Illumina, Inc. · NASDAQ:ILMN
Illumina — Q3 2025 Earnings Presentation
24 slides from Illumina's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 30, 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 Q3'25 Results Summary
Illumina Q3’25 Results Summary Revenue Revenue Growth Ex-China Non-GAAP Operating Margin Non-GAAP Diluted EPS $1.08B ~Flat YoY CC & Reported ~2% YoY CC 24.5% $1.34 Q3’25 NovaSeq X Updates Regional Revenue Americas Europe >55 $612M +1% CC | +1% Reported 56% $1.08B Illumina Revenue 29% $309M +3% CC |
Slide 4: Advancing Towards our Long-Term Targets
Advancing Towards our Long-Term Targets Key Growth Drivers 1 2 3 Core Sequencing & NovaSeq X Transition + Scalable Entry Into Multiomics + Expansion of Services, Data & Software 4
Slide 5: Significant Progress Across Long-Term Growth Pillars in Q3'25
Significant Progress Across Long-Term Growth Pillars in Q3’25 Core Sequencing & Scalable Entry Expansion of Services, NovaSeq X Transition Into Multiomics Data & Software >55 NovaSeq X Placements Illumina Protein Prep Launched in September 2025 BioInsight New business announced in October 2025 Achie
Slide 6: Illumina Q3'25 Revenue
Illumina Q3’25 Revenue ($ in millions) Illumina Revenue Sequencing Consumables Revenue ~Flat CC & Reported Total Ex-China Reported +2% CC Ex-China ~Flat CC +3% Total +1% Reported +12% Clinical (8%) Research & Applied $1,080 $1,084 $741 $747 $684 $707 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 CC = constant
Slide 7: Illumina Sequencing Revenue Detail
Illumina Sequencing Revenue Detail Sequencing Revenue Ex-China ($ in millions) Q1'24 Q2'24 Q3'24 Q4'24 2024 Q1'25 Q2'25 Q3'25 Product Revenue Consumables $642 $679 $684 $640 $2,645 $640 $690 $707 Instruments $100 $111 $98 $144 $453 $103 $92 $104 Consumables Revenue – Market Segment Total – YoY growt
Slide 8: Q3'25 High-Throughput Transition Updates
Q3’25 High-Throughput Transition Updates NovaSeq X Transition Transition Targets Update NovaSeq X % of NovaSeq X % of HT Gb Shipped HT Consumables Revenue Achieved in Q3’25 91% 70% 80% 82% 68% 82% 69% 78% 43% 44% 51% >75%of HT Gb shipped 66% 40% 64% attributed to NovaSeq X 59% 36% 55% 51% 53% 49% 45
Slide 9: Transitioned Clinical Accounts Deliver Robust Revenue & Volume Growth
Transitioned Clinical Accounts Deliver Robust Revenue & Volume Growth Fully Transitioned NovaSeq X Clinical Cohort1 Consumables Revenue Gb Volume +DD +DD +LSD +DD 2023 2024 2025E 2 2023 2024 2025E 2 Gb = gigabases. As of 09/28/2025. Analysis based on clinical customers (n=40) that have fully or larg
Slide 10: Illumina Q3'25 Revenue (Cont'd)
Illumina Q3’25 Revenue (Cont’d) ($ in millions) Sequencing Instruments Revenue Sequencing Service & Other Revenue +3% CC & Reported (3%) CC +6% CC & Reported Ex-China (2%) Reported $150 $147 $104 $107 Q3'24 Q3'25 Q3'24 Q3'25 CC = constant currency. See Appendix for reconciliations of GAAP and non-GA
Slide 11: Illumina Q3'25 Non-GAAP Financials
Illumina Q3’25 Non-GAAP Financials Gross Margin Operating Margin Earnings Per Share (130) bps +190 bps +18% 70.5% 69.2% $1.34 $1.14 22.6% 24.5% Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 See Appendix for reconciliations of GAAP and non-GAAP financial measures. All values include pricing actions announced i
Slide 12: Illumina Q3'25 Cash Flow & Balance Sheet Items
Illumina Q3’25 Cash Flow & Balance Sheet Items Cash Flow Updates $284M $31M $253M Cash Flow from Operations Capital Expenditures Free Cash Flow Share Repurchase Program Balance Sheet Updates ~1.24M $97.10 ~$120M ~$1.28B ~1.6x Illumina Shares Avg. Price per Share Total Cost Cash, Cash Equivalents Gro
Slide 13: Illumina Revised Guidance
Illumina Revised Guidance As of 10/30/2025. All growth rates in CC and reflect YoY trends. FY25 Guidance Revenue Illumina Revenue 0.5% – 1.5% FX benefit of ~10 bps Rest of World Sequencing Consumables 1 2.5% – 3% FX benefit of ~10 bps Sequencing Instruments 1 (6%) – (4%) FX benefit flat Greater Chin
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
Slide 15: 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 Nine Months Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Net cash provided by operating activities $
Slide 16: Results of Operations - Constant Currency Revenue
Illumina, Inc. Results of Operations - Constant Currency Revenue (Dollars in millions) (unaudited) Three Months Ended September 28, September 29, % Change 2025 2024 Revenue $ 1,084 $ 1,080 —% Less: Hedge effect (6) 3 Revenue, excluding hedge effect 1,090 1,077 Less: Exchange rate effect 14 — Constan
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 Nine Months Ended September 28, September 29, % September 28, September 29, % 2025 2024 Change 2025 2024 Change Sequencing consumables revenue $ 7
Slide 18: Results of Operations - Revenue Excluding Greater China
Illumina, Inc. Results of Operations - Revenue Excluding Greater China (Dollars in millions) (unaudited) TABLE 1: CORE ILLUMINA REVENUE EXCLUDING GREATER CHINA: Three Months Ended September 28, September 29, % Change 2025 2024 Revenue $ 1,032 $ 1,005 3% Less: Hedge effect (6) 1 Revenue, excluding he
Slide 19: 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 Nine Months Ended September 28, September 29, % Change September 28, September 29, % Change 2025 2024 2025 2024 AMR revenue $ 612 $ 609 1% $ 1,768
Slide 20: 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 Nine Months Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Core/ C
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: Three Months Ended September 28, 2025 September 29, 2024 GAAP gross profit (b) $ 733 67.6 % $ 745 68.9 % Acquisiti
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: Nine Months Ended September 28, 2025 September 29, 2024 Core/Consolidated Core Illumina GRAIL Elims Consolidated G
Slide 23: The consolidated results for YTD 2024 include the results for GRAIL
The consolidated results for YTD 2024 include the results for GRAIL which was spun off on June 24, 2024. (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 p
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 September 28, 2025 September 29, 2024 Core/Consolidated Core Illumina Consolidated GAAP tax provision $ 70 31.8 % $ 77 10.8 % $