Press release
Illumina Reports Financial Results for Second Quarter of Fiscal Year 2024
Core Illumina revenue of $1.09 billion for Q2 2024, down 6% from Q2 2023 (down 6% on a constant currency basis) and up 3% from Q1 2024Core Illumina GAAP
About this update from Illumina, Inc.
[{"type":"text","content":"Core Illumina revenue of $1.09 billion for Q2 2024, down 6% from Q2 2023 (down 6% on a constant currency basis) and up 3% from Q1 2024Core Illumina GAAP operating margin of 40.5% and non-GAAP operating margin of 22.2% for Q2 2024Core Illumina GAAP diluted earnings per share of $0.41 and non-GAAP diluted earnings per share of $1.09 for Q2 2024Lowered fiscal year 2024 Core Illumina revenue guidance to decline 2% to 3% (down 1.5% to 2.5% in constant currency) from 2023Raised Core Illumina non-GAAP operating margin guidance to a range of 20.5% to 21% for fiscal year 2024Introducing guidance for Core Illumina non-GAAP diluted earnings per share in the range of $3.80 to $3.95 for fiscal year 2024On June 24, 2024, we completed the spin-off of GRAIL into a new public companySAN DIEGO, Aug. 6, 2024 /PRNewswire/ -- Illumina, Inc. (Nasdaq: ILMN) (\"Illumina\" or the \"company\") today announced its financial results for the second quarter of fiscal year 2024, which include the consolidated financial results for GRAIL through June 24, 2024.\n\n\"The Illumina team delivered results ahead of our expectations in the quarter, driven by disciplined execution on our strategic priorities,\" said Jacob Thaysen, Chief Executive Officer. \"Consumable sales remained solid as customers continued to increase their sequencing activity, but instrument demand has softened in a constrained funding environment. We are progressing our operating excellence initiatives and will deliver expanded margins this year.\"\nSecond quarter consolidated results\nGAAP\nNon-GAAP (a)\nDollars in millions, except per share amounts\nQ2 2024\nQ2 2023\nQ2 2024\nQ2 2023\nRevenue\n$ 1,112\n$ 1,176\n$ 1,112\n$ 1,176\nGross margin\n64.8 %\n62.2 %\n69.0 %\n66.5 %\nResearch and development (\"R&D\") expense\n$ 325\n$ 358\n$ 325\n$ 345\nSelling, general and administrative (\"SG&A\") expense\n$ 147\n$ 462\n$ 358\n$ 355\nGoodwill and intangible impairment (b)\n$ 1,886\n$ —\n$ —\n$ —\nOperating (loss) profit\n$ (1,637)\n$ (88)\n$ 84\n$ 82\nOperating margin\n(147.2) %\n(7.5) %\n7.6 %\n7.0 %\nTax provision\n$ 12\n$ 145\n$ 16\n$ 33\nTax rate\n(0.6) %\n(163.8) %\n22.3 %\n39.3 %\nNet (loss) income\n$ (1,988)\n$ (234)\n$ 57\n$ 50\nDiluted (loss) earnings per share\n$ (12.48)\n$ (1.48)\n$ 0.36\n$ 0.32\n(a) See the tables included in the \"Results of Operations - Non-GAAP\" section below for rec...