Illumina shares jumped 6% in morning trading. Illumina issued a 2022 revenue outlook that exceeded consensus analysts’ estimates, noting strong demand for its gene sequencing treatments as well as new partnerships with four health care companies.
At the J.P. Morgan Healthcare Conference, Illumina Inc said it expects about $4.517 billion, +39% Y/Y in 2021 revenue after the company logged the highest number of international product shipments in its history, said CEO Francis deSouza during a presentation.
- Illumina projected sales of $5.15 billion - $5.24 billion for FY22, as global demand continues to rise.
- New Products and Partnerships: The Company unveiled plans for developing long-read DNA sequencing capabilities for its current installed base of about 20,000 machines.
- Infinity, the updated library prep system, will aim to deliver contiguous data up to 10 kilobase pairs in length to help sequence the remaining 5% of the genome.
- DeSouza also raised the curtain on a new Illumina project dubbed Chemistry X, which he described as a ground-up redevelopment of the company's reagents, dyes, and polymerases.
- The ultimate goal is to sequence a human genome for less than $100 while being faster and more accurate.
- Illumina has already begun setting up a new large-scale manufacturing facility, deSouza said, and has slated Chemistry X to serve as the foundation for all of the company's future platforms.
- Partnerships: Illumina will work to develop multiple companion diagnostic tests for Boehringer Ingelheim's cancer therapy pipeline linked to a planned clinical, comprehensive tumor sequencing test built off of its research-use-only TruSight Oncology 500 assay.
- At the same time, it will work with Agendia Inc to make sure its breast cancer tests are compatible with Illumina sequencers, allowing for diagnostic screening to be performed in-house at any equipped hospital lab.
- Price Action: ILMN shares are up 4.89% at $380 during the premarket session on the last check Tuesday.