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Illumina tanks after big revenue miss

A sales consultant with Illumina displays a flow cell at a symposium in La Jolla, California.
Sam Hodgson | Reuters
A sales consultant with Illumina displays a flow cell at a symposium in La Jolla, California.

Illumina's stock closed down 23 percent Tuesday after the diagnostic test maker reported preliminary first-quarter revenue well below expectations.

The firm said it expects revenues of $572 million, well below the $596 million originally forecast, citing weak device sales.

Illumina added it sees 2016 revenue growth of 12 percent, its slowest in four years.

The company's stock has taken a beating this year, falling 28 percent.

ILMN in 2016

— Reuters contributed to this report.