Revenue and Financial Performance - Core Illumina revenue for Q2 2024 was 1.09billion,down61.112 billion, a decrease from 1.176billioninQ22023[26]−CoreIlluminarevenueforthesixmonthsendedJune30,2024was2.148 billion, a 4% decrease compared to 2.235billioninthesameperiodlastyear[33]−ConsolidatedrevenueforthethreemonthsendedJune30,2024was1.112 billion, a 5% decrease compared to 1.176billioninthesameperiodlastyear[33]−ProductrevenueforQ22024was927 million, a decline from 1.001billioninQ22023[26]−Serviceandotherrevenueincreasedto185 million in Q2 2024, up from 175millioninQ22023[26]−Exchangerateeffectsnegativelyimpactedconsolidatedrevenueby5 million for the three months ended June 30, 2024[33] - Hedge gains positively impacted consolidated revenue by 4millionforthethreemonthsendedJune30,2024[33]OperatingMarginsandProfitability−CoreIlluminaGAAPoperatingmarginforQ22024was40.5242 million, or 22.2% of revenue, while consolidated Non-GAAP operating profit was 84million,or7.6743 million, representing 68.0% of revenue, while Non-GAAP gross profit was 758million,or69.4760 million, or 65.5% of revenue, while Non-GAAP gross profit was 777million,or67.01,436 million, representing 66.9% of revenue, while Non-GAAP gross profit is 1,466million,or68.31,446 million, or 64.7% of revenue, while Non-GAAP gross profit is 1,478million,or66.10.41, and non-GAAP diluted earnings per share was 1.09[2]−CoreIlluminanon−GAAPdilutedearningspershareguidanceforfiscalyear2024wasintroducedintherangeof3.80 to 3.95[2]−Non−GAAPdilutedearningspershareforthethreemonthsendedJune30,2024was0.36, compared to 0.32inthesameperiodlastyear[36]NetIncomeandLoss−NetlossforQ22024was1.988 billion, compared to a net loss of 234millioninQ22023[26]−GAAPnetlossforthethreemonthsendedJune30,2024was1.988 billion, compared to a net loss of 234millioninthesameperiodlastyear[37]−Non−GAAPnetincomeforthethreemonthsendedJune30,2024was57 million, compared to 50millioninthesameperiodlastyear[37]−CoreIlluminaGAAPnetincomeforthesixmonthsendedJune30,2024was135 million[41] - Core Illumina Non-GAAP net income for the six months ended June 30, 2024 was 329million[41]ImpairmentCharges−Thecompanyrecognized1,466 million in goodwill and 420millioninintangibleassetimpairmentrelatedtotheGRAILsegmentinQ22024[5]−Goodwillandintangibleimpairmentchargestotaled1.886 billion in Q2 2024, significantly impacting the operating loss[26] - Goodwill and intangible impairment charges for the three months ended June 30, 2024 were 1.886billion[37]−GAAPgoodwillandintangibleimpairmentis1,889 million, or 86.3% of revenue, primarily driven by a 1,466milliongoodwillimpairment[49]CashFlowandLiquidity−FreecashflowforQ22024was48 million, compared to 58millionintheprioryearperiod[6]−FreecashflowforQ22024was48 million, down from 58millioninQ22023[29]−Cashandcashequivalentsdecreasedto920 million as of June 30, 2024, from 1.048billionattheendof2023[22]AssetsandEquity−Totalassetsdecreasedto6.081 billion as of June 30, 2024, from 10.111billionattheendof2023[22]−Stockholders′equitydroppedto1.436 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 325million,or29.2274 million, or 23.6% of revenue, while Non-GAAP R&D expense was 345million,or29.3660 million, or 30.2% of revenue, while Non-GAAP R&D expense is 658million,or30.1699 million, or 30.9% of revenue, while Non-GAAP R&D expense is 685million,or30.360 million, or 5.5% of revenue, while Non-GAAP SG&A expense was 358million,or32.2371 million, or 31.9% of revenue, while Non-GAAP SG&A expense was 355million,or30.2588 million, or 26.9% of revenue, while Non-GAAP SG&A expense is 707million,or32.3839 million, or 37.1% of revenue, while Non-GAAP SG&A expense is 697million,or30.812 million, representing a decrease of 0.6% compared to the previous period[57] - Non-GAAP tax provision for Q2 2024 was 16million,accountingfor22.328 million, reflecting a decrease of 1.4%[57] - Non-GAAP tax provision for YTD 2024 was 28million,representing28.835 million, accounting for 35.0% of the total[60] - Non-GAAP tax provision for Core Illumina in Q2 2024 was 55million,representing24.280 million, accounting for 37.3% of the total[60] - Non-GAAP tax provision for Core Illumina YTD 2024 was 108million,representing24.9104 million in incremental non-GAAP tax expense[57] - YTD 2024 included 117millioninincrementalnon−GAAPtaxexpense[57]CorporateTransactions−Thecompanycompletedthespin−offofGRAILintoanewpubliccompanyonJune24,2024[2]−ThecompanyacquiredFluentBiosciences,developerofanemergingandhighlydifferentiatedsingle−celltechnology[11]OperatingLossandProfit−ConsolidatedGAAPoperatinglossforthethreemonthsendedJune30,2024,was(1,637) million, or (147.2)% of revenue, primarily due to a goodwill and intangible impairment of 1,886million[44]−ConsolidatedGAAPoperatinglossforthethreemonthsendedJuly2,2023,was(88) million, or (7.5)% of revenue, while Non-GAAP operating profit was 82million,or7.0(1,749) million, or (79.9)% of revenue, while Non-GAAP operating profit is 117million,or5.4(152) million, or (6.7)% of revenue, while Non-GAAP operating profit is $103 million, or 4.5% of revenue[51]
Illumina(ILMN)2024-08-06 20:20