Compared to Estimates, Illumina (ILMN) Q2 Earnings: A Look at Key Metrics

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]