Summary by Moomoo AI
Illumina reported Q2 2024 core revenue of $1.09 billion, down 6% YoY but up 3% QoQ, with GAAP operating margin of 40.5% and non-GAAP operating margin of 22.2%. Core Illumina GAAP diluted EPS reached $0.41, while non-GAAP diluted EPS was $1.09. The company maintained solid consumable sales despite softening instrument demand in a constrained funding environment.The company successfully completed the spin-off of GRAIL into a separate public company on June 24, 2024. Following this strategic move, Illumina lowered its fiscal year 2024 Core revenue guidance to decline 2-3% YoY, while raising its Core non-GAAP operating margin guidance to 20.5-21%. The company introduced Core non-GAAP EPS guidance of $3.80-3.95 for FY2024.Cash flow from operations was $80 million for Q2, with free cash flow of $48 million. The quarter ended with $994 million in cash and investments. The company continues to progress on operating excellence initiatives to deliver expanded margins.
