Illumina said it completed the Spin-Off of GRAIL on June 24, 2024, distributing approximately 85.5% of GRAIL common stock to Illumina stockholders on a pro rata basis and retaining approximately 14.5%. The company said the disposition did not meet the criteria to be reported as a discontinued operation, so GRAIL's assets, liabilities, results of operations and cash flows were not reclassified.

1. 01

   Illumina said it completed the Spin-Off of GRAIL on June 24, 2024, distributing approximately 85.5% of GRAIL common stock to Illumina stockholders on a pro rata basis and retaining approximately 14.5%. The company said the disposition did not meet the criteria to be reported as a discontinued operation, so GRAIL's assets, liabilities, results of operations and cash flows were not reclassified.

2. 02

   Illumina said revenue for YTD 2024 was $2,188 million, down 3% from $2,263 million in YTD 2023, and that its loss from operations was $1,749 million (YTD 2023: $152 million). The company said the increase in operating expense included goodwill and intangible impairment charges of $1,889 million.

3. 03

   The company said that on Q2, its GRAIL impairment testing resulted in a goodwill impairment charge of $1,466 million and an IPR&D intangible asset impairment charge of $420 million. It also said that the unrealized loss of $328 million on its retained GRAIL investment since the Spin-Off was reflected in other income (expense).

4. 04

   Illumina said that as of June 30, 2024, it had cash and cash equivalents of approximately $920 million, of which approximately $444 million was held by its foreign subsidiaries. The company also said it borrowed $750 million under the Delayed Draw Credit Facility on June 20, 2024 under 364-day, and that the facility matures on June 19, 2025.

Key figures

Quarter ended June 30, 2024

Revenue

$1.1B

Operating income

−$1.6B

Net income

−$2.0B

EPS

−$12.48

Gross profit

$721M

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.

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.