Stock Update (NASDAQ:ILMN): Illumina, Inc. Announces Preliminary Revenue for First Quarter of Fiscal Year 2016

Illumina, Inc. (NASDAQ:ILMN) announced estimated first quarter revenue of approximately $572 million, a 6% increase compared to $539 million in the first quarter of 2015 and 7% growth on a constant currency basis. This estimate, which is unaudited, is based on management’s preliminary financial analysis.

“Our first quarter results fell short of expectations largely due to lower than expected sales of HiSeq 2500, 3000 and 4000 instruments. Despite this slow start in Q1, we anticipate that our Americas and Asia Pacific regions will meet our expectations for the full year, but that Europe will underperform. As a result, we now project approximately 12% revenue growth for fiscal 2016,” stated Jay Flatley, Chairman and CEO. “Given the disappointing outlook in Europe, we have made management changes in the region and plan to implement a program of actions to achieve our goal of delivering the robust growth we believe the market can support.”

Financial outlook and guidance

Updated GAAP and non-GAAP EPS guidance will be provided when reporting first quarter results on May 3, 2016. (Original Source)

Shares of Illumina are falling nearly 20% to $142.20 in after-hours trading. ILMN has a 1-year high of $242.37 and a 1-year low of $130. The stock’s 50-day moving average is $159.69 and its 200-day moving average is $162.31.

On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on April 11, Piper Jaffray analyst William Quirk reiterated a Buy rating on ILMN, with a price target of $204, which implies an upside of 17.8% from current levels. Separately, on April 5, Leerink Swann’s Dan Leonard reiterated a Hold rating on the stock and has a price target of $175.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Quirk and Dan Leonard have a total average return of -0.4% and 3.0% respectively. Quirk has a success rate of 50.0% and is ranked #2548 out of 3795 analysts, while Leonard has a success rate of 53.8% and is ranked #1173.

Overall, 4 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $189.00 which is 9.1% above where the stock opened today.

Illumina, Inc. develops, manufactures and markets integrated systems for the analysis of genetic variation and function. The company provides sequencing and array-based solutions for genetic analysis in addition to selling products, it provide genotyping, NIPT and whole-genome sequencing services. 

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