news/ILMN/2023.02.08/Illumina swings to net loss in 2022; fourth quarter revenue drops 10%.txt

(Alliance News) - Illumina Inc on Wednesday said it swung to a net loss in 2022, as full-year revenue stagnated.The San Diego, California-based DNA sequencing and array-based technologies company reported 2022 net loss was USD4.40 billion, swinging from a net income of USD762 million in 2021. Fourth quarter net loss was USD140 million, swinging from a net income of USD112 million the year prior.The swing to a loss was due to a goodwill impairment of USD3.91 billion in 2022 relating to the negative impact of current market conditions and increased discount rates on the value calculation of Illumina's Grail segment.Illumina reported revenue for the fourth quarter of 2022 of USD1.08 billion, down 10% from USD1.20 billion the year prior.The company said revenue for 2022 was USD4.58 billion in the fourth quarter, up 1% from USD4.53 billion in 2021. For 2023, Illumina said it expects consolidated revenue growth of between 7% and 10% compared to 2022.The company said basic loss per share was USD0.89 for the fourth quarter, widening from USD0.72, while loss per share for 2022 was USD28.00, widening from USD5.07 the year prior.The company noted that its order book is exceeding expectations and it has begun shipping instruments.Chief Executive Officer Francis deSouza said: "Our fourth quarter operating results were in line with our expectations, with ongoing traction across our product portfolio amid a challenging macroeconomic environment."Illumina's continued focus on innovation across multiple new products, including the NovaSeq X, the most powerful, most sustainable, and most cost-effective sequencer ever developed, have been met with strong customer interest."After hours on Tuesday, Illumina shares were down 2.5% trading at USD210.45 per share in New York.By Harvey Dorset, Alliance News reporterComments and questions to [email protected] 2023 Alliance News Ltd. All Rights Reserved.