Illumina stock was stagnant Thursday after the genetics company smashed Wall Street's first-quarter profit expectations.
During the March quarter, Illumina earned $1.07 per share on $1.22 billion in sales. Adjusted profit toppled 43%, but beat forecasts by 17 cents a share, according to FactSet. Sales, on the other hand, climbed 12% and were in line.
"Our business fundamentals are robust," Chief Executive Francis deSouza said in a written statement. "We saw record total orders and exited the quarter with record total backlog."
But in after-hours trading on today's stock market, Illumina stock stayed at 291.72 after falling 5.2% during the regular session.
Illumina Stock: Reading DNA
Illumina makes machines that can "read" DNA to help identify genetic factors tied to cancer and other diseases. Its technology can help doctors choose the right cancer drugs for patients, identify inherited diseases and surveil pathogens, like Covid strains.
Momentum continued for all three of those areas during the quarter, deSouza said. He also noted the company's recent acquisition, its own cancer-detecting spinoff, is gaining traction and has more than 30 partnerships with health systems, employers and insurers. But Illumina stock is under pressure after falling below its 50-day line last month.
For the year, Illumina guided to 14%-16% sales growth and adjusted earnings of $4-$4.20 per share. Illumina stock analysts predicted adjusted income of $4.15 per share on $5.24 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
