Analyst Conference Summary

conference date: May 2, 2024 @ 2:00 PM Pacific Time
for quarter ending: March 31, 2024 (first quarter, Q1 2024)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, % sequentially from $1.12 billion and up % from $ billion in the year-earlier quarter.

Net income was negative $ million, up sequentially from negative $176 million, and down from negative $ million year-earlier.

Diluted EPS was negative $, up sequentially from negative $1.11, and down from negative $ year-earlier.

Guidance:

Conference Highlights:

Jacob Thaysen, CEO, said ""

On December 17, 2023 Illumina announced it would divest GRAIL. Hopes to finalize terms in Q2 2024.

Product revenue was $ million, services $ million. Consumables revenue was $ million, flat y/y.

Illumina shipped NovaSeq X instruments in Q1 2024. Had sold 352 instruments for all 2023. [NovaSeq X is the most power and expensive of its sequencers.] Expects to ship fewer high-throughput devices in 2024 than in 2023.

The flat 2024 revenue guidance is largely due to capital constraints on customers.

Grail had $ million in revenue and a $ million operating loss, or $ million non-GAAP. Grail must be held separately because the EU forbade a merger.

Core segment had revenue of $ billion, up % from $ billion year-earlier, and an operating profit of $ million. Non-GAAP operating profit was $ million.

Non-GAAP numbers: net income $ million, down % sequentially from $22 million, and flat from $ million year-earlier. Diluted EPS was $, down 58% sequentially from $0.14, and flat from $ year-earlier.

Cash, equivalents and investment balance was $ billion, up sequentialy from $1.05 million. No Long term debt. Cash flow from operations was $ million. Free cash flow was $ million. Capital expenditures were $ million. Cash used to repurchase stock was $0 million. $0 million was used to pay down debt.

GAAP cost of revenue was $ million, leaving gross profit of $ million. Operating expenses were $ million, consisting of: $ million for research and development; $ million for selling, general, and administrative; $ other expenses. Leaving income from operations of negative $ million. Other expense was $ million. Income tax $ million.

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