What happened? 

Healthcare giant Illumina (ILMN -0.86%) reported its second-quarter financial results after the market closed on Thursday. The company's update showed that its performance during the period came short of expectations. As a result, investors are selling off shares of Illumina today, and its stock is down by 13.1% as of 12:51 p.m. EDT.

So what

During the second quarter, Illumina recorded revenue of $633 million -- a 25% year-over-year decrease -- which is what analysts were expecting on average. Also, the company recorded a non-GAAP (adjusted) net income of $92 million, or $0.62 on a per-share basis. During the prior-year quarter, Illumina had recorded a non-GAAP net income of $200 million and earnings per share (EPS) of $1.35. Note that, on average, analysts were expecting the company's non-GAAP EPS to come in at $0.67.

Francis deSouza, CEO of Illumina, said, "As expected, the second quarter was significantly impacted by pandemic-related disruption in our customers' operations and was particularly challenging for many of our research customers who remain closed or operating at limited scale."

Man standing on a downward-pointing graph

Image source: Getty Images.

Now what

The COVID-19 pandemic will continue to present serious obstacles to Illumina. However, the genome sequencing market is ripe for growth, and Illumina is one of the leaders in this market. The healthcare company is poised to rebound once the crisis subsides, which means now may be a good opportunity to purchase its shares. After today's losses on the market, Illumina's stock is up by 4.4% year to date, which is more or less in line with the performance of the S&P 500 since the year began. For investors who opt to initiate a position in Illumina today, patience will be rewarded down the road.