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Illumina | 10-Q: Q3 2024 Earnings Report

SEC ·  Nov 7, 2024 02:29

Summary by Moomoo 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
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.

This announcement is a separate document:

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