Summary by Futu AI
Illumina, Inc., a global leader in DNA sequencing and array-based technologies, reported its financial results for the third quarter ended September 29, 2024, on November 4, 2024. The company announced a slight decrease in Core Illumina revenue to $1.1 billion for Q3 2024, a 2% drop from Q3 2023. Despite the revenue decline, Illumina experienced a significant increase in GAAP operating margin to 68.6% and a non-GAAP operating margin of 22.6% for the same period. The GAAP diluted EPS was $4.03, and non-GAAP diluted EPS was $1.14 for Q3 2024. Illumina also adjusted its fiscal year 2024 guidance, expecting a revenue decline of approximately 3% from the previous year but raised its non-GAAP operating margin guidance to a range of 21% to 21.5% and non-GAAP diluted EPS guidance to $4.05 to $4.15. The company's financial outlook was revised due to the constrained macroeconomic environment, although the demand for Illumina's products remains strong. The company's press release also highlighted the spin-off of GRAIL on June 24, 2024, and several strategic initiatives and product launches aimed at accelerating revenue growth and margin expansion.
