Illumina (ILMN) Prelim. Q3 Revenue Misses Expectations; Guides Q4 Revenue Below Consensus

Illumina (NASDAQ: ILMN) announced estimated third quarter revenue of approximately $550 million, a 14% increase compared to $481 million in the third quarter of 2014 and 18% growth on a constant currency basis. This estimate, which is unaudited, is based on management's preliminary financial analysis.

*** The Street sees Q3 revenue of $570 million.

“Demand for sequencing consumables and the HiSeq family of instruments remained strong during the quarter, while instrument sales in the desktop family underperformed our expectations,” stated Jay Flatley, CEO. “Geographically, we were disappointed with instrument sales in Europe and continued weakness in the Asia-Pacific region. Despite this 3% shortfall to expectations, our competitive position and product development pipeline are as strong as ever. The new markets we are targeting are enormous, and will support significant revenue growth for Illumina in 2016 and beyond, consistent with our prior long-term guidance.”

Financial outlook and guidance

For fiscal 2015, the company now projects approximately 18% total revenue growth (21% on a constant currency basis, assuming current exchange rates) and fourth quarter revenue of approximately $570 million. Updated GAAP and non-GAAP EPS guidance will be provided when reporting third quarter results on October 20, 2015.

*** The Street is looking for Q4 revenue of $603 million.

Pre-Announcement Conference Call Details

A brief conference call to discuss preliminary third quarter results will be held today, October 5, 2015, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Interested parties may listen to the call by dialing 800-237-9752 (passcode: 47160581), or if outside North America by dialing +1-617-847-8706 (passcode: 47160581). Individuals may access the live teleconference in the Investor Relations section of Illumina’s web site under the “Company” tab at www.illumina.com.

A replay of the conference call will be available from 5:30 p.m. Pacific Time (8:30 p.m. Eastern Time) through October 12, 2015 by dialing 888-286-8010 (passcode: 61114080), or if outside North America by dialing +1-617-801-6888 (passcode: 61114080).

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