The company said its Q1 2024 revenue was $1,076 million, down 1% from $1,087 million in Q1 2023, and that its gross margin was 62.0% compared with 60.3% in Q1 2023. It cited a decrease in sequencing instruments revenue as the reason for the revenue decline.

10-QQuarterly reportFiled May 3, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said its Q1 2024 revenue was $1,076 million, down 1% from $1,087 million in Q1 2023, and that its gross margin was 62.0% compared with 60.3% in Q1 2023. It cited a decrease in sequencing instruments revenue as the reason for the revenue decline.
Illumina said its loss from operations widened to $(111) million in Q1 2024 from $(64) million in Q1 2023. It said operating expenses rose by $59 million, including restructuring charges of $36 million, and that gross profit increased by $12 million.
The company said the European Commission formally approved its GRAIL divestment plan on April 12, 2024, and that it aims to finalize the divestiture terms by the end of Q2 2024. It also said it recorded $478 million on the €432 million fine in accrued liabilities as of March 31, 2024.
The company said it had approximately $1,108 million in cash and cash equivalents as of March 31, 2024, of which approximately $614 million was held by its foreign subsidiaries. Q1 2024 net cash from operating activities was a net loss of $126 million, plus net adjustments of $229 million, less net changes in operating assets and liabilities of $26 million.

Key figures

Quarter ended March 31, 2024

Revenue: $1.1B
Operating income: −$111M
Net income: −$126M
EPS: −$0.79
Gross profit: $667M
Operating cash flow: $77M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Revenue and Gross Margin

The company said its Q1 2024 revenue was $1,076 million, down 1% from $1,087 million in Q1 2023, and that its gross margin was 62.0% compared with 60.3% in Q1 2023. It cited a decrease in sequencing instruments revenue as the reason for the revenue decline.

Source · Based on the MD&A text of the filing

Higher Operating Loss and Operating Expenses

Illumina said its loss from operations widened to $(111) million in Q1 2024 from $(64) million in Q1 2023. It said operating expenses rose by $59 million, including restructuring charges of $36 million, and that gross profit increased by $12 million.

Source · Based on the MD&A text of the filing

GRAIL Divestment Plan and European Commission Fine

The company said the European Commission formally approved its GRAIL divestment plan on April 12, 2024, and that it aims to finalize the divestiture terms by the end of Q2 2024. It also said it recorded $478 million on the €432 million fine in accrued liabilities as of March 31, 2024.

Source · Based on the MD&A text of the filing

Liquidity and Q1 2024 Operating Cash Flow

The company said it had approximately $1,108 million in cash and cash equivalents as of March 31, 2024, of which approximately $614 million was held by its foreign subsidiaries. Q1 2024 net cash from operating activities was a net loss of $126 million, plus net adjustments of $229 million, less net changes in operating assets and liabilities of $26 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.