Carl Icahn calls Illumina Q1 results ‘very disappointing,’ slams cost-cutting plan
Summary
Carl Icahn on Friday called Illuminas first-quarter results "very disappointing" and slammed the DNA sequencing companys new plans to cut costs. The activist investor, who owns a 1.4% stake in Illumina, is in a heated proxy fight with the company over its 2021 acquisition of cancer test developer Grail. In an open letter Friday to Illumina shareholders, Icahn accused deSouza of "desperately, hilariously and, most of all, unsuccessfully" trying to spin the "decidedly mediocre" quarterly results during a press tour this week. Icahn pointed to deSouzas interview on CNBCs "Squawk Box" on Wednesday, when the CEO touted strong demand for Illuminas diagnostic testing services. The company on Tuesday said it will enable unnamed "activities" in more cost-effective areas of the world and will use its new NovaSeq X sequencing system to accelerate genomic discoveries, among other efforts.
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