Illumina 2Q revenue likely lower than expected

SAN DIEGO - Illumina Inc. said Wednesday its second-quarter revenue will likely fall below prior expectations because of a slowdown in the number of genetic studies and lower foundation funding.

The company makes genetic analysis systems and products used by researchers.

Illumina said it had revenue of $161 million during the quarter, based on a preliminary assessment. It previously forecast revenue between $168 million and $173 million.

Analysts polled by Thomson Reuters expect revenue of $172.6 million.

Looking ahead, the company said it expects stimulus funding to have a positive impact in the fourth quarter and in 2010. Based on that outlook, the company expects full-year revenue in 2009 to range from $690 million to $720 million. Analysts expect revenue of $717.3 million.

Shares of Illumina plunged $7.65, or 20 percent, to $30.49 in after-hours trading after falling 80 cents, or 2.1 percent, to close at $38.14 during the regular trading session.

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