Core Viewpoint - The company reported stable revenue in Q3, with a non-GAAP operating margin improvement, and raised its full-year guidance despite facing risks such as export restrictions to China, regulatory uncertainties regarding the acquisition of SomaLogic, global trade tariff fluctuations, and reliance on core component supply chains [1][15]. Financial Performance Overview - Total revenue for Q3 was $1.084 billion, remaining flat compared to $1.080 billion in the same period last year, with stable performance at constant currency [3]. - Gross margin was 67.6%, slightly down from 68.9% year-over-year; non-GAAP gross margin decreased by 1.3 percentage points to 69.2% [4]. - Net profit was $150 million, translating to a diluted EPS of $0.98; the previous year’s net profit was $642 million, with an EPS of $4.03 (non-GAAP EPS was $1.34, up 17.5% year-over-year) [5]. - Operating profit was $227 million, with an operating margin of 21.0%; non-GAAP operating profit was $265 million, with an operating margin of 24.5%, up 1.9 percentage points from the previous year [6]. - Cash flow from operating activities was $284 million, with free cash flow of $253 million; total cash, cash equivalents, and short-term investments amounted to $1.28 billion at the end of the quarter [7]. Key Business Highlights - Revenue growth outside of China: In Q3, the company achieved a revenue growth of 0.5%-1.5% at constant currency in markets outside China, with accelerated revenue growth in the core clinical field driving better-than-expected performance [9]. - Intensive technology innovations: The company launched a 5-base solution providing insights into both genomics and epigenomics; introduced the Constellation mapping reading technology, successfully identifying hard-to-detect genomic variations in a GeneDx pilot; and added the BioInsight business segment to accelerate technology and data-driven discovery projects [10]. - Continued expansion of ecosystem collaborations: Through the TruSight™ comprehensive genomic analysis platform, the company deepened pharmaceutical collaborations in personalized cancer treatment; welcomed Alnylam Pharmaceuticals into the Genomic Discovery Alliance (AGD) to enrich clinical genomic datasets and support the development of gene-silencing drugs; and launched the Illumina® Protein Prep product to simplify sample-to-insight solutions for deeper proteomics insights in drug development [11]. Regional Performance - The company reported regional performance in Q3 (in million dollars): - Americas: $623 - Europe: $309 - Greater China: $52 - AMEA: $111 [12]. Full-Year Guidance Update - Based on Q3 performance, the company raised its full-year guidance: - Total revenue is now expected to decline by 1.5% to 0.5% at constant currency, an improvement from the previous guidance of a decline of 2.5% to 1.5% - Non-GAAP operating margin is projected to be 22.75%-23%, up from the previous guidance of 22%-22.5% - Non-GAAP diluted EPS is expected to be $4.65-$4.75, an increase of $0.20 from the previous guidance of $4.45-$4.55 [13].