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SAN DIEGO — After starting off the year with lower revenue projections than market analysts had hoped for, San Diego-based genomics giant Illumina lowered expectations again on Wednesday, forecasting annual growth of 1% compared to the previous year.

The market’s response was swift. Minutes after the company issued its press release, shares in Illumina dipped from $184.49 to below $172 during after-hours trading.

In its release, Illumina noted that it expects revenue from the company’s core business to be essentially the same this year compared to last, and that it expects revenue from Grail, the cancer diagnostics company that Illumina acquired for $8 billion in the fall of 2021, to remain in the range of $90 and $100 million.

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