Illumina plans cost cuts as it faces shrinking margins


A building on the campus at the world headquarters of Illumina is shown in San Diego, California, September 1, 2021.

Mike Blake | Reuters

Illumina on Tuesday unveiled plans to cut costs in a bid to improve the DNA sequencing company’s shrinking margins.

The plans aim to reduce Illumina’s annualized run rate expenses by more than $100 million starting later this year, according to the company’s first-quarter earnings release.

The company reported gross margins of 60.3% for the period, down from 66.6% during the year-earlier period.

“These cost savings will accelerate progress toward higher margins as well as free up capital to increase investment in high-growth areas,” Illumina said in the…

Source cnbc.com

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