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Final 12 months, we requested an enormous query in one in every of our year-end articles: Is It Lastly Time To Dump Illumina Inventory? The query got here up following a collection of administration missteps punctuated by the failed acquisition of GRAIL, a liquid biopsy firm, and an investor revolt led by Carl Icahn. The clincher for us as tech traders is the extended drought in income progress, as a result of we stay large believers within the general genomics sequencing funding theme. The sector underpins a lot of the innovation underway right now in healthcare, from gene-editing to customized drugs.
Earlier this month, on the forty second Annual J.P. Morgan Healthcare Convention on Jan. 9, Illumina introduced preliminary 2023 outcomes. As anticipated, income was flat (technically down 2%) at $4.5 billion, marking the second 12 months in a row of stalled progress. It’s additionally the second 12 months in a row that the corporate has posted a loss. Traders greeted the information with little fanfare, most likely ready for juicier particulars to emerge when Illumina releases its full report subsequent month.
Whereas Illumina (
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