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Illumina Q3 Profit Beats Street View, But Cuts FY Outlook

Illumina, Inc. (ILMN) Thursday reported third-quarter net loss of $3.82 billion or $24.26 per share, compared to net income of $317 million or $2.08 per share last year.

Adjusted income for the quarter dropped to $54 million or $0.34 per share from $221 million or $1.45 per share last year.

Revenues for the quarter were $1.115 billion, compared to $1.108 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.30 per share on revneues of $1.11 billion for the quarter. Analysts' estimates typically exclude one-time items.

Looking forward, the company now expects consolidated revenue to be flat to 1% higher compared to fiscal year 2021. The company expects loss per share of $26.56 to $26.41 and adjusted earnings per share of $2.35 to $2.50.

Analysts currently estimate earnings of $2.78 per share on revenues of $4.71 billion.

Previously, the company expected revenue growth of 4% to 5% for fiscal year 2022. Illumina earlier expected loss per share of $2.93 to $2.78 and adjusted earnings per share of $2.75 to $2.90.

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