Illumina, Inc., a global leader in DNA sequencing and array-based technologies, announced its annual financial results for the fiscal year ended December 31, 2023. The company reported a 2% decrease in revenue, totaling $4.5 billion compared to $4.6 billion in the previous year. This decline was attributed to a decrease in sequencing consumables revenue and sequencing instruments revenue, partially offset by an increase in service and other revenue. Gross margin also saw a decrease from 64.8% in 2022 to 60.9% in 2023, primarily due to lower manufacturing volumes and the launch of the NovaSeq X platform. Illumina recorded a net loss of $1.161 billion for the year, a significant improvement from the $4.404 billion loss in 2022. The loss from operations was $1.069 billion, compared to a $4.179 billion loss in the previous...Show More

Illumina, Inc., a global leader in DNA sequencing and array-based technologies, announced its annual financial results for the fiscal year ended December 31, 2023. The company reported a 2% decrease in revenue, totaling $4.5 billion compared to $4.6 billion in the previous year. This decline was attributed to a decrease in sequencing consumables revenue and sequencing instruments revenue, partially offset by an increase in service and other revenue. Gross margin also saw a decrease from 64.8% in 2022 to 60.9% in 2023, primarily due to lower manufacturing volumes and the launch of the NovaSeq X platform. Illumina recorded a net loss of $1.161 billion for the year, a significant improvement from the $4.404 billion loss in 2022. The loss from operations was $1.069 billion, compared to a $4.179 billion loss in the previous year. The company's effective tax rate was negative, at (3.9)%, mainly due to the impact of the goodwill impairment related to its GRAIL reporting unit. Illumina's acquisition of GRAIL, a healthcare company focused on early cancer detection, is still subject to ongoing legal proceedings, and the company announced plans to divest GRAIL. The financial results also included a $712 million goodwill impairment charge for the GRAIL reporting unit. Illumina ended the year with $1.048 billion in cash and cash equivalents, a decrease from $2.011 billion at the end of 2022, after repaying term notes and convertible senior notes totaling $1.25 billion.