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

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 charge. The effective tax rate for YTD 2024 was (3.2)%, slightly improved from (3.8)% in YTD 2023. The company ended Q3 2024 with $939 million in cash, cash equivalents, and short-term investments. In terms of business development, Illumina completed the spin-off of GRAIL into a new public company, distributing approximately 85.5% of GRAIL's outstanding shares to Illumina stockholders and retaining about 14.5%. The company's financial results continue to be influenced by macroeconomic factors, competitive challenges, and geopolitical tensions. Despite these challenges, Illumina remains focused on cost reduction initiatives and investment in high-growth areas. The company's future plans are to navigate the ongoing economic uncertainties while continuing to innovate in its core markets of life sciences, oncology, reproductive health, and agriculture.