Illumina, Inc. · NASDAQ:ILMN

Illumina — Q2 2025 Earnings Presentation

23 slides from Illumina's earnings presentation, Jul 31, 2025

  1. Slide 1: Q2 2025 Earnings Presentation

    Q2 2025 Earnings Presentation July 31, 2025 © 2025 Illumina, Inc. All rights reserved.

  2. Slide 2: Cautionary Notes

    Cautionary Notes This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) changes in the rate of gr

  3. Slide 3: Illumina Q2'25 Results Summary

    Illumina Q2’25 Results Summary Revenue Non-GAAP Operating Margin Non-GAAP Diluted EPS $1.06B (3%) YoY CC | (3%) YoY Reported 23.8% $1.19 Q2’25 NovaSeq X Updates Regional Revenue Americas Europe >50 $586M (5%) CC | (6%) Reported 55% $1.06B Illumina Revenue 29% $310M +6% CC | +7% Reported Instrument P

  4. Slide 4: Advancing Towards our Long-Term Targets

    Advancing Towards our Long-Term Targets Key Growth Drivers 1 2 3 Core Sequencing & NovaSeq X Transition + Scalable Entry into Multiomics + Expansion of Services, Data & Software 4

  5. Slide 5: Announced Acquisition of SomaLogic

    Announced Acquisition of SomaLogic Purchase Consideration Acquisition brings all existing SOMAmer related technology & ▪ $350M cash (payable at closing) products including SomaScan kits & services, SomaSignal Tests, ▪ Up to $75M in near-term revenue performance-based milestones and relevant tech dev

  6. Slide 6: MiSeq i100 Plus Updates

    MiSeq i100 Plus Updates >500 Instrument Placements since launch1 18 Proven Workflows 9 Workflows from Library Prep MiSeq i100 Plus through Analysis 1. As of Q2’25. 6

  7. Slide 7: Illumina Q2'25 Revenue

    Illumina Q2’25 Revenue ($ in millions) Illumina Revenue Sequencing Consumables Revenue (~3%) Constant Currency Decline ~Flat Constant Currency (~3%) Reported Decline ~Flat Reported $1,092 $1,059 $737 $740 Q2 2024 Q2 2025 Q2 2024 Q2 2025 See Appendix for reconciliations of GAAP and non-GAAP financial

  8. Slide 8: Q2'25 High-Throughput Transition Updates

    Q2’25 High-Throughput Transition Updates NovaSeq X Transition NovaSeq X Consumables Revenue NovaSeq X % of NovaSeq X % of >10% HT Gigabases (Gb) Shipped HT Consumables Revenue 82% 82% 80% 44% 43% 40% QoQ Growth 70% 68% 69% 66% 36% 59% 55% Transition Targets Update 51% 53% 49% 45% 43% 27% Towards the

  9. Slide 9: Illumina Q2'25 Revenue (Cont'd)

    Illumina Q2’25 Revenue (Cont’d) ($ in millions) Sequencing Instruments Revenue Sequencing Service & Other Revenue (~18%) Constant Currency Decline (~5%) Constant Currency Decline (~18%) Reported Decline (~5%) Reported Decline $143 $136 $116 $96 Q2 2024 Q2 2025 Q2 2024 Q2 2025 See Appendix for reconc

  10. Slide 10: Illumina Q2'25 Non-GAAP Financials

    Illumina Q2’25 Non-GAAP Financials Gross Margin Operating Margin Earnings Per Share ~Flat +160 bps ~9% Reported Increase 69.4% 69.4% $1.19 $1.09 22.2% 23.8% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 See Appendix for reconciliations of GAAP and non-GAAP financial measures. All values include pr

  11. Slide 11: Illumina Q2'25 Cash Flow & Balance Sheet Items

    Illumina Q2’25 Cash Flow & Balance Sheet Items Cash Flow Updates $234M $30M $204M Cash Flow from Operations Capital Expenditures Free Cash Flow Share Repurchase Program Balance Sheet Updates ~4.5M $380M $84.66 ~$1.16 ~1.7x Illumina Shares Total Cost Avg. Price per Share Cash, Cash Equivalents Gross

  12. Slide 12: Illumina Revised Guidance

    Illumina Revised Guidance As of 07/31/2025. All growth rates in CC and reflect YoY trends. FY25 Guidance Q3'25 Guidance Revenue Illumina Revenue 0% – 2% FX benefit of ~20 bps 1% – 2% FX benefit of ~80 bps Rest of World Sequencing Consumables1 1% – 3% FX benefit of ~20 bps Sequencing Instruments1 (6%

  13. Slide 13: Appendix

    Appendix © 2025 Illumina, Inc. All rights reserved.

  14. Slide 14: Statement regarding use of non-GAAP financial measures

    Statement regarding use of non-GAAP financial measures The company reports non-GAAP results for diluted earnings per share, net income, gross margin, operating expenses, including research and development expense, selling general and administrative expense, legal contingency and settlement, and good

  15. Slide 15: Illumina, Inc. Condensed Statements of Cash Flows

    Illumina, Inc. Condensed Statements of Cash Flows (In millions) (unaudited) TABLE 1: CONSOLIDATED STATEMENTS OF CASH FLOWS AND FREE CASH FLOWS: Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 234 $ 80 $ 474 $ 157

  16. Slide 16: Results of Operations - Constant Currency Revenue

    Illumina, Inc. Results of Operations - Constant Currency Revenue (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - CONSTANT CURRENCY REVENUE: Three Months Ended Six Months Ended June 29, June 30, % Change June 29, June 30, % Change 2025 2024 2025 2024 Revenue $ 1,059 $ 1,092 (3)% $ 2,100 $

  17. Slide 17: Results of Operations - Revenue by Source

    Illumina, Inc. Results of Operations - Revenue by Source (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - REVENUE BY SOURCE: Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, % Change % Change 2025 2024 2025 2024 Sequencing consumables revenue $ 740 $ 737 — $ 1,437 $

  18. Slide 18: Results of Operations - Revenue by Region

    Illumina, Inc. Results of Operations - Revenue by Region (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA - REVENUE BY REGION: Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, % Change % Change 2025 2024 2025 2024 AMR revenue $ 586 $ 620 (6)% $ 1,156 $ 1,203 (4)% Less:

  19. Slide 19: Results of Operations - Non-GAAP

    Illumina, Inc. Results of Operations - Non-GAAP (In millions, except per share amounts) (unaudited) TABLE 1: RECONCILIATION OF GAAP AND NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE: Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, 2025 2024 2025 2024 Core/ Core Core/ Core Consol

  20. Slide 20: Results of Operations - Non-GAAP (continued)

    Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Three Months Ended June 29, 2025 June 30, 2024 Core/Consolidated Core Illumina GRAIL Elims Consolidated GAAP gross

  21. Slide 21: Results of Operations - Non-GAAP (continued)

    Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE: Six Months Ended June 29, 2025 June 30, 2024 Core/Consolidated Core Illumina GRAIL Elims Consolidated GAAP gross p

  22. Slide 22: Non-GAAP footnotes

    (a) Non-GAAP gross profit, included within non-GAAP operating profit (loss), is a key measure of the effectiveness and efficiency of manufacturing processes, product mix and the average selling prices of our products and services. Non-GAAP operating profit (loss) and non-GAAP other income (expense),

  23. Slide 23: Results of Operations - Non-GAAP (continued)

    Illumina, Inc. Results of Operations - Non-GAAP (continued) (Dollars in millions) (unaudited) TABLE 4: RECONCILIATION OF GAAP AND NON-GAAP TAX PROVISION: Three Months Ended June 29, 2025 June 30, 2024 Core/Consolidated Core Illumina Consolidated GAAP tax provision $ 71 23.4 % $ 35 35.0 % $ 12 (0.6)%

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