Illumina(US:ILMN) Prnewswire·2024-11-04 21:05Core Financial Results - Core Illumina revenue for Q3 2024 was $1.1 billion, a decrease of 2% from Q3 2023 on a constant currency basis [1][21] - GAAP operating margin for Q3 2024 was 68.6%, while non-GAAP operating margin was 22.6% [1][4] - GAAP diluted EPS for Q3 2024 was $4.03, and non-GAAP diluted EPS was $1.14 [1][24] Guidance and Outlook - The company lowered its fiscal year 2024 Core Illumina revenue guidance to a decline of approximately 3% compared to fiscal year 2023, with an expected Q4 2024 revenue of around $1.07 billion [1][7] - Fiscal year 2024 non-GAAP operating margin guidance was raised to a range of 21% to 21.5% [1][7] - Non-GAAP diluted EPS guidance for fiscal year 2024 was raised to a range of $4.05 to $4.15 [1][7] Operational Highlights - The company reported strong operating results, with revenue meeting expectations despite a constrained macroeconomic environment [2] - Illumina is making progress towards strategic goals, including launching innovations and accelerating customer adoption of the NovaSeq™ X [2] Segment Performance - Core Illumina segment revenue for Q3 2024 was $1.08 billion, with a gross margin of 68.9% [3][21] - Research and development (R&D) expenses were $253 million, while selling, general and administrative (SG&A) expenses were $239 million [3][4] Cash Flow and Capital Expenditures - Cash flow provided by operations was $316 million for Q3 2024, compared to $139 million in the prior year [5] - Free cash flow for the quarter was $284 million, up from $94 million in the prior year [5][20] Recent Announcements - The company presented a three-year financial outlook featuring accelerating revenue growth and significant margin expansion [6] - Illumina introduced the MiSeq i100 Series, its simplest and fastest benchtop sequencers [6] - The company obtained FDA approval for TSO Comprehensive with two companion diagnostics [6]