Illumina unveils plans to cut costs as it faces shrinking margins
Publishing timestamp: 2023-04-25 17:53:50
Summary
Illumina plans to cut costs by more than $100 million to improve its shrinking margins. The company reported a decrease in gross margins for the first quarter of 2022. Among its plans is to use its NovaSeq X sequencing system to accelerate genomic discoveries and save by "enabling activities" in more cost-effective areas around the world. The company is facing criticism and falling market cap due to its controversial acquisition of Grail, a cancer test developer. Antitrust regulators have ordered Illumina to divest the acquisition, and activist investor Carl Icahn is seeking seats on Illumina's board of directors and pushing it to unwind the Grail deal.
Sentiment: NEGATIVE
Keywords: icahn enterprises lp, illumina inc, biotech and pharmaceuticals, business, breaking news, health care industry, business news, san diego, breaking news: business, mergers and acquisitions, carl icahn, earnings, biotechnology,
Source: https://www.cnbc.com/2023/04/25/illumina-plans-cost-cuts-as-it-faces-shrinking-margins.html