JHVEPhoto/iStock Editorial via Getty Images Illumina ( NASDAQ: ILMN ) on Tuesday unveiled a new strategy going forward to aims to cut costs, boost sales growth, and a focus on streamlining DNA sequencing and analysis. The company sees $200M in cost reductions going forward. In addition, it aims at 8%-9% sales growth and boosting revenue to high single-digit growth by 2027.
This includes double-digit to teens non-GAAP diluted earnings per share growth from 2025-2027. In a presentation , Illumina said the growth will come from multiomics, as well as services, data, and software businesses. In addition, it projects a larger customer base, higher intensity sequencing, and greater NovaSeq X sequencing system use.
Despite the new strategy, Illumina shares are down ~6% in early afternoon trading More on Illumina Illumina, Inc. (ILMN) Q2 2024 Earnings Call Transcript Illumina: Strengthening Competitive Position, Relevance And A Very Compelling Valuation Illumina: Marriage Made In Hell Is (Finally) Over - Assessing Impact Of GRAIL Spin-Out Illumina Non-GAAP EPS of $1.09 beats by $0.
19, revenue of $1.09B in-line Illumina Q2 2024 Earnings Preview.
