What factors drove the changes in Illumina's revenue and profit?

What is the revenue and EPS growth rate for Illumina year over year?

What does Illumina do and what are its main business segments?

What were the key takeaways from Illumina’s earnings call?

What is the market's earnings forecast for Illumina next quarter?

What is Illumina's gross profit margin?

Did Illumina beat or miss consensus estimates last quarter?

What guidance did Illumina's management provide for the next earnings period?

- **Revenue Growth**: Ex-China revenue up 2% in 2025, Q4 clinical consumables +20% ex-China. 
- **Strategic Expansion**: Acquired SomaLogic for proteomics, launched BioInsight for drug discovery. 
- **Financial Strength**: Q4 non-GAAP EPS $1.35 (+42%), 2026 EPS guidance $5.05-5.20. 
- **Instrument Momentum**: 100+ NovaSeq X placements in Q4, 2026 target 200-240. 
- **China Risks**: 2026 China sales $210-220M, 1pt headwind to growth. 
- **Multiomics Pipeline**: Spatial transcriptomics and constellation-read tech launching H1 2026.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Ex-China revenue grew 2% annually and 7% in Q4, driven by clinical consumables (20% ex-China growth). NovaSeq X placements reached 100+ in Q4, with 60% to clinical customers. 
- **Strategic Pillars**: Core sequencing (NovaSeq X adoption), multiomics (SomaLogic acquisition), and data/software (BioInsight launch). 
- **2026 Outlook**: 2-4% ex-China organic growth, clinical consumables expected to grow double-digit, research down mid-single digits. Operating margin target 23.3-23.5%, EPS $5.05-5.20 (including $0.18 SomaLogic dilution). 

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $1.16B (+5% YoY), non-GAAP EPS $1.35 (+42% YoY). Clinical consumables $755M (+8% YoY), instruments $154M (+3% ex-China). 
- **Margins & Cash Flow**: Non-GAAP gross margin 67%, operating margin 23.7%. Free cash flow $267M, $931M annually. Acquired SomaLogic for $350M, with $643M remaining on share buyback. 
- **2026 Guidance**: Revenue $4.5-4.6B (+4-6% reported), operating margin 23.3-23.5%, EPS $5.05-5.20. 

**【Q&A Highlights】**
- **Margins & SomaLogic**: 2026 margin expansion 130bps ex-SomaLogic, SomaLogic to add 1.5-2pts revenue growth. 
- **China Dynamics**: Q4 Greater China revenue $55M (down 55% YoY), 2026 outlook $210-220M. 
- **Instrument Demand**: 50-60 NovaSeq X placements/Q4, 2026 total 200-240. 
- **BioInsight Potential**: Billion Cell Atlas collaborations with AstraZeneca, Merck, Lilly; long-term 1-2% growth contribution. 
- **Academic Market**: NIH budget improvement, but funding flow uncertainty; NovaSeq 6000 pull-through expected to decline by end-2026.

Illumina, Inc. (ILMN) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: Q3 revenue of $1.08B beat expectations, with 2% YoY growth outside China and non-GAAP operating margin of 24.5%.
- **NovaSeq X Momentum**: 55 instruments placed in Q3, 78% of volumes on X platform. Clinical consumables growth accelerates with MRD and genetic disease assays.
- **China Progress**: Local manufacturing approval marks progress, though full resolution pending. Q3 China revenue of $52M exceeded guidance.
- **Multiomics Expansion**: Launch of proteomics assay, 5-base solution, and BioInsight data services to drive long-term growth.
- **Margin Expansion**: 190bps YoY operating margin improvement, with further gains expected from cost actions and revenue recovery.

**【CEO Summary Section】**
- **Q3 Revenue Performance**: Total revenue of $1.08 billion, with 2% year-over-year growth outside China. Non-GAAP operating margin expanded to 24.5%, and diluted EPS reached $1.34, both above guidance.
- **NovaSeq X Transition**: Over 55 instruments placed in Q3, exceeding 50-60 per quarter target. 78% of high-throughput volumes and 51% of revenue now on X platform, driven by clinical adoption.
- **Clinical Growth**: Sequencing consumables revenue grew at high single-digit rate YoY, supported by new assays and MRD applications. NovaSeq X placements in clinical customers reached 64% of volumes in Q3.
- **China Progress**: Greater China revenue of $52 million, ahead of guidance despite export restrictions. Local manufacturing approval for select instruments marks a step forward, though long-term resolution remains pending.
- **Strategic Initiatives**: Launch of Illumina Protein Prep (proteomics assay), 5-base solution (genetic/methylation analysis), and BioInsight (data/AI services) to expand into multiomics and services markets.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Sequencing consumables ($747M), instruments ($107M), and services/other ($147M). Ex-China revenue grew 2% YoY, driven by clinical strength. Research and applied consumables declined due to X transition and funding uncertainty.
- **Gross Margin**: 69.2%, with tariffs impacting margins by 220bps YoY. Operating expenses down 6% YoY to $484M, reflecting cost reduction programs.
- **2025 Guidance Update**: Total revenue now expected to decline -0.5% to -1.5% (vs. prior -1% to -3%). Non-GAAP operating margin raised to 22.75-23%, and EPS to $4.65-$4.75 (up $0.20 at midpoint). Q4 China revenue projected at $33M.
- **2026 Outlook**: Clinical growth to continue with X transition, research to stabilize, and multiomics launches to contribute. Gross leverage at 1.6x, with $1.28B cash on hand.

**【Q&A Highlights】**
- **China Strategy**: Progress with local manufacturing for OEM partners, but regulatory dialogue ongoing. Q3 China performance resilient despite headwinds.
- **Competitive Landscape**: Illumina maintains end-to-end quality advantage vs. competitors focused on single dimensions. Clinical customers value NovaSeq X's throughput and workflow consistency.
- **Margin Expansion**: 190bps YoY operating margin improvement in Q3. Further expansion expected from cost actions (e.g., manufacturing optimization) and operating leverage as revenue recovers.
- **Research Market**: NovaSeq X transition complete in research, but funding uncertainty persists. NIH grants flowing but spending cautious. Multiomics launches (e.g., proteomics, spatial) position for recovery.
- **Instrument Placements**: Q3 placements of 55 instruments in line with 50-60 per quarter target. Clinical placements占50%+ of total, supporting consumables growth.


Illumina, Inc. (ILMN) Q3 2025 Earnings Call Transcript

- **Q2 Strong Execution**: $1.06B revenue, $1.19 EPS beat, 23.8% operating margin. Clinical segment (60% of consumables) drives resilience.
- **NovaSeq X Growth**: 44% of high-throughput revenue on X series; 2025 target 50% revenue, 75% Gb shipped.
- **Multiomics Expansion**: $350M SomaLogic acquisition accelerates proteomics; MiSeq i100+ placements >500, expanding access.
- **Guidance Raised**: FY25 revenue -0.5% to -2.5% YoY, EPS $4.45-$4.55. China revenue up $25M to $200M.
- **Risks**: U.S. research funding uncertainty, China export restrictions, and slower instrument demand.

**【CEO Summary Section】**
- **Q2 Revenue**: $1.06 billion (down 3% YoY, high end of guidance), driven by clinical strength and NovaSeq X placements (>50 units). Non-GAAP EPS of $1.19 exceeded expectations.
- **Clinical Growth**: 60% of sequencing consumables, with momentum in oncology (MRD), rare disease testing, and NIPT. Clinical X transition at 55%.
- **NovaSeq X Transition**: 44% of high-throughput consumables revenue on X series; target 50% revenue and 75% Gb shipped by end-2025.
- **Multiomics Expansion**: Acquired SomaLogic for $350M, expanding proteomics capabilities. MiSeq i100+ placements >500, praised for ease of use and accessibility.
- **Risks**: U.S. research funding uncertainty, China export restrictions, and slower research instrument demand.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Sequencing consumables $740M (flat YoY), instruments $96M (-18% YoY), services $136M (-5% YoY). Greater China revenue $63M (down 16% YoY).
- **Margins**: Non-GAAP gross margin 69.4% (up 200bps QoQ), operating margin 23.8% (up 160bps YoY). Tariffs impacted margin by 110bps.
- **Cash Flow**: $234M from operations, $380M share buybacks. Free cash flow $204M. FY25 guidance raised: revenue -0.5% to -2.5% YoY, EPS $4.45-$4.55.
- **China Update**: Raised 2025 China revenue by $25M to $200M, driven by consumables resilience despite instrument export bans.

**【Q&A Key Highlights】**
- **Pipeline Momentum**: Early access feedback positive on 5-base, constellation, and spatial solutions; expect launches in 2026.
- **Competition**: Focus on clinical quality and multiomics differentiation; proteomics deal positions for new growth.
- **X Transition**: Clinical backlog growing; expect gradual shift without cliff. 2026 outlook: higher growth from clinical, multiomics, and services.
- **Research Market**: 2026 NIH funding uncertainty could be 2-3% headwind; mid-throughput instruments soft due to outsourcing.
- **Tariffs**: Partial relief expected in H2 2025; ongoing cost actions offset remaining impact.


Illumina, Inc. (ILMN) Q2 2025 Earnings Call Transcript

- **China Headwinds**: 2025 Greater China revenue down 43% YoY to $165-185M, with no resolution in sight.
- **Cost Savings Offset Tariffs**: $100M cost cuts and pricing actions mitigate $85M tariff impact, preserving 2025 EPS guidance.
- **Clinical Growth Engine**: NovaSeq X clinical adoption >50%, driving ex-China revenue growth of 1-2%.
- **Research Market Weakness**: U.S. research spending down mid-double digits YoY due to funding constraints.
- **Resilient Cash Flow**: $240M operating cash flow and $200M share buybacks support financial flexibility.

**【CEO Summary Section】**
- Q1 revenue of $1.04 billion was flat year-over-year on a constant currency basis, with NovaSeq X series placements exceeding 60 units in Q1 and over 90 in Q4 2024.
- China export restrictions resulted in reduced instrument placements, with 2025 Greater China revenue guidance lowered to $165-185 million (down 43% YoY).
- Global cost reduction program of $100 million was implemented, with full savings realized in 2025.
- U.S. tariffs on Singapore-manufactured goods are estimated to cost $85 million in 2025, partially offset by pricing actions and supply chain optimization.

**【CFO Financial Commentary】**
- Non-GAAP EPS of $0.97 hit the high end of guidance, driven by $240 million in operating cash flow and $200 million in share buybacks.
- Sequencing consumables revenue grew 1% YoY to $696 million, with 68% of high-throughput GB shipped on NovaSeq X series.
- Non-GAAP gross margin improved 30bps to 67.4%, despite higher instrument mix and software upgrade costs.
- 2025 full-year revenue guidance revised to $4.18-4.26 billion (-3% to -1% YoY), with ex-China growth of 1-2%.
- 2025 EPS guidance lowered to $4.20-4.30 due to tariffs, but includes $0.35 contribution from China (vs. $0.76 in 2024).

**【Q&A Key Themes】**
- **China Risk Mitigation**: $100M cost cuts offset China revenue loss; no plans to expand into alternative markets.
- **Research Market Challenges**: Mid-double-digit decline expected in U.S. research due to funding uncertainty.
- **Tariff Impact**: $30-35M Q2 impact, with full mitigation by 2026 through pricing and supply chain changes.
- **Clinical Growth**: NovaSeq X adoption in clinical >50%, driving 2025 ex-China growth.
- **Competitive Strategy**: No plans to match free sequencing offers; focus on long-term innovation.


Illumina, Inc. (ILMN) Q1 2025 Earnings Call Transcript

- **Q4 Strong Execution**: $1.1B revenue beat, 1% YoY growth, 91 NovaSeq X placements. 
- **2025 Growth Path**: Low single-digit revenue, 23% margin, $4.50-$4.65 EPS. 
- **China Risk Management**: 7% revenue exposure, no guidance impact from recent restrictions. 
- **X Transition Momentum**: 65% volume on X, targeting 75%+ by mid-2025. 
- **Multiomics Expansion**: Proteomics pilot with UK Biobank, single cell partnerships driving research demand.

**【CEO Summary Section】**
- Q4 2024 revenue of $1.1 billion exceeded expectations, with 1% year-over-year growth driven by NovaSeq X consumables and instrument shipments. 
- NovaSeq X installed base reached 630 units, with 91 new placements in Q4. 
- 2025 guidance: low single-digit revenue growth, 23% non-GAAP operating margin, $4.50-$4.65 EPS. 
- China revenue represents ~7% of total, with ongoing dialogue to resolve recent regulatory challenges.

**【CFO Financial Commentary】**
- Q4 non-GAAP EPS of $0.95 beat expectations, driven by $100M+ cost savings and 67.4% gross margin. 
- 2024 full year cash flow of $364M, ending with $1.22B in cash. 
- 2025 outlook: low single-digit sequencing consumables growth, mid-20s% operating margin expansion. 
- Q1 2025 revenue flat/down 1% YoY, EPS $0.93-$0.98.

**【Key Q&A Themes】**
- **China Impact**: Management maintains ~7% revenue exposure, prioritizing dialogue to resolve restrictions. 2025 guidance excludes China impacts. 
- **NovaSeq X Transition**: 65% of high-throughput volume on X series, targeting 75%+ by mid-2025. Clinical pull-through averages $1.3M/system. 
- **Competitive Strategy**: Focus on multiomics (single cell, proteomics) and application-specific pricing to drive clinical utilization. 
- **R&D Investment**: Maintaining ~$1B annual R&D spend to support 10-year innovation roadmap.

Actual															1.5938	0.6025	0.9913	1.1856	1.8368	1.8173	1.4092	0.7289	1.0399	0.5539	0.3304	0.1361	0.0777	0.311	0.3207	0.1361	0.0875	0.36	1.14	0.95	0.97	1.19	1.34	1.35
Forecast															1.2205	0.6539	0.7901	1.0786	1.3495	1.3219	1.2784	0.4433	0.8719	0.6064	0.2782	0.2571	0.0054	0.0158	0.1449	0.0181	0.0417	0.1096	0.8786	0.9128	0.9396	1.012	1.1685	1.242
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+30.59%	-7.86%	+25.47%	+9.92%	+36.11%	+37.48%	+10.23%	+64.43%	+19.27%	-8.66%	+18.76%	-47.06%	+1338.89%	+1868.35%	+121.33%	+651.93%	+109.83%	+228.47%	+29.75%	+4.08%	+3.24%	+17.59%	+14.68%	+8.70%

ILMN

ILMN fundamentals

ILMN Q4 2025 Earnings

Earnings Call

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ILMN

ILMN fundamentals

ILMN Q4 2025 Earnings

Earnings Call

ILMN Earnings Call Summary for Q4/20254:30 PM on Feb 5, 2026

ILMN Earnings Call Summary for Q3/20254:30 PM on Oct 30, 2025

ILMN Earnings Call Summary for Q2/20254:30 PM on Jul 31, 2025

ILMN Earnings Call Summary for Q1/20254:30 PM on May 8, 2025

ILMN Earnings Call Summary for Q4/20244:30 PM on Feb 6, 2025

You can ask Aime