Illumina Restructures
These changes follow Illumina’s earnings warning (see IBO 10/15/11). The company stated in its quarterly conference call that the restructuring indicated no change in strategy, but that it would form a new business focused on the clinical markets and that it would increase the resources devoted to its low-plex products.
San Diego, CA 10/25/11; Washington, DC 10/26/11—Illumina announced in its third-quarter earnings release (see page 4) that it has implemented a restructuring program due to the uncertainties surrounding government and academic research funding and the global economic environment. The company expects to record the majority of a $15–$17 million restructuring charge in the fourth quarter. In a filing with the SEC, Illumina disclosed that it plans to reduce its workforce by 8%, or 200 employees. (For Illumina’s third-quarter results, see page 12.)
