Illumina, under pressure from Icahn, outlines plan to reduce more expenses

MedTech Dive April 26, 2023
Nick Paul Taylor

By the numbers

• Q1 Revenue: $1.09 billion
  11% decrease year-over-year
• Q1 Net income: $3 million
  96.5% decrease year-over-year
• Q1 Diluted earnings per share (GAAP): $0.02
  96.4% decrease year-over-year

Q1 Insights:

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.

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.

Icahn wants Illumina to sell Grail and stop wrangling with regulators, while faulting de Souza for a drop of more than 50%...

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