Summary by Futu AI
Illumina, a global leader in DNA sequencing and array-based technologies, has reported its financial results for the third quarter of 2023. The company's revenue for the year-to-date (YTD) 2024 decreased by 3% to $3,268 million compared to $3,382 million in YTD 2023. This decline was primarily attributed to a decrease in sequencing instruments revenue, which was partially offset by increases in sequencing consumables revenue and service and other revenue. Gross profit margin improved to 65.3% in YTD 2024 from 61.2% in YTD 2023, driven by cost savings and a more favorable mix of sequencing consumables. However, Illumina experienced a loss from operations, which increased to $1,008 million in YTD 2024 from $905 million in YTD 2023, due to an increase in operating expenses, including a significant goodwill and intangible impairment...Show More