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Illumina (ILMN) Shares Down 1.2% Post Preliminary Q4 Results
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Illumina, Inc. (ILMN - Free Report) announced preliminary financial results for fourth-quarter and full-year 2023 on Jan 9. Following this release, shares of the company lost 1.2% till the last trading session on Jan 12.
The company is scheduled to release fourth-quarter results on Feb 8, after the closing bell.
Prelim Q4 in Detail
Per the preliminary release, fourth-quarter 2023 consolidated revenues are likely to be $ $1,115 million, up 3% year over year. The Zacks Consensus Estimate is pegged at $1.10 billion.
Core Illumina revenues are expected to be $1,090 million for the fourth quarter, up 2% year over year.
The company shipped 79 NovaSeq X instruments in the fourth quarter.
Full-Year Prelim Results
Per Illumina, its full-year consolidated revenues are likely to be $4,497 million, down 2% compared with the comparable 2022 figures. The Zacks Consensus Estimate is pegged at $4.62 billion.
Core Illumina revenues are expected to be $4,431 million for the full year, down 3% compared with the comparable 2022 figures.
The company shipped 352 instruments in the full year.
A Brief Q4 Analysis
On third-quarter 2023 earnings call in November 2023, management had sounded cautious about the macroeconomic environment. Per them, it remained challenging for Illumina’s industry and its customers, with customers being increasingly cautious and constrained in their purchasing decisions. This is likely to have weighed on the company’s fourth-quarter results.
We also anticipate the decline in Illumina’s business in China to have continued in the fourth quarter, thereby further denting its revenues.
Last month, Illumina announced its decision to divest GRAIL. In November, the company announced a new generation of its distributed liquid biopsy assay for genomic profiling, TruSight Oncology 500 ctDNA v2 (TSO 500 ctDNA v2). These raise our optimism about the stock.
Price Performance
Shares of the company have gained 2.1% between Oct 2 and Dec 31, 2023, compared with the industry’s 9.1% rise and the S&P 500’s 10.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Illumina carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the last trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 10.2% compared with the industry’s 12.3% rise between Oct 2 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 12.9% compared with the industry’s 2.3% rise between Oct 2 and Dec 31, 2023.
Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.3%. CAH’s earnings surpassed estimates in each of the last trailing four quarters, with the average surprise being 15.7%.
Cardinal Health has gained 16.7% compared with the industry’s 2.3% rise between Oct 2 and Dec 31, 2023.
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Illumina (ILMN) Shares Down 1.2% Post Preliminary Q4 Results
Illumina, Inc. (ILMN - Free Report) announced preliminary financial results for fourth-quarter and full-year 2023 on Jan 9. Following this release, shares of the company lost 1.2% till the last trading session on Jan 12.
The company is scheduled to release fourth-quarter results on Feb 8, after the closing bell.
Prelim Q4 in Detail
Per the preliminary release, fourth-quarter 2023 consolidated revenues are likely to be $ $1,115 million, up 3% year over year. The Zacks Consensus Estimate is pegged at $1.10 billion.
Core Illumina revenues are expected to be $1,090 million for the fourth quarter, up 2% year over year.
The company shipped 79 NovaSeq X instruments in the fourth quarter.
Full-Year Prelim Results
Per Illumina, its full-year consolidated revenues are likely to be $4,497 million, down 2% compared with the comparable 2022 figures. The Zacks Consensus Estimate is pegged at $4.62 billion.
Core Illumina revenues are expected to be $4,431 million for the full year, down 3% compared with the comparable 2022 figures.
The company shipped 352 instruments in the full year.
A Brief Q4 Analysis
On third-quarter 2023 earnings call in November 2023, management had sounded cautious about the macroeconomic environment. Per them, it remained challenging for Illumina’s industry and its customers, with customers being increasingly cautious and constrained in their purchasing decisions. This is likely to have weighed on the company’s fourth-quarter results.
We also anticipate the decline in Illumina’s business in China to have continued in the fourth quarter, thereby further denting its revenues.
Last month, Illumina announced its decision to divest GRAIL. In November, the company announced a new generation of its distributed liquid biopsy assay for genomic profiling, TruSight Oncology 500 ctDNA v2 (TSO 500 ctDNA v2). These raise our optimism about the stock.
Price Performance
Shares of the company have gained 2.1% between Oct 2 and Dec 31, 2023, compared with the industry’s 9.1% rise and the S&P 500’s 10.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, Illumina carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.3%. DVA’s earnings surpassed estimates in each of the last trailing four quarters, with the average surprise being 36.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 10.2% compared with the industry’s 12.3% rise between Oct 2 and Dec 31, 2023.
Merit Medical, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 11.5%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, with the average being 14.4%.
Merit Medical has gained 12.9% compared with the industry’s 2.3% rise between Oct 2 and Dec 31, 2023.
Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15.3%. CAH’s earnings surpassed estimates in each of the last trailing four quarters, with the average surprise being 15.7%.
Cardinal Health has gained 16.7% compared with the industry’s 2.3% rise between Oct 2 and Dec 31, 2023.