Illumina Forecasts Continued Sales Decline in 2024 Amid Weak Demand

Illumina anticipates a 2% to 3% decline in 2024 sales for its core products, citing reduced demand for genetic testing instruments due to economic factors like high interest rates and cautious spending by biotech companies. Despite steady consumable sales, instrument demand has weakened. Second-quarter revenue slightly surpassed analyst predictions, but adjusted earnings per share fell short of expectations. The company attributed the discrepancy to a goodwill impairment charge associated with the divestiture of its cancer diagnostics subsidiary, Grail.