Press release
Illumina Reports Financial Results for First Quarter of Fiscal Year 2022
Revenue of $1.22 billion for Q1 2022, up 12% from Q1 2021Earnings per diluted share (diluted EPS) of $0.55 for Q1 2022, compared to $1.00 for Q1 2021Non-GAAP
About this update from Illumina, Inc.
[{"type":"text","content":"Revenue of $1.22 billion for Q1 2022, up 12% from Q1 2021Earnings per diluted share (diluted EPS) of $0.55 for Q1 2022, compared to $1.00 for Q1 2021Non-GAAP diluted EPS of $1.07 for Q1 2022, compared to $1.89 for Q1 2021Reiterating full year revenue guidance of 14-16% growth from fiscal year 2021Expect diluted EPS of $2.33 to $2.53 for fiscal year 2022Reiterating non-GAAP diluted EPS guidance of $4.00 to $4.20 for fiscal year 2022SAN DIEGO, May 5, 2022 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) today announced its financial results for the first quarter of fiscal year 2022, which include consolidated financial results for GRAIL.\n\"Illumina maintained strong momentum in the first quarter, particularly across oncology therapy selection, genetic disease testing, and pathogen surveillance,\" said Francis deSouza, Chief Executive Officer. \"Our business fundamentals are robust. We saw record total orders and exited the quarter with record total backlog. GRAIL also continued to gain traction and has now entered more than 30 partnerships with health systems, employers, and insurers. We are advancing our innovation roadmap, delivering the sequencing breakthroughs that power genomic research and improve human health.\"\nFirst quarter consolidated results\nGAAP\nNon-GAAP (a)\nDollars in millions, except per share amounts\nQ1 2022 (b)\nQ1 2021\nQ1 2022 (b)\nQ1 2021\nRevenue\n$ 1,223\n$ 1,093\nGross margin\n66.6 %\n69.9 %\n69.9 %\n70.5 %\nResearch and development expense\n$ 323\n$ 197\n$ 323\n$ 197\nSelling, general and administrative expense\n$ 308\n$ 374\n$ 320\n$ 223\nOperating profit\n$ 184\n$ 193\n$ 212\n$ 351\nOperating margin\n15.0 %\n17.7 %\n17.3 %\n32.1 %\nNet income\n$ 86\n$ 147\n$ 169\n$ 278\nDiluted EPS\n$ 0.55\n$ 1.00\n$ 1.07\n$ 1.89\n(a) See the tables included in \"Results of Operations - Non-GAAP\" section below for reconciliations of these GAAP and non-GAAP financial measures.\n(b) Consolidated financial results for GRAIL are included in Q1 2022, but not in Q1 2021, as GRAIL was acquired on August 18, 2021.\nCapital expenditures for free cash flow purposes were $61 million during the first quarter of 2022. Cash flow from operations was $172 million compared to $282 million in the prior year period, with the year-over-year decrease primarily attributable to GRAIL's operating loss. Free cash flow (cash flow from operatio...