NEW YORK – Illumina reported after the close of the market on Tuesday preliminary first quarter revenues of approximately $858 million. The firm also withdrew its full-year revenue guidance due to disruption from the COVID-19 pandemic.
The firm's revenues were up just over 1 percent year over year from $846 million in Q1 of 2019, beating the consensus Wall Street revenue estimate of $830 million. In a statement, Illumina said COVID-19 had disrupted sequencing system sales in the closing weeks of the quarter, but that strong sequencing consumables sales had "more than offset the impact."
"While our preliminary first quarter results were strong overall, we expect the second quarter to be significantly impacted by COVID-19-related disruption," Illumina CFO Sam Samad said in a statement. "We are confident that this is a temporary disruption that in no way alters the long-term trajectory of sequencing adoption and demand. That said, it is not possible at this time to forecast the severity and duration of this outbreak. As a result, we believe it is prudent at this time to withdraw our 2020 revenue and earnings per share guidance."
Earlier this year, Illumina had guided for 2020 revenue growth between 9 and 11 percent and first quarter revenues in the range of $850 million to $855 million.
In Wednesday morning trading on the Nasdaq, shares of Illumina were down 3 percent at $290.24.