The company said it completed the GRAIL spin-off on June 24, 2024, distributing one share of GRAIL common stock for every 6 shares of Illumina common stock, or 1 shares, on a pro rata basis. It said it retained 14.5% of GRAIL's outstanding shares and will no longer consolidate GRAIL.

1. 01

   The company said it completed the GRAIL spin-off on June 24, 2024, distributing one share of GRAIL common stock for every 6 shares of Illumina common stock, or 1 shares, on a pro rata basis. It said it retained 14.5% of GRAIL's outstanding shares and will no longer consolidate GRAIL.

2. 02

   Illumina said it set the Disposal Funding for GRAIL at $974 million, covering about 2.5 years of operations. To fund it, the company borrowed $750 million under its 364-day delayed draw credit agreement, and said the current borrowing rate is about 6.69%.

3. 03

   The company presented pro forma results for the fiscal 2023 year showing a Illumina Historical net loss of $1,161 million that becomes net income of $219 million after the Spin-Off adjustments. It said these figures are informational only and do not represent actual results.

4. 04

   The company said it expects to record goodwill impairment of $1,466 million and IPR&D intangible asset impairment of $420 million in Q2 2024. It said these expected impairments are reflected in the pro forma balance sheet but not in the pro forma statements of operations.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

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

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