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. The company said it now expects 2025 adjusted profit of about $4.

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,