Illumina's earnings call highlighted strong financial performance, significant milestones in the NovaSeq X platform, and robust cash flow management. However, regional revenue declines, notably in the Americas and Greater China, and a significant drop in sequencing instruments revenue were concerning. The company adjusted its revenue guidance downward due to ongoing macroeconomic constraints and competitive pressures in the mid-throughput segment.

Company Guidance

During Illumina's Q3 2024 earnings call, the company reported revenue of $1.08 billion, reflecting a 2% year-over-year decrease. The NovaSeq X platform's expansion was highlighted, with 58 new instruments placed in the quarter, contributing to a total installed base of 527. The X Series surpassed $1 billion in cumulative revenue, with 40% of the installed base shipped to clinical customers. While Americas revenue was down 6%, Europe and EMEA saw increases of 12% and 7%, respectively, though Greater China experienced a 23% decline. Illumina's non-GAAP operating margin was 22.6%, with diluted earnings per share at $1.14, surpassing expectations. Despite a slightly reduced revenue growth forecast for 2024 due to macroeconomic constraints, the company raised guidance for operating margin and EPS. Looking ahead, Illumina aims for high single-digit revenue growth and 500 basis points of operating margin expansion by 2027.

Strong Financial Performance

Illumina delivered strong financial performance in Q3, with a non-GAAP operating margin of 22.6% and diluted earnings per share of $1.14, exceeding expectations.

NovaSeq X Platform Expansion

The company placed an additional 58 NovaSeq X Plus instruments in Q3, bringing the total installed base to 527, with 40% shipped to clinical customers.

X Series Cumulative Revenue Milestone

The X Series surpassed $1 billion in cumulative revenue, marking a significant milestone.

Consumables Growth

Sequencing consumables revenue was $741 million, up 7% year-over-year, driven by strong uptake in X Consumables.

Cash Flow and Capital Allocation

Illumina reported strong cash flow from operations at $316 million and executed on its capital allocation strategy, including share repurchases and the acquisition of Fluent Biosciences.

Gross Margin Improvement

Non-GAAP gross margin for the quarter increased by 450 basis points year-over-year to 70.5%.

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Illumina (ILMN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ILMN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 06, 2025	2024 (Q4)	0.92 / -	0.136	―	―	―
Nov 04, 2024	2024 (Q3)	0.88 / 1.14	0.321	255.14% (+0.82)
Aug 06, 2024	2024 (Q2)	0.11 / 0.36	0.311	15.76% (+0.05)
May 02, 2024	2024 (Q1)	0.04 / 0.09	0.078	11.54% (<+0.01)
Feb 08, 2024	2023 (Q4)	0.02 / 0.14	0.136	0.00% (0.00)
Nov 09, 2023	2023 (Q3)	0.14 / 0.32	0.33	-2.73% (>-0.01)
Aug 09, 2023	2023 (Q2)	0.02 / 0.31	0.554	-43.86% (-0.24)
Apr 25, 2023	2023 (Q1)	<0.01 / 0.08	1.04	-92.50% (-0.96)
Feb 07, 2023	2022 (Q4)	0.26 / 0.14	0.729	-81.34% (-0.59)
Nov 03, 2022	2022 (Q3)	0.28 / 0.33	1.409	-76.58% (-1.08)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ILMN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2024	$153.49	$154.96	+0.96%
Aug 06, 2024	$116.36	$121.10	+4.07%
May 02, 2024	$120.50	$114.61	-4.89%
Feb 08, 2024	$139.29	$133.96	-3.83%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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