Illumina Tanks 13% As Q2 Results Miss Estimates

(RTTNews) - Shares of Illumina Inc. (ILMN) slipped more than 13% in after-hours trading after the biotech company reported a second-quarter results that fell short of Wall Street expectations, hurt largely pandemic-related disruptions.

Second-quarter net income was $47 million or $0.32 per share, compared to $296 million or $1.99 per share last year.

Adjusted income for the quarter was $92 million or $0.62 per share, compared to $200 million or $1.35 per share last year.

Revenues for the quarter dropped 25% to $633 million from $838 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.67 per share on revenues of $679.56 million for the quarter.

"As expected, the second quarter was significantly impacted by pandemic-related disruption in our customers' operations and was particularly challenging for many of our research customers who remain closed or operating at limited scale," said Francis deSouza, President and CEO. "It is clear that the role of genomics in infectious disease will continue to grow through and beyond this pandemic."

ILMN closed Thursday's trading at $399.33, down $1.41 or 0.35%, on the Nasdaq. The stock further dropped $52.45 or 13.13% in the after-hour trading.