Illumina pledges more genomics innovation despite revenue disappointment
California-headquartered Illumina, which is ramping its Cambridge UK operations and sphere of influence, has increased Q2 revenues by one per cent to $838 million.
President and CEO Francis deSouza said that while the results fell short of expectations the business remained committed to leading innovation in genomics.
“In addition to continued sequencing consumables growth, we are encouraged by the sequential and year-over-year growth in shipments across our high, mid, and low-throughput sequencing system portfolio, including a record number of NextSeq Dx systems, reflecting the growing clinical opportunity,” deSouza said.
Illumina, which has a large facility at Granta Park, Cambridge – is partnering with leading European VC firms to build game-changing genomics startups from a new Cambridge launchpad.
The move represents an expansion of Illumina’s already established global accelerator model. Since launching in 2014 in the San Francisco Bay Area, Illumina Accelerator has invested in 33 genomics startups from across the globe, which have collectively raised over $300 million in venture capital funding.
Illumina Accelerator is a company creation engine focused on partnering with entrepreneurs to build breakthrough genomics startups.
The new venture is its first international location and is designed to cover its Europe, Middle East and Africa (EMEA) headquarters in Cambridge. The inaugural funding cycle of Illumina Accelerator Cambridge will begin in Spring 2020.
Paula Dowdy, Illumina's senior VP and general manager for commercial operations across EMEA, said: “With 21 years of experience advancing the field of genomics, Illumina is delighted to foster the next generation of global genomics innovators.
“With the launch of Illumina Accelerator Cambridge, we are expertly positioned to further catalyse the rapidly expanding genomics ecosystem across EMEA.”