Shares of DNA sequencing company Illumina (NASDAQ:ILMN) surged over 8% today after the company announced impressive preliminary numbers for the fourth quarter. Indeed, revenue is expected to increase by 3% year-over-year to $1,115 million.
However, the company’s top line for full-year 2023 is seen sliding by 2% to $4,497 million. Similarly, while core Illumina revenue for Q4 is anticipated to be 2% higher over the prior year period, the figure is expected to decline by 3% for Fiscal Year 2023.
Further, the consolidated non-GAAP operating margin in Q4 is expected to be 3.8% and 5.3% for the full year. Illumina is scheduled to announce its fourth-quarter results on February 8. Analysts expect the company to incur a net loss per share of $0.05 on revenue of $1.07 billion for the quarter.
In the comparable year-ago period, Illumina’s EPS of $0.14 had missed the Street’s expectations by $0.13.
Is ILMN a Good Stock to Buy?
Despite today’s price gains, Illumina shares remain nearly 30% lower over the past year. Overall, the Street has a Moderate Buy consensus rating on Illumina, and the average ILMN price target of $143.28 implies a potential downside of 1.3% in the stock.
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