Shares of Illumina, Inc. (ILMN, Financial) detracted from performance in the first quarter. Illumina is the leading provider of DNA sequencing technology to academic and commercial laboratories. Although fourth quarter financial results were solid, management tempered expectations for the first quarter HiSeq X and benchtop instrument sales. We continue to believe Illumina has a long runway for growth, driven by increasing adoption of DNA sequencing in clinical markets such as cancer screening, diagnosis, and treatment.
From Baron Fifth Avenue Growth Fund first quarter commentary 2016.
