Why Illumina Stock Just Jumped 10%
Shares of Illumina (NASDAQ: ILMN) -- the self-proclaimed "global leader in DNA sequencing" -- were rocking Tuesday afternoon, up a solid 9.5% at 12:15 p.m. EDT after the company announced record orders and superb sales for the first quarter of 2021.
In yesterday's after-market announcement, Illumina told investors it expects to report $1.4 billion in orders, up 28% year over year; and $1.1 billion in first-quarter revenue, up 26% year over year. The company also updated full-year revenue guidance to predict that sales will grow between 25% and 28%.
Sales of sequencing instruments more than doubled in the first quarter, and sales of consumables used for running genome sequences on those instruments rose 25% in the quarter. Management said, "most customers are now [ordering consumables again] at or above pre-COVID activity levels." And it said the core business is "exceptionally strong and growing ahead of our expectations."
Source Fool.com
