Illumina, a global leader in DNA sequencing and array-based technologies, has reported a decrease in revenue for the year-to-date (YTD) 2024. The company's revenue fell by 3% to $2,188 million compared to $2,263 million in YTD 2023, primarily due to a decline in sequencing instruments revenue. Despite this, Illumina's gross margin improved to 63.5% in YTD 2024 from 61.3% in YTD 2023, attributed to a favorable mix of sequencing consumables and operational cost savings. However, the company experienced a significant loss from operations, which increased to $1,749 million in YTD 2024 from $152 million in YTD 2023, largely due to goodwill and intangible impairment charges. The effective tax rate for YTD 2024 was (1.4)%, a change from (38.5)% in YTD 2023. Illumina ended Q2 2024 with $994 million in cash, cash equivalents, and short-term...Show More

Illumina, a global leader in DNA sequencing and array-based technologies, has reported a decrease in revenue for the year-to-date (YTD) 2024. The company's revenue fell by 3% to $2,188 million compared to $2,263 million in YTD 2023, primarily due to a decline in sequencing instruments revenue. Despite this, Illumina's gross margin improved to 63.5% in YTD 2024 from 61.3% in YTD 2023, attributed to a favorable mix of sequencing consumables and operational cost savings. However, the company experienced a significant loss from operations, which increased to $1,749 million in YTD 2024 from $152 million in YTD 2023, largely due to goodwill and intangible impairment charges. The effective tax rate for YTD 2024 was (1.4)%, a change from (38.5)% in YTD 2023. Illumina ended Q2 2024 with $994 million in cash, cash equivalents, and short-term investments. The company's financial performance has been influenced by macroeconomic factors, competitive challenges, and geopolitical tensions. Illumina completed the Spin-Off of GRAIL, retaining approximately 14.5% of GRAIL's shares. The company operates in two segments: Core Illumina and GRAIL, with Core Illumina representing its primary business operations. Illumina's future plans include cost reduction initiatives to improve margins and investments in high-growth areas, despite expecting continued impact from external economic and market factors.