Illumina (ILMN) Lowers Q2 Revenue Guidance, Citing Array Shortfall

July 1, 2009 4:04 PM EDT

Illumina Inc. (Nasdaq: ILMN) sees second quarter revenue of approximately $161 million compared to guidance of $168 to $173 million. The Wall Street consensus is $172.55 million.

Illumina said lower than expected revenue relative to the first quarter was a direct result of a shortfall in their array business.

Illimina said the following factors resulted in a sequential revenue decline in arrays:

• Customers delaying the start of new Genome Wide Association studies in anticipation of new, rare variant content arrays;
  
• The impact of reduced foundation funding in a few key accounts; and
  
• Order delays directly related to stimulus funding under the American Recovery & Reinvestment Act (ARRA).

Illumina is resetting their fiscal 2009 outlook to the original range provided entering the year of $690 to $720 million, versus the consensus of $717.3 million.

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