Illumina, Natera, CareDx, MDxHealth, Revvity Report Preliminary Financial Results

Original from: 360dx

Illumina, Natera, CareDx, MDxHealth, and Revvity were among the molecular diagnostics and genomics tools firms reporting preliminary financial results on Monday evening or Tuesday morning.

Illumina on Tuesday reported preliminary fourth quarter revenues of approximately $1.12 billion, up 3 percent from the same quarter in 2022 and slightly exceeding the average Wall Street estimate of $1.07 billion. The company expects about $4.50 billion in full-year 2023 revenues, down 2 percent from 2022 and just above the average Wall Street estimate of $4.45 billion.

Core Illumina revenues, which exclude revenues from molecular diagnostics firm Grail, which Illumina plans to divest by midyear, are expected to be $1.09 billion in Q4, up 2 percent from Q4 2022. Core Illumina revenues for full-year 2023 are anticipated to be about $4.43 billion, down 3 percent from 2022 and slightly below the average Wall Street estimate of $4.45 billion.

The company shipped 79 NovaSeq X instruments in Q4 and 352 of them in all of 2023.

Natera said on Tuesday morning that it expects to report fourth quarter revenues of roughly $300 million, up 38 percent from $217 million in Q4 revenues reported last year and above analysts' consensus estimate of $276 million. The firm's anticipated total FY 2023 revenues of $1.07 billion is 30 percent higher than the $820 million in revenues reported for FY 2022 and slightly above Wall Street's consensus estimate of $1.05 billion.

CareDx said on Tuesday that it expects fourth quarter revenues of between $65 million and $66 million, which would represent a year-over-year decline of roughly 20 percent to 21 percent from $82.4 million in Q4 2022. 

The Brisbane, California-based company expects testing services to bring in between $46 million and $47 million, representing a decline of between 28 percent to 29 percent compared to testing revenue for the same period in 2022 but only 3 percent compared to Q3 2023. The firm anticipates product revenue growth for the fourth quarter to reach $9.2 million, up approximately 7 percent from $8.6 million year over year. Patient and digital solutions revenues are expected to rise approximately 16 percent year over year to $9.7 million in the fourth quarter of 2023 from $8.4 million in the same period the year prior. 

The company delivered approximately 39,900 AlloSure and AlloMap results in Q4 2023. 

CareDx estimates total 2023 revenue to be in the range of $279 million to $280 million, above the high end of its previous full-year guidance but down approximately 13 percent year over year. The firm attributed this largely to how a change in a Medicare billing article impacted testing services revenue over the past year.

The company anticipates testing services revenue for 2023 to decline to between $209 million and $210 million from $263.7 million in 2022. Full-year patient and digital solutions revenue for 2023, meanwhile, is expected to rise approximately 29 percent to $37.2 million from $28.8 million. The firm expects full-year product revenue to rise roughly 14 percent to $33.5 million from $29.3 million in 2022.

CareDx held approximately $235 million in cash, cash equivalents, and marketable securities as of Dec. 31.

MDxHealth reported after the close of the market Monday that it expects to report fourth quarter revenues of approximately $19.4 million, roughly 50 percent above its Q4 2022 revenues of $12.9 million and above Wall Street's consensus estimate of $18.4 million. It expects full-year 2023 revenues of $70.2 million, up from $37.1 million year over year and above analysts' average estimate of $69.2 million. 

The Irvine, California-based molecular diagnostics firm said it anticipates 2024 revenue in the range of $79 million to $81 million, which would represent revenue growth of 13 percent to 15 percent year over year.

Revvity said in advance of its presentation at the JP Morgan Healthcare Conference on Tuesday that it expects to report fourth quarter revenues of at least $690 million, above analysts' consensus estimate of $669.5 million. The revenue figure represents an 8 percent decline in organic revenues from continuing operations, while excluding the effects of COVID-19-related business, its organic revenues were down 4 percent year over year. 

The Waltham, Massachusetts-based research tools and diagnostics firm affiliated with PerkinElmer, expects to report 2023 revenues of around $1.3 billion for its life sciences business and around $1.4 billion for its diagnostics business.

The firm added that it now expects its full-year adjusted earnings per share to meet or exceed the guidance of $4.53 to $4.57 it provided on Oct. 30, 2023.

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Source: Illumina, Natera, CareDx, MDxHealth, Revvity Report Preliminary Financial Results