Why Are Illumina Shares Trading Higher Today?

At the J.P. Morgan Healthcare Conference, Illumina Inc ILMN said it expects about $4.517 billion, +39% Y/Y in 2021 revenue after the company logged the highest number of international product shipments in its history, said CEO Francis deSouza during a presentation. 

• See the company presentation here.
• Illumina projected sales of $5.15 billion - $5.24 billion for FY22, as global demand continues to rise.
• New Products and Partnerships: The Company unveiled plans for developing long-read DNA sequencing capabilities for its current installed base of about 20,000 machines.
• Infinity, the updated library prep system, will aim to deliver contiguous data up to 10 kilobase pairs in length to help sequence the remaining 5% of the genome.
• DeSouza also raised the curtain on a new Illumina project dubbed Chemistry X, which he described as a ground-up redevelopment of the company's reagents, dyes, and polymerases. 
• The ultimate goal is to sequence a human genome for less than $100 while being faster and more accurate.
• Illumina has already begun setting up a new large-scale manufacturing facility, deSouza said, and has slated Chemistry X to serve as the foundation for all of the company's future platforms.
• Partnerships: Illumina will work to develop multiple companion diagnostic tests for Boehringer Ingelheim's cancer therapy pipeline linked to a planned clinical, comprehensive tumor sequencing test built off of its research-use-only TruSight Oncology 500 assay.
• At the same time, it will work with Agendia Inc to make sure its breast cancer tests are compatible with Illumina sequencers, allowing for diagnostic screening to be performed in-house at any equipped hospital lab.
• Price Action: ILMN shares are up 4.89% at $380 during the premarket session on the last check Tuesday.