Core Insights - Illumina reported revenue of $1.11 billion for the quarter ended June 2024, a decrease of 5.4% year-over-year, with an EPS of $0.36, up from $0.32 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $1.1 billion by 1.31%, while the EPS surprised positively by 200% compared to the consensus estimate of $0.12 [1] Revenue Breakdown - Total product revenue from Sequencing was $996 million, surpassing the average estimate of $822.82 million, but reflecting a year-over-year decline of 6.6% [3] - Total revenue from Microarrays was $96 million, exceeding the average estimate of $84.67 million, with a year-over-year increase of 3.2% [4] - Revenue from Microarrays Instruments was $4 million, slightly above the average estimate of $3.60 million, showing no change year-over-year [5] - Consumable product revenue reached $815 million, exceeding the estimate of $768.50 million, representing a year-over-year increase of 0.7% [6] - Sequencing Consumables revenue was $737 million, above the estimate of $697.12 million, but down 0.3% year-over-year [7] - Sequencing Instruments revenue was $116 million, below the average estimate of $125.71 million, reflecting a significant year-over-year decline of 39.9% [8] - Product revenue from Instruments was $120 million, below the average estimate of $129.30 million, with a year-over-year decline of 39.1% [9] - Core Illumina revenue totaled $1.09 billion, slightly above the estimate of $1.08 billion, but down 5.8% year-over-year [10] - Total product revenue for Core Illumina was $935 million, exceeding the average estimate of $908.07 million [11] - Service and other revenue was $157 million, below the average estimate of $167.77 million [12] - Overall product revenue was $927 million, surpassing the average estimate of $897.80 million, but down 7.4% year-over-year [13] - Service and other revenue increased to $185 million, although it was below the average estimate of $198.67 million, reflecting a year-over-year increase of 5.7% [14] Stock Performance - Illumina's shares have returned +7.1% over the past month, contrasting with the Zacks S&P 500 composite's decline of -6.7% [14] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [14]

Illumina (ILMN) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 200%. A quarter ago, it was expected that this genetic testing tools company would post earnings of $0.03 per share when it actually produced earnings of $0.09, delivering a surprise of 200%.Over the last four quarters, t ...

Revenue and Financial Performance - Core Illumina revenue for Q2 2024 was $1.09 billion, down 6% from Q2 2023 and up 3% from Q1 2024[2] - Total revenue for Q2 2024 was $1.112 billion, a decrease from $1.176 billion in Q2 2023[26] - Core Illumina revenue for the six months ended June 30, 2024 was $2.148 billion, a 4% decrease compared to $2.235 billion in the same period last year[33] - Consolidated revenue for the three months ended June 30, 2024 was $1.112 billion, a 5% decrease compared to $1.176 billion in the same period last year[33] - Product revenue for Q2 2024 was $927 million, a decline from $1.001 billion in Q2 2023[26] - Service and other revenue increased to $185 million in Q2 2024, up from $175 million in Q2 2023[26] - Exchange rate effects negatively impacted consolidated revenue by $5 million for the three months ended June 30, 2024[33] - Hedge gains positively impacted consolidated revenue by $4 million for the three months ended June 30, 2024[33] Operating Margins and Profitability - Core Illumina GAAP operating margin for Q2 2024 was 40.5%, with a non-GAAP operating margin of 22.2%[2] - Core Illumina non-GAAP operating margin guidance for fiscal year 2024 was raised to a range of 20.5% to 21%[2] - Core Illumina's Non-GAAP operating profit for the three months ended June 30, 2024, was $242 million, or 22.2% of revenue, while consolidated Non-GAAP operating profit was $84 million, or 7.6% of revenue[44] - Core Illumina's GAAP gross profit for the three months ended June 30, 2024, was $743 million, representing 68.0% of revenue, while Non-GAAP gross profit was $758 million, or 69.4% of revenue[44] - Core Illumina's GAAP gross profit for the three months ended July 2, 2023, was $760 million, or 65.5% of revenue, while Non-GAAP gross profit was $777 million, or 67.0% of revenue[47] - Core Illumina's GAAP gross profit is $1,436 million, representing 66.9% of revenue, while Non-GAAP gross profit is $1,466 million, or 68.3% of revenue[49] - Core Illumina's GAAP gross profit for the six months ended July 2, 2023 is $1,446 million, or 64.7% of revenue, while Non-GAAP gross profit is $1,478 million, or 66.1% of revenue[51] - Non-GAAP gross profit is a key measure of the effectiveness and efficiency of manufacturing processes, product mix and average selling prices[52] Earnings Per Share (EPS) - Core Illumina GAAP diluted earnings per share for Q2 2024 was $0.41, and non-GAAP diluted earnings per share was $1.09[2] - Core Illumina non-GAAP diluted earnings per share guidance for fiscal year 2024 was introduced in the range of $3.80 to $3.95[2] - Non-GAAP diluted earnings per share for the three months ended June 30, 2024 was $0.36, compared to $0.32 in the same period last year[36] Net Income and Loss - Net loss for Q2 2024 was $1.988 billion, compared to a net loss of $234 million in Q2 2023[26] - GAAP net loss for the three months ended June 30, 2024 was $1.988 billion, compared to a net loss of $234 million in the same period last year[37] - Non-GAAP net income for the three months ended June 30, 2024 was $57 million, compared to $50 million in the same period last year[37] - Core Illumina GAAP net income for the six months ended June 30, 2024 was $135 million[41] - Core Illumina Non-GAAP net income for the six months ended June 30, 2024 was $329 million[41] Impairment Charges - The company recognized $1,466 million in goodwill and $420 million in intangible asset impairment related to the GRAIL segment in Q2 2024[5] - Goodwill and intangible impairment charges totaled $1.886 billion in Q2 2024, significantly impacting the operating loss[26] - Goodwill and intangible impairment charges for the three months ended June 30, 2024 were $1.886 billion[37] - GAAP goodwill and intangible impairment is $1,889 million, or 86.3% of revenue, primarily driven by a $1,466 million goodwill impairment[49] Cash Flow and Liquidity - Free cash flow for Q2 2024 was $48 million, compared to $58 million in the prior year period[6] - Free cash flow for Q2 2024 was $48 million, down from $58 million in Q2 2023[29] - Cash and cash equivalents decreased to $920 million as of June 30, 2024, from $1.048 billion at the end of 2023[22] Assets and Equity - Total assets decreased to $6.081 billion as of June 30, 2024, from $10.111 billion at the end of 2023[22] - Stockholders' equity dropped to $1.436 billion as of June 30, 2024, from $5.745 billion at the end of 2023[23] Research and Development (R&D) Expenses - Research and development expenses were $325 million in Q2 2024, down from $358 million in Q2 2023[26] - Core Illumina's GAAP R&D expense for the three months ended June 30, 2024, was $241 million, or 22.1% of revenue, while Non-GAAP R&D expense was $325 million, or 29.2% of revenue[44] - Core Illumina's GAAP R&D expense for the three months ended July 2, 2023, was $274 million, or 23.6% of revenue, while Non-GAAP R&D expense was $345 million, or 29.3% of revenue[47] - GAAP R&D expense is $660 million, or 30.2% of revenue, while Non-GAAP R&D expense is $658 million, or 30.1% of revenue[49] - GAAP R&D expense for the six months ended July 2, 2023 is $699 million, or 30.9% of revenue, while Non-GAAP R&D expense is $685 million, or 30.3% of revenue[51] Selling, General, and Administrative (SG&A) Expenses - Core Illumina's GAAP SG&A expense for the three months ended June 30, 2024, was $60 million, or 5.5% of revenue, while Non-GAAP SG&A expense was $358 million, or 32.2% of revenue[44] - Core Illumina's GAAP SG&A expense for the three months ended July 2, 2023, was $371 million, or 31.9% of revenue, while Non-GAAP SG&A expense was $355 million, or 30.2% of revenue[47] - GAAP SG&A expense is $588 million, or 26.9% of revenue, while Non-GAAP SG&A expense is $707 million, or 32.3% of revenue[49] - GAAP SG&A expense for the six months ended July 2, 2023 is $839 million, or 37.1% of revenue, while Non-GAAP SG&A expense is $697 million, or 30.8% of revenue[51] Tax Provisions - Q2 2024 GAAP tax provision was $12 million, representing a decrease of 0.6% compared to the previous period[57] - Non-GAAP tax provision for Q2 2024 was $16 million, accounting for 22.3% of the total[57] - YTD 2024 GAAP tax provision was $28 million, reflecting a decrease of 1.4%[57] - Non-GAAP tax provision for YTD 2024 was $28 million, representing 28.8% of the total[57] - Q2 2024 Core Illumina GAAP tax provision was $35 million, accounting for 35.0% of the total[60] - Non-GAAP tax provision for Core Illumina in Q2 2024 was $55 million, representing 24.2% of the total[60] - YTD 2024 Core Illumina GAAP tax provision was $80 million, accounting for 37.3% of the total[60] - Non-GAAP tax provision for Core Illumina YTD 2024 was $108 million, representing 24.9% of the total[60] - Q2 2024 included $104 million in incremental non-GAAP tax expense[57] - YTD 2024 included $117 million in incremental non-GAAP tax expense[57] Corporate Transactions - The company completed the spin-off of GRAIL into a new public company on June 24, 2024[2] - The company acquired Fluent Biosciences, developer of an emerging and highly differentiated single-cell technology[11] Operating Loss and Profit - Consolidated GAAP operating loss for the three months ended June 30, 2024, was $(1,637) million, or (147.2)% of revenue, primarily due to a goodwill and intangible impairment of $1,886 million[44] - Consolidated GAAP operating loss for the three months ended July 2, 2023, was $(88) million, or (7.5)% of revenue, while Non-GAAP operating profit was $82 million, or 7.0% of revenue[47] - Consolidated GAAP operating loss is $(1,749) million, or (79.9)% of revenue, while Non-GAAP operating profit is $117 million, or 5.4% of revenue[49] - Consolidated GAAP operating loss for the six months ended July 2, 2023 is $(152) million, or (6.7)% of revenue, while Non-GAAP operating profit is $103 million, or 4.5% of revenue[51]

Core Illumina revenue of $1.09 billion for Q2 2024, down 6% from Q2 2023 (down 6% on a constant currency basis) and up 3% from Q1 2024Core Illumina GAAP operating margin of 40.5% and non-GAAP operating margin of 22.2% for Q2 2024Core Illumina GAAP diluted earnings per share of $0.41 and non-GAAP diluted earnings per share of $1.09 for Q2 2024Lowered fiscal year 2024 Core Illumina revenue guidance to decline 2% to 3% (down 1.5% to 2.5% in constant currency) from 2023Raised Core Illumina non-GAAP operating ma ...

The upcoming report from Illumina (ILMN) is expected to reveal quarterly earnings of $0.23 per share, indicating a decline of 28.1% compared to the year-ago period. Analysts forecast revenues of $1.1 billion, representing a decrease of 6.7% year over year.The current level reflects an upward revision of 54.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Ahead ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Illumina (ILMN) , which belongs to the Zacks Medical - Biomedical and Genetics industry.This genetic testing tools company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 750%.For the last reported quarter, Illumina came out with earnings of $0.09 per ...

Core Viewpoint - Illumina (ILMN) shares have increased by 5.5% recently, with a mean price target of $145.43 suggesting a potential upside of 27% from the current price of $114.49 [1] Price Targets and Analyst Consensus - The mean estimate of $145.43 is based on 21 short-term price targets, with a standard deviation of $36.38 indicating variability among analysts [1] - The lowest estimate of $100 suggests a 12.7% decline, while the highest estimate predicts a surge of 111.4% to $242 [1] - Analysts' price targets can often mislead investors, as they may set overly optimistic targets due to business incentives [3][4] Earnings Estimates and Potential Upside - Analysts show strong agreement in revising earnings per share (EPS) estimates higher, which correlates with potential stock price increases [5] - The Zacks Consensus Estimate for the current year has risen by 40.3% over the past month, with two estimates increasing and no negative revisions [5] - ILMN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [5]

SAN DIEGO, July 18, 2024 /PRNewswire/ -- As Illumina, Inc. (NASDAQ: ILMN) previously announced on June 24, the company will present a Strategy Update on Tuesday, August 13, 2024 starting at 8:00am Pacific Time. The event will feature presentations by members of Illumina's executive team and conclude with a Q&A session.Webcast DetailsThe webcast can be accessed through the Events & Presentations section of Illumina's Investor Relations website at investor.illumina.com. We recommend that participants pre-regi ...

Core Viewpoint - Illumina (ILMN) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks Consensus Estimate for Illumina for the fiscal year ending December 2024 is projected at $0.98 per share, reflecting a 14% increase from the previous year's reported figure [5]. - Over the past three months, the Zacks Consensus Estimate for Illumina has risen by 7.7%, indicating a trend of increasing earnings estimates [5]. Impact of Earnings Estimates - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, which can lead to significant stock price movements based on their buying or selling activities [3]. Zacks Rating System - The Zacks Rank stock-rating system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [4]. - The upgrade of Illumina to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for price appreciation in the near term [7].

Illumina TodayILMNIllumina$116.56 +0.47 (+0.40%) 52-Week Range$89.00▼$195.64Price Target$158.57Add to WatchlistLife sciences company Illumina Inc. NASDAQ: ILMN stock surged over 10% following its announcement of the acquisition of Fluent Biosciences. This comes after its divestiture and spin-off of GRAIL, LLC NASDAQ: GRAL on June 24, 2024. Illumina had previously acquired the early detection cancer testing company for $8 billion in 2021.Get Illumina alerts:Illumina's GRAIL Acquisition Backfired, Resulting i ...