Illumina Announces Preliminary Unaudited Financial Results for Fourth Quarter and Fiscal Year 2024 and Provides Preliminary Outlook for Fiscal Year 2025
Illumina (NASDAQ: ILMN) has released preliminary unaudited financial results for Q4 and fiscal year 2024, along with its 2025 outlook. The company reported Q4 2024 revenue of $1.10 billion, up 1% year-over-year, while full-year 2024 revenue decreased 2% to $4.33 billion.
Q4 2024 performance showed GAAP operating margin of 16.7% and non-GAAP operating margin of 19.7%. For the full year 2024, GAAP operating margin was 34.2% and non-GAAP operating margin was 21.3%. The company achieved GAAP diluted EPS of $0.77-$0.79 for Q4 and $5.65-$5.67 for 2024.
Looking ahead to 2025, Illumina expects low single-digit constant currency revenue growth with revenue projected between $4.28 billion to $4.4 billion, non-GAAP operating margin of approximately 23%, and non-GAAP diluted EPS growth of approximately 10%.
Illumina (NASDAQ: ILMN) ha rilasciato i risultati finanziari preliminari non verificati per il quarto trimestre e l'anno fiscale 2024, insieme alle previsioni per il 2025. L'azienda ha riportato ricavi di $1,10 miliardi per il Q4 2024, in aumento dell'1% rispetto all'anno precedente, mentre i ricavi dell'anno intero 2024 sono diminuiti del 2% a $4,33 miliardi.
Le performance del Q4 2024 hanno mostrato un margine operativo GAAP del 16,7% e un margine operativo non-GAAP del 19,7%. Per l'intero anno 2024, il margine operativo GAAP era del 34,2% e il margine operativo non-GAAP era del 21,3%. L'azienda ha ottenuto un utile per azione diluito GAAP di $0,77-$0,79 per il Q4 e di $5,65-$5,67 per il 2024.
Guardando al 2025, Illumina prevede una crescita dei ricavi a singolo programma bassa a cambi costanti, con ricavi previsti tra $4,28 miliardi e $4,4 miliardi, un margine operativo non-GAAP di circa il 23% e una crescita dell'utile per azione diluito non-GAAP di circa il 10%.
Illumina (NASDAQ: ILMN) ha publicado resultados financieros preliminares no auditados para el cuarto trimestre y el año fiscal 2024, junto con sus perspectivas para 2025. La empresa informó ingresos de $1.10 mil millones para el Q4 2024, un aumento del 1% interanual, mientras que los ingresos del año completo 2024 disminuyeron un 2% a $4.33 mil millones.
El rendimiento del Q4 2024 mostró un margen operativo GAAP del 16.7% y un margen operativo no-GAAP del 19.7%. Para el año completo 2024, el margen operativo GAAP fue del 34.2% y el margen operativo no-GAAP fue del 21.3%. La compañía logró un EPS diluido GAAP de $0.77-$0.79 para el Q4 y $5.65-$5.67 para 2024.
De cara al 2025, Illumina espera un crecimiento de los ingresos de un dígito bajo a tasas de cambio constantes, con ingresos proyectados entre $4.28 mil millones y $4.4 mil millones, un margen operativo no-GAAP de aproximadamente 23%, y un crecimiento del EPS diluido no-GAAP de aproximadamente 10%.
일루미나 (NASDAQ: ILMN)는 2024년 4분기 및 회계연도에 대한 미확인 예비 재무 결과와 2025년 전망을 발표했습니다. 회사는 2024년 4분기 수익이 $11억으로 전년 대비 1% 증가했다고 보고했으며, 2024년 전체 연도 수익은 2% 감소하여 $43억에 도달했습니다.
2024년 4분기 성과는 GAAP 운영 마진이 16.7%이고 비GAAP 운영 마진이 19.7%인 것으로 나타났습니다. 2024년 전체 연도에 대한 GAAP 운영 마진은 34.2%였으며 비GAAP 운영 마진은 21.3%였습니다. 회사는 4분기 동안 GAAP 희석 주당순이익이 $0.77-$0.79, 2024년에는 $5.65-$5.67에 달했습니다.
2025년을 바라보며, 일루미나는 저단위 수익 성장을 예상하고 있으며, 수익은 $42.8억에서 $44억 사이로 예상하고 있습니다. 비GAAP 운영 마진은 약 23%, 비GAAP 희석 주당순이익 성장률은 약 10%에 이를 것으로 보입니다.
Illumina (NASDAQ: ILMN) a publié des résultats financiers préliminaires non audités pour le quatrième trimestre et l'exercice 2024, ainsi que ses perspectives pour 2025. La société a annoncé des revenus de 1,10 milliard de dollars pour le Q4 2024, en hausse de 1 % par rapport à l'année précédente, tandis que les revenus de l'exercice complet 2024 ont diminué de 2 % à 4,33 milliards de dollars.
Les performances du Q4 2024 ont montré une marge opérationnelle GAAP de 16,7 % et une marge opérationnelle non GAAP de 19,7 %. Pour l'année complète 2024, la marge opérationnelle GAAP était de 34,2 % et la marge opérationnelle non GAAP était de 21,3 %. L'entreprise a réalisé un bénéfice par action dilué GAAP de 0,77 à 0,79 $ pour le Q4 et de 5,65 à 5,67 $ pour 2024.
En ce qui concerne 2025, Illumina s'attend à une faible croissance à un chiffre des revenus à taux de change constants, avec des revenus projetés entre 4,28 et 4,4 milliards de dollars, une marge opérationnelle non GAAP d'environ 23 % et une croissance du bénéfice par action dilué non GAAP d'environ 10 %.
Illumina (NASDAQ: ILMN) hat vorläufige, ungeprüfte Finanzzahlen für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, zusammen mit den Aussichten für 2025. Das Unternehmen meldete einen Umsatz von 1,10 Milliarden Dollar im Q4 2024, was einem Anstieg von 1 % im Vergleich zum Vorjahr entspricht, während der Umsatz für das gesamte Jahr 2024 um 2 % auf 4,33 Milliarden Dollar zurückging.
Die Leistung im Q4 2024 zeigte eine GAAP-Betriebsrendite von 16,7 % und eine non-GAAP-Betriebsrendite von 19,7 %. Für das gesamte Jahr 2024 betrug die GAAP-Betriebsrendite 34,2 % und die non-GAAP-Betriebsrendite 21,3 %. Das Unternehmen erzielte einen GAAP verwässerten Gewinn pro Aktie von 0,77–0,79 Dollar für das Q4 und 5,65–5,67 Dollar für 2024.
Blickt man auf 2025, erwartet Illumina ein geringes einstelliges Wachstum der Umsätze zu konstanten Wechselkursen, mit einem Umsatz von 4,28 bis 4,4 Milliarden Dollar, einer non-GAAP-Betriebsrendite von etwa 23 % und einem Wachstum des non-GAAP verwässerten Gewinns pro Aktie von etwa 10 %.
- Q4 2024 revenue increased 1% year-over-year to $1.10 billion
- Strong cash flow with $1.21 billion from operations and $1.07 billion free cash flow in 2024
- Projected 10% non-GAAP EPS growth for 2025
- Expected improvement in non-GAAP operating margin to 23% in 2025
- Full-year 2024 revenue declined 2% to $4.33 billion
- Conservative 2025 revenue guidance with only low single-digit growth expected
Insights
The preliminary Q4 and FY2024 results reveal concerning trends for Illumina. Q4 revenue growth of just
The margin profile shows mixed signals - GAAP operating margin of
The
The genomics market dynamics reflected in these results indicate a maturation phase. The minimal growth in Q4 and full-year decline suggest market penetration challenges and potential pricing pressures. The guidance for 2025 implies continued market headwinds, with revenue growth primarily dependent on installed base utilization rather than new system placements.
The disparity between GAAP and non-GAAP margins points to significant extraordinary items affecting the business. A key concern is whether the projected margin improvements for 2025 are sustainable given the modest revenue growth expectations. The market's reaction will likely focus on the tepid growth outlook rather than the solid cash flow metrics.
Core Illumina
- Revenue of approximately
$1.10 billion 1% from Q4 2023 - Revenue of approximately
$4.33 billion 2% from 2023 (and on a constant currency basis) - GAAP operating margin of approximately
16.7% for Q4 2024 and34.2% for 2024 - Non-GAAP operating margin of approximately
19.7% for Q4 2024 and21.3% for 2024 - GAAP diluted EPS of approximately
$0.77 $0.79 $5.65 $5.67 - Non-GAAP diluted EPS of approximately
$0.91 $0.93 $4.12 $4.14 - Cash flow provided by operations of approximately
$1.21 billion $1.07 billion - For fiscal year 2025, expect constant currency revenue growth in the low single digits (reported revenue in the range of approximately
$4.28 billion $4.4 billion 23% , and non-GAAP diluted EPS growth of approximately10%
As previously announced, the company expects to report its full fourth quarter and fiscal year 2024 results following the close of market on Thursday, February 6, 2025. The unaudited results in this press release are preliminary and subject to the completion of accounting and annual audit procedures and are therefore subject to adjustment.
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 contingencies and settlement, and goodwill and intangible impairment, operating income, operating margin, gross profit, other income (expense), tax provision, constant currency revenue growth, and free cash flow (on a consolidated and, as applicable, segment basis) in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The company's financial measures under GAAP include substantial charges such as amortization of acquired intangible assets among others that are listed in the reconciliations of GAAP and non-GAAP financial measures included in this press release, as well as the effects of currency translation. Management has excluded the effects of these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating performance. Non-GAAP net income, diluted earnings per share and operating margin are key components of the financial metrics utilized by the company's board of directors to measure, in part, management's performance and determine significant elements of management's compensation.
The company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the tables of this release.
The company provides forward-looking guidance on a non-GAAP basis. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, gains and losses from strategic investments, fair value adjustments to contingent consideration, potential future asset impairments, restructuring activities, and the ultimate outcome of pending litigation without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.
Use of forward-looking statements
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 growth in the markets we serve; (ii) the volume, timing and mix of customer orders among our products and services; (iii) our ability to adjust our operating expenses to align with our revenue expectations; (iv) our ability to manufacture robust instrumentation and consumables; (v) the success of products and services competitive with our own; (vi) challenges inherent in developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical components; (vii) the impact of recently launched or pre-announced products and services on existing products and services; (viii) our ability to modify our business strategies to accomplish our desired operational goals; (ix) our ability to realize the anticipated benefits from prior or future actions to streamline and improve our R&D processes, reduce our operating expenses and maximize our revenue growth; (x) our ability to further develop and commercialize our instruments, consumables, and products; (xi) to deploy new products, services, and applications, and to expand the markets for our technology platforms; (xii) the risks and costs associated with the divestment of GRAIL; (xiii) the risk of additional litigation arising against us in connection with the GRAIL acquisition; (xiv) our ability to obtain approval by third-party payors to reimburse patients for our products; (xv) our ability to obtain regulatory clearance for our products from government agencies; (xvi) our ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow our business; (xvii) uncertainty, or adverse economic and business conditions, including as a result of slowing or uncertain economic growth or armed conflict; (xviii) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments and (xix) legislative, regulatory and economic developments, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter.
About Illumina
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X, Facebook, LinkedIn, Instagram, TikTok, and YouTube.
Illumina, Inc.
Preliminary Results of Operations for Core Illumina - Non-GAAP
(unaudited)
Our performance and financial results are subject to risks and uncertainties, and actual results could differ materially from preliminary results set forth below. Some of the factors that could affect our financial results are included from time to time in the public reports filed with the Securities and Exchange Commission (SEC), including Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 16, 2024, Form 10-Q for the fiscal quarter ended March 31, 2024, Form 10-Q for the fiscal quarter ended June 30, 2024, and Form 10-Q for the fiscal quarter ended September 29, 2024. We assume no obligation to update any forward-looking statements or information.
The preliminary unaudited information included in the tables below is approximate and subject to change. As previously announced, we will report our fourth quarter and full year fiscal 2024 results on February 6, 2025.
PRELIMINARY CONSTANT CURRENCY REVENUE: | ||||||||||
Dollars in millions | Fiscal Year 2024 | Fiscal Year 2023 | % | |||||||
Revenue | $ 4,332 | $ 4,438 | (2) % | |||||||
Less: Hedge gains | 15 | 18 | ||||||||
Revenue, excluding hedge effect | 4,317 | 4,420 | ||||||||
Less: Exchange rate effect | (8) | — | ||||||||
Constant currency revenue (a) | $ 4,325 | $ 4,420 | (2) % | |||||||
RECONCILIATION BETWEEN PRELIMINARY GAAP AND NON-GAAP OPERATING MARGIN: | ||||||
Fourth Quarter 2024 | Fiscal Year 2024 | |||||
Preliminary GAAP operating margin | 16.7 % | 34.2 % | ||||
Amortization of acquired intangible assets | 1.5 | 1.5 | ||||
Acquisition-related expenses (c) | 0.4 | 2.1 | ||||
Restructuring (d) | 1.3 | 1.4 | ||||
Contingent consideration liabilities (e) | (1.0) | (7.3) | ||||
Intangible (IPR&D) impairment (f) | — | 0.1 | ||||
Legal contingency and settlement (g) | 0.8 | (10.7) | ||||
Preliminary non-GAAP operating margin (b) | 19.7 % | 21.3 % | ||||
Illumina, Inc.
Preliminary Results of Operations for Core Illumina - Non-GAAP (continued)
(unaudited)
RECONCILIATION BETWEEN PRELIMINARY GAAP AND NON-GAAP DILUTED EARNINGS PER SHARE: | ||||||
Fourth Quarter 2024 | Fiscal Year 2024 | |||||
Preliminary GAAP earnings per share - diluted | ||||||
Amortization of acquired intangible assets | 0.11 | 0.40 | ||||
Acquisition-related expenses (c) | 0.03 | 0.60 | ||||
Restructuring (d) | 0.09 | 0.38 | ||||
Contingent consideration liabilities (e) | (0.07) | (1.98) | ||||
Intangible (IPR&D) impairment (f) | — | 0.02 | ||||
Legal contingency and settlement (g) | 0.06 | (2.92) | ||||
Other (income) expense, net (h) | (0.19) | 1.84 | ||||
Income tax provision (i) | 0.11 | 0.13 | ||||
Preliminary non-GAAP earnings per share - diluted (b) | ||||||
CALCULATION OF PRELIMINARY FREE CASH FLOW: | ||
In millions | Fiscal Year 2024 | |
Net cash provided by operating activities | $ 1,207 | |
Purchases of property and equipment | (137) | |
Free cash flow (j) | $ 1,070 | |
(a) | Constant currency revenue growth, which is a non-GAAP financial measure, is calculated using comparative prior period foreign exchange rates to translate current period revenue, net of the effects of hedges. |
(b) | Non-GAAP operating margin and diluted earnings per share exclude the effects of the pro forma adjustments detailed above. Non-GAAP operating margin and diluted earnings per share are key components of the financial metrics utilized by the company's board of directors to measure, in part, management's performance and determine significant elements of management's compensation. Management has excluded the effects of these items to assist investors in analyzing and assessing past and future operating performance. |
(c) | Amounts consist primarily of legal and other expenses related to the acquisition and divestiture of GRAIL. |
(d) | Amounts consist primarily of lease and other asset impairments and employee severance costs. |
(e) | Amounts consist primarily of fair value adjustments for our contingent consideration liability related to GRAIL. |
(f) | Amounts consist of an IPR&D intangible asset impairment recognized in Q1 2024. |
(g) | Amounts for FY2024 primarily consist of the reversal of the accrued EC fine, including accrued interest. |
(h) | Amounts consist primarily of mark-to-market adjustments and impairments from strategic investments. |
(i) | Amounts represent the aggregate of (1) the impact of GRAIL pre-acquisition net operating losses on GILTI, the utilization of US foreign tax credits, and the Pillar Two global minimum top-up tax, which became effective in Q1 2024, (2) the difference between book and tax accounting related to stock-based compensation cost, and (3) the tax impact related to the non-GAAP adjustments listed. |
(j) | Free cash flow, which is a non-GAAP financial measure, is calculated as net cash provided by operating activities reduced by purchases of property and equipment. Free cash flow is useful to management as it is one of the metrics used to evaluate our performance and to compare us with other companies in our industry. Our calculation of free cash flow may not be comparable to similar measures used by other companies. |
Investors:
Salli Schwartz
+1.858.291.6421
ir@illumina.com
Media:
Bonny Fowler
+1.740.641.5579
pr@illumina.com
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