Illumina, Inc. · NASDAQ:ILMN
Illumina — Q1 2025 Earnings Presentation
24 slides from Illumina's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation May 8, 2025 © 2025 Illumina, Inc. All rights reserved.
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
Slide 3: Illumina Q1'25 Results Summary
Illumina Q1’25 Results Summary Revenue Non-GAAP Operating Margin Non-GAAP Diluted EPS $1.04B (0.2%) YoY CC | (1.4%) YoY Reported 20.4% $0.97 Q1’25 NovaSeq X Placements Regional Revenue Americas Europe >60 $570M (2%) CC; (2%) Reported Greater China 55% $1.04B Illumina Revenue 28% $293M +6% CC; +5% Re
Slide 4: Estimating the Dynamic Environment
Estimating the Dynamic Environment Factors Impact Mitigating Actions China Expect lower Greater China Issuing distinct guidance Export Restrictions revenue in 2025 for Greater China and ROW As of March Guidance $100M Update FY25 Incremental Cost Reductions U.S. Research Flexible solutions to sustain
Slide 5: Progress in Delivering Differentiated Innovations
Progress in Delivering Differentiated Innovations Spatial Assay Perturb-Seq Offering Pipeline Remains On Track ▪ Larger capture area, higher resolution, ▪ New single-cell offering for CRISPR and greater sensitivity than existing technologies ▪ Will allow studies in how genetic 1H 2025 changes affect
Slide 6: Illumina Q1'25 Revenue
Illumina Q1’25 Revenue ($ in millions) Illumina Revenue Sequencing Consumables Revenue (0.2%) Constant Currency Decline 1.1% Constant Currency Growth (1.4%) Reported Decline (0.2%) Reported Decline $1,056 $1,041 $698 $696 Q1 2024 Q1 2025 Q1 2024 Q1 2025 See Appendix for reconciliations of GAAP and n
Slide 7: Q1'25 High-Throughput Transition Updates
Q1’25 High-Throughput Transition Updates NovaSeq X Transition Expected Trend in 2H 2025 NovaSeq X % of NovaSeq X % of HT Gigabases (Gb) Shipped HT Consumables Revenue 70% 80% 82% 40% 43% ~75%of HT Gb shipped 68% 66% 36% attributed to NovaSeq X 59% 51% 53% 49% 45% 43% 27% 35% Q2'24 Q3'24 Q4'24 Q1'25
Slide 8: Illumina Q1'25 Revenue (Cont'd)
Illumina Q1’25 Revenue (Cont’d) ($ in millions) Sequencing Instruments Revenue Sequencing Service & Other Revenue 0.2% Constant Currency Growth (5.4%) Constant Currency Decline (0.9%) Reported Decline (6.2%) Reported Decline $151 $110 $142 $109 Q1 2024 Q1 2025 Q1 2024 Q1 2025 See Appendix for reconc
Slide 9: Illumina Q1'25 Non-GAAP Financials
Illumina Q1’25 Non-GAAP Financials Gross Margin Operating Margin Earnings Per Share +30 bps (20) bps (1.0%) Reported Decline 67.4% $0.98 67.1% 20.6% $0.97 20.4% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 See Appendix for reconciliations of GAAP and non-GAAP financial measures. 9
Slide 10: Illumina Q1'25 Cash Flow & Balance Sheet Items
Illumina Q1’25 Cash Flow & Balance Sheet Items Cash Flow Updates $240M $32M $208M Cash Flow from Operations Capital Expenditures Free Cash Flow Share Repurchase Program Balance Sheet Updates ~1.73M $200M $115.74 ~$1.24B ~1.8x Illumina Shares Total Cost Avg. Price per Share Cash, Cash Equivalents Gro
Slide 11: FY25 Non-GAAP EPS Guidance Update
FY25 Non-GAAP EPS Guidance Update As of 5/8/2025 $4.50 – $4.65 ~$0.10 ~$0.50 $4.20 – $4.30 ~($0.25) ~($0.45) ~($0.20) FY25 Guidance Greater China Rest of World $100M Cost FX Benefit Tariff FY25 Guidance (2/6/2025) Reduction Reduction Reduction & Other Impact1 (5/8/2025)1 See Appendix for reconciliat
Slide 12: YoY Revenue and EPS Growth Outside of the Greater China Region
YoY Revenue and EPS Growth Outside of the Greater China Region Illustrative As of 5/8/2025 Revenue Non-GAAP EPS ($ in millions) ($ in actuals) $4,332 $4,220 $4.16 $4.25 $308 $175 $0.35 $0.76 $4,024 $4,045 $3.90 $3.40 FY24 Actuals FY25 Guidance Midpoint FY24 Actuals FY25 Guidance Midpoint Rest of Wor
Slide 13: Illumina Revised Guidance
Illumina Revised Guidance As of 05/08/2025. All growth rates in CC and reflect YoY trends. FY25 Guidance Q2'25 Guidance Revenue Illumina Revenue 0% – 2% FX impact of ~60 bps (2%) – (3%) FX impact of ~30 bps Rest of World Sequencing Consumables 1 0% – 2% FX impact of ~60 bps Sequencing Instruments1 (
Slide 14: Q&A
Q&A Jacob Thaysen Ankur Dhingra Chief Executive Officer Chief Financial Officer 14
Slide 15: Appendix
Appendix © 2025 Illumina, Inc. All rights reserved.
Slide 16: 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
Slide 17: 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 March 30, March 31, 2025 2024 Net cash provided by operating activities $ 240 $ 77 Net cash used in investing activities (63) (48) Net ca
Slide 18: Results of Operations - Constant Currency Revenue
Illumina, Inc. Results of Operations - Constant Currency Revenue (Dollars in millions) (unaudited) Core Illumina Consolidated Three Months Ended Three Months Ended March 30, March 31, % March 30, March 31, % 2025 2024 Change 2025 2024 Change Revenue $ 1,041 $ 1,056 (1)% $ 1,041 $ 1,076 (3)% Less: He
Slide 19: 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 March 30, March 31, % Change 2025 2024 Sequencing consumables revenue $ 696 $ 698 — Less: Hedge gains 5 2 Sequencing consumables revenue, excludin
Slide 20: 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 March 30, March 31, % Change 2025 2024 AMR revenue $ 570 $ 583 (2)% Less: Hedge gains — — AMR revenue, excluding hedge effect 570 583 Less: Exchan
Slide 21: 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 March 30, March 31, 2025 2024 Core/ Consolidated Core Illumina Consolidated GAAP diluted earnings (lo
Slide 22: 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 March 30, 2025 March 31, 2024 Core/Consolidated Core Illumina GRAIL Elims Consolidated GAAP gro
Slide 23: Non-GAAP gross profit and operating profit notes
(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),
Slide 24: 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 March 30, 2025 March 31, 2024 Core/Consolidated Core Illumina Consolidated GAAP tax provision $ 51 27.9 % $ 45 39.3 % $ 17 (15.