chief Executive Francis deSouza said in a written statement.

“Additionally, we are proud of the critical role that (next-generation sequencing) plays in identifying and monitoring Covid-19 variants to inform strategies to combat the pandemic,” he said. “As a result of the enduring strength of the core business, we are again raising our 2021 financial guidance.”

For the year, Illumina now expects to earn $6.30-$6.50 per share. The company also called for 32%-34% sales growth, or $4.28 billion to $4.34 billion. Illumina stock analysts expected earnings of $6 per share and $4.16 billion in sales.

In after-hours trading on the stock market today, Illumina stock dipped a fraction near 515. During the regular session, shares ticked up into a buy zone above a buy point at 488.10 out of a cup-with-handle base on the weekly chart, according to MarketSmith.com.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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William Murphy

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