Illumina on Monday lowered its annual forecast and said it plans to cut $100 million in spending after China announced a ban on imports of its genetic sequencing instruments.

Illumina will seek to cut $100 million in expenses by the end of this fiscal year as it plans to deal with a loss of revenue from China, after the country banned the importation of its DN | Illumina also lowered its annual financial forecast,

Illumina lowered its adjusted profit outlook and cut spending cost for 2025 as the company grapples with Chinese ban on its gene sequencers. Read more here.