BNGO - How I Was Wrong About Illumina

• Accommodative trends in the gene therapy and diagnostic market seem to serve as long-term, slow-growth tailwinds instead of a firm revenue bump catalysts.
• Advancement in throughput, efficiency, and costs offset higher demand from a slowly growing industry, dampening the market for new equipment sales.
• In the short run, any growth in sales will most likely come from higher utilization of the current installed gene sequencer base.
• The Grail acquisition is dilutive to EPS, and uncertainty regarding insurance reimbursement will create volatility.
• ILMN's growth is constrained by its customers' capacity limitations, restricting its ability to introduce new products to the clinical and research markets.

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