Illumina Inc - ILMN STOCK NEWS

Illumina reported revenue of $1.09 billion for Q1 2023, marking a 1% increase from Q4 2022 but a 11% decrease from Q1 2022. GAAP diluted EPS was $0.02, down from $0.55 a year prior. Non-GAAP diluted EPS was $0.08, compared to $1.07 in Q1 2022. The company reiterated its 2023 revenue guidance of 7% to 10% growth, with Core Illumina expected to grow by 6% to 9% and GRAIL revenue projected between $90 million and $110 million. Illumina anticipates a GAAP diluted loss per share in the range of $(0.28) to $(0.03), while maintaining non-GAAP EPS guidance of $1.25 to $1.50. The company is committed to achieving non-GAAP operating margins of 25% in 2024 and 27% in 2025, also announcing plans for over $100 million in annualized cost savings.

Illumina and Minderoo Foundation announced a $40M AUD partnership aimed at enhancing marine conservation through genomics. This collaboration, initiated in 2022, will span three years and focuses on leveraging scientific methods to deepen understanding of marine ecosystems. A key component includes the installation of a NextSeq™ 2000 Sequencing System aboard the research vessel Pangaea Ocean Explorer. This advanced DNA sequencer will facilitate the study of environmental DNA (eDNA), allowing researchers to better track biodiversity and assess population health within marine environments. The initiative underscores a commitment to conserving marine biodiversity, crucial for national economies and environmental health.

On April 20, 2023, Illumina urged shareholders to support its slate of director nominees ahead of the virtual Annual Meeting on May 25, 2023. The company emphasizes voting with the WHITE proxy card to preserve long-term value and reject Carl Icahn's proposed nominees. Illumina's Board, led by independent chair John W. Thompson, argues that Icahn's nominees lack the qualifications needed to maintain the company's strategic direction. Thompson brings significant experience from his tenure at Microsoft, while CEO Francis A. deSouza has driven substantial revenue growth over the past five years. The company recorded revenue of $198.3 billion and a net income of $72.7 billion as of fiscal year 2022. Shareholders of record as of April 3, 2023, can participate in the vote.

GRAIL, LLC presented significant analytical validation data at the AACR Annual Meeting 2023, showcasing its innovative methylation-based solution designed to enhance cancer detection research. The study highlighted the strong analytical sensitivity and specificity of their multi-cancer post-diagnosis solution, which analyzes cfDNA from blood samples. Results indicated a median limit of detection of 0.023% across 12 solid tumor types, with analytical specificity at 98.47% and precision at 94.6%. This breakthrough is part of GRAIL’s ongoing commitment to developing technologies that enable early cancer detection. This solution, now available for biopharmaceutical partners, underscores GRAIL's mission to combat cancer effectively.

FirstHealth of the Carolinas has launched the Galleri® Multi-Cancer Early Detection Test at its Concierge Medicine Clinic in Southern Pines, North Carolina. This marks the first offering of the test in the state, aimed at individuals aged 50 and older who are at elevated risk of cancer. The Galleri test can detect signals from over 50 types of cancer, many of which lack standard screening tests. It boasts a low false positive rate of under 1%.

FirstHealth's partnership with GRAIL reflects a commitment to providing advanced cancer care and early detection methods. With around 609,000 cancer-related deaths each year in the U.S., this initiative aims to improve early detection rates.

GRAIL’s Methylation Assay demonstrated a remarkable 92% cancer detection rate across six hematologic malignancies with an accuracy of 96% in determining the malignancy subtype. This study, revealed at the AACR Annual Meeting 2023, supports the potential for GRAIL’s methylation platform as a tumor-agnostic, plasma-based test for minimal residual disease (MRD). The technology accurately identified residual cancer in 428 samples, validating its effectiveness post-treatment. The findings suggest a promising avenue for extending patient remission and survival, addressing the challenge of undetected residual cancer that may lead to relapse. GRAIL's collaboration with AstraZeneca also aims at developing companion diagnostic tests for early-stage cancer.

Illumina is enhancing genomics capacity in Africa through significant contributions, having donated over $9 million in sequencing systems, reagents, and training over the past two years. This initiative, part of the Africa Pathogen Genomics Initiative, aims to address public health challenges by improving the ability to analyze genomic sequences, crucial for identifying pathogens and their mutations. Before the pandemic, only seven African nations had adequate national laboratories for such analyses. The COVID-19 pandemic highlighted the urgent need for improved genomics capacity, prompting this partnership.