* Sees Q2 revenue about $161 million
* Forecast for Q2 rev was $168-$173 mln
* Says resetting FY09 rev view to $690-$720 mln
* Shares down 21 percent
(Recasts, adds details)
July 1 Illumina Inc (ILMN.O) reported a
lower-than-expected second-quarter revenue as customers delayed
purchase of its arrays, and cut its 2009 revenue view, sending
its shares tumbling 21 percent after the bell.
The company cited the impact of reduced foundation funding
in a few key accounts and order delays tied to stimulus funding
under the American Recovery & Reinvestment Act, for the lower
Illumina expects the academic and research stimulus funding
to have a positive impact in fourth quarter and in 2010, but
not in the short term.
"The program has caused order delays as customers wait to
learn whether and to what extent they will receive incremental
funding," the company said in a statement.
Illumina, which makes tools for genetic analysis, said the
delay in purchase decision by its customers has reduced revenue
by about $10 million to $15 million in the first half of 2009.
The life sciences tools maker reported preliminary revenue
of about $161 million for the second quarter and lowered its
2009 revenue outlook to a range of $690 million to $720
In April, Illumina raised its 2009 revenue forecast to $700
million to $720 million.
For the second quarter, analysts were expecting the company
to post revenue of $172.6 million, according to Reuters
Estimates. The company had forecast revenue of $168 million to
$173 million for the quarter.
Analysts were expecting 2009 revenue of about $717.7
Illumina shares were down 21 percent at $30.78 in
after-hours trade, after closing at $38.94 Wednesday on Nasdaq.
Shares of rival Life Technologies Corp (LIFE.O) were down about
(Reporting by Anuradha Ramanathan in Bangalore; Editing by
Ratul Ray Chaudhuri)