Still, even as NovaSeq X demand and manufacturing supply outperforming expectations, core Illumina revenue fell 12% from the year=earlier quarter, curbin company-wide sales by 11%. Clinical demand continued to be stronger than expected, generating approximately 40% of orders, with some customers planning to leverage the NovaSeq X to launch new clinical offerings,” deSouza said on the call.
“We shipped 67 NovaSeq X instruments in Q1, above initial expectations of 40 to 50, and now expect to deliver more than 330 NovaSeq X instruments this year, up from 300. Icahn now ks waging a proxy battle with Illumina’s board in the hopes of electing three of his own directors, replacing incumbents, including the independent chairman and deSouza.ĭeSouza assured investors on the call that “a very small part of the company” is involved in the “regulatory process and so on” and that the “vast, vast, vast majority of our time and attention at Illumina is spent on getting our products out.” Illumina said it made progress on that front in the first quarter. Icahn wants Illumina to sell Grail and stop wrangling with regulators, while faulting de Souza for a drop of more than 50% in the company’s share price since a peak in August 2021. Talking to investors on a first-quarter earnings call, Illumina CEO Francis deSouza acknowledged “there's a lot going on” with the activist campaign occurring as the company fights antitrust regulators to retain ownership of liquid biopsy unit Grail. Illumina, a global leader in DNA sequencing, said it plans to cut costs by $100 million this year as it works to hold off a boardroom challenge by activist investor Carl Icahn.
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