San Diego medtech giant Illumina Inc. on Monday estimated third-quarter revenue of about $607 million, up 10 percent from the same period last year but short of Wall Street’s expectations.
The unaudited estimated is lower than the third-quarter revenue guidance of $625 million to $630 million.
The miss in quarterly revenue was driven by a larger than anticipated drop in high throughput sequencing instruments year-over-year, according to an Illumina news release. The company said it expects fourth-quarter revenue will be flat to slightly up, as a result.
The announcement came right at market close on the East Coast, but after-hours trading reflects a steep decline in stock price – down about 24 percent from $184.85 per share at close to $139.90 after hours.