Summary by Moomoo AI
Illumina, a global leader in DNA sequencing and array-based technologies, has reported a 2% decrease in revenue for the fiscal year 2023, amounting to $4.5 billion compared to $4.6 billion in the previous year. The decline was attributed primarily to reduced sales in sequencing consumables and instruments, though partially offset by increased service and other revenue. Gross profit margin also fell to 60.9% from 64.8% in 2022, influenced by lower fixed cost leverage and reduced instrument margins following the NovaSeq X launch. Operating loss improved to $(1.1) billion in 2023 from $(4.2) billion in 2022, with a significant reduction in operating expenses, including a decrease in goodwill and intangible impairment charges. The company's effective tax rate was (3.9)% in 2023. Illumina's business development has been marked by the acquisition of...Show More