Illumina (NASDAQ:ILMN) Updates FY 2024 Earnings Guidance

Illumina (NASDAQ:ILMN) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 4.050-4.150 for the period, compared to the consensus earnings per share estimate of 3.820. The company issued revenue guidance of $4.3 billion-$4.3 billion, compared to the consensus revenue estimate of $4.4 billion. Illumina also updated its FY24 guidance to $4.05 to $4.15 EPS.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ILMN. Scotiabank dropped their target price on Illumina from $176.00 to $164.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 15th. HSBC raised shares of Illumina from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Thursday, October 17th. Robert W. Baird raised their price target on shares of Illumina from $119.00 to $124.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Barclays upped their price objective on Illumina from $125.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. cut their target price on shares of Illumina from $130.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Illumina presently has an average rating of “Moderate Buy” and a consensus target price of $155.50.

Illumina Stock Performance

Shares of NASDAQ:ILMN traded up $3.73 on Monday, reaching $153.49. The company’s stock had a trading volume of 4,158,787 shares, compared to its average volume of 1,996,650. Illumina has a 52-week low of $89.00 and a 52-week high of $155.37. The stock has a market capitalization of $24.45 billion, a P/E ratio of -7.82 and a beta of 1.13. The stock’s 50-day moving average is $135.93 and its two-hundred day moving average is $122.39. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.11 and a quick ratio of 0.86.

Illumina (NASDAQ:ILMN) last posted its quarterly earnings data on Tuesday, August 6th. The life sciences company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.12 by $0.24. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.09 billion. Illumina had a positive return on equity of 3.08% and a negative net margin of 68.73%. The firm’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. As a group, sell-side analysts forecast that Illumina will post 3.63 EPS for the current year.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.