Shares of Illumina Inc., which makes the genetic testing tools, lost nearly a quarter of their value Tuesday, a day after the company cut its first-quarter revenue estimate to $572 million due to lower sales of genome sequencers.
The estimate disclosed after the market closed Monday fell short of analysts' most recent forecast issued. Analysts surveyed by FactSet had expected revenue of $581.6 million for the first quarter. The company projected revenue of at least $591.5 million when it reported fourth-quarter results in February.
Shares dropped $41.25, or 23.2 percent, to close at $136.88 on Tuesday.
The San Diego-based company had said in Monday's after-hours release that it lowered its estimate due to lower sales of some of its HiSeq genome sequencers. It expects its North American and Asian regions will meet expectations but that it will underperform in Europe and has made management changes in the region.
The company plans to announce first-quarter earnings after the market close on May 3.