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Illumina (ILMN) Expands Presence in India With New Facility
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Illumina, Inc. (ILMN - Free Report) recently opened a new office and a state-of-the-art Solutions Center in Bengaluru, India. The expansion builds on the 16-year collaboration with Premas Life Sciences, Illumina’s channel partner in India, with whom the company will continue to work to grow the genomics market in the country.
Illumina’s enhanced presence in India, which boasts a population of more than 1.4 billion, will open doors to new opportunities for advancing health care and combating the effects of climate change in South Asia.
News in Detail
The new Illumina Solutions Center in Bengaluru features a fully equipped laboratory with the latest Next-Generation Sequencing (“NGS”) and array technologies. The facility is fully resourced with field applications and service engineers to offer Illumina's partners and customers broad genomics capabilities. In addition, it will support ILMN's growing number of channel partners in the region, arranging for training and education to increase local technical expertise and access to genomics.
Image Source: Zacks Investment Research
The prevalence of Tuberculosis (“TB”) disease in India has been widely concerning, which accounts for nearly 30% of 500,000 new cases of TB detected each year. Over the last seven years, Illumina has supported TB surveillance in India through the FIND Seq&Treat project, which aims to increase the uptake of NGS for affordable, scalable and rapid TB drug-susceptibility testing.
The company also lent its support for initiatives to increase access to sequencing capability in India, including philanthropic funding with the Bill & Melinda Gates Foundation and the Rockefeller Foundation to support COVID-19 surveillance.
More in the News
Expanding its physical presence in India with a permanent facility is a notable move in Illumina’s 25th anniversary year. Being part of the country’s vibrant biotech ecosystem with skilled labor, strong R&D resources and supportive government policies are likely to drive the further adoption of genomics to transform human health, particularly in oncology and infectious disease.
Industry Prospects
Per a Research report, the global genomics market was valued at $28.09 billion in 2022 and is expected to witness a CAGR of 16.5% by 2030.
Recent Developments
Last month, Illumina announced a strategic partnership with Pillar Biosciences Inc. to commercially avail of Pillar's suite of oncology assays worldwide as part of the Illumina portfolio of oncology products. Pillar's targeted assays help oncologists and researchers identify mutations that drive tumor growth.
Earlier in June 2023, the company announced the new PrimateAI-3D, an AI algorithm that predicts with unprecedented accuracy disease-causing genetic mutations in patients. The latest advancement will be made broadly available to the genomics community integrated across Illumina Connected Software.
Price Performance
In the past six months, ILMN shares have decreased 21.1% compared with the industry’s decline of 12.2%.
Zacks Rank and Key Picks
Illumina currently carries a Zacks Rank #3 (Hold).
Haemonetics’ stock has risen 11.2% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and $3.96 to $4.07 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 174.2% in the past year against the industry’s decline of 5.3%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s 2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 23.7% in the past year against the industry’s fall of 5.1%.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.
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Illumina (ILMN) Expands Presence in India With New Facility
Illumina, Inc. (ILMN - Free Report) recently opened a new office and a state-of-the-art Solutions Center in Bengaluru, India. The expansion builds on the 16-year collaboration with Premas Life Sciences, Illumina’s channel partner in India, with whom the company will continue to work to grow the genomics market in the country.
Illumina’s enhanced presence in India, which boasts a population of more than 1.4 billion, will open doors to new opportunities for advancing health care and combating the effects of climate change in South Asia.
News in Detail
The new Illumina Solutions Center in Bengaluru features a fully equipped laboratory with the latest Next-Generation Sequencing (“NGS”) and array technologies. The facility is fully resourced with field applications and service engineers to offer Illumina's partners and customers broad genomics capabilities. In addition, it will support ILMN's growing number of channel partners in the region, arranging for training and education to increase local technical expertise and access to genomics.
Image Source: Zacks Investment Research
The prevalence of Tuberculosis (“TB”) disease in India has been widely concerning, which accounts for nearly 30% of 500,000 new cases of TB detected each year. Over the last seven years, Illumina has supported TB surveillance in India through the FIND Seq&Treat project, which aims to increase the uptake of NGS for affordable, scalable and rapid TB drug-susceptibility testing.
The company also lent its support for initiatives to increase access to sequencing capability in India, including philanthropic funding with the Bill & Melinda Gates Foundation and the Rockefeller Foundation to support COVID-19 surveillance.
More in the News
Expanding its physical presence in India with a permanent facility is a notable move in Illumina’s 25th anniversary year. Being part of the country’s vibrant biotech ecosystem with skilled labor, strong R&D resources and supportive government policies are likely to drive the further adoption of genomics to transform human health, particularly in oncology and infectious disease.
Industry Prospects
Per a Research report, the global genomics market was valued at $28.09 billion in 2022 and is expected to witness a CAGR of 16.5% by 2030.
Recent Developments
Last month, Illumina announced a strategic partnership with Pillar Biosciences Inc. to commercially avail of Pillar's suite of oncology assays worldwide as part of the Illumina portfolio of oncology products. Pillar's targeted assays help oncologists and researchers identify mutations that drive tumor growth.
Earlier in June 2023, the company announced the new PrimateAI-3D, an AI algorithm that predicts with unprecedented accuracy disease-causing genetic mutations in patients. The latest advancement will be made broadly available to the genomics community integrated across Illumina Connected Software.
Price Performance
In the past six months, ILMN shares have decreased 21.1% compared with the industry’s decline of 12.2%.
Zacks Rank and Key Picks
Illumina currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Haemonetics (HAE - Free Report) , Quanterix (QTRX - Free Report) and SiBone (SIBN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Haemonetics’ stock has risen 11.2% in the past year. Earnings estimates for Haemonetics have increased from $3.56 to $3.74 in 2023 and $3.96 to $4.07 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.39%. In the last reported quarter, it posted an earnings surprise of 38.16%.
Estimates for Quanterix’s 2023 loss per share have narrowed from $1.19 to 97 cents in the past 30 days. Shares of the company have increased 174.2% in the past year against the industry’s decline of 5.3%.
QTRX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 30.39%. In the last reported quarter, it posted an earnings surprise of 55.56%.
Estimates for SiBone’s 2023 loss have narrowed from $1.42 to $1.27 per share in the past 30 days. Shares of the company have increased 23.7% in the past year against the industry’s fall of 5.1%.
SIBN’s earnings beat estimates in all the trailing four quarters, the average surprise being 20.37%. In the last reported quarter, SiBone delivered an earnings surprise of 26.83%.