The San Diego-based company reported adjusted earnings of $197 million, or $1.32 a share, down from $212 million, or $1.44 a share a year ago, and missed analysts' expectations of $1.36.
Revenue for the quarter totaled $867 million, up 11% from $778 million a year ago and exceeded Wall Street's expectations of $864.5 million.
Leerink Partners Puneet Souda reiterated his outperform rating for Illumina and lowered his price target for Illumina to $365 from $380 to reflect its lowered growth guide. UBS analyst Daniel Brennan reiterated his buy rating and lowered his price target to $350 from $370 following the company's quarterly report. Piper Jaffray analyst William Quirk said he continues to believe in the company's "multi-catalyst long-term story" and maintained an overweight rating on Illumina with a $384 price target.
For the year, the company reported profit of $826 million, or $5.56 a share, compared with $726 million, or $4.92 a share, in 2017. Revenue totaled $3.33 billion, up 21% from a year ago. Illumina said it expects full-year earnings in the range of $6.50 to $6.60 a share.
"With revenue growth of 21% in 2018, Illumina delivered its 20th consecutive year of growth, with increasing adoption of innovative sequencing applications across a wide range of customers and geographies," Francis deSouza, president and CEO, said in a statement. "From the evolving regulatory environment for oncology diagnostics to progress in reimbursement for non-invasive prenatal and undiagnosed disease testing, genomics is accelerating on its path into clinical standard of care."