Q2 2024 Illumina Inc Earnings Call Transcript
Key Points
- Illumina Inc (ILMN) delivered results ahead of expectations with Core Illumina revenue of $1.1 billion and non-GAAP operating margins of 22.2%.
- The NovaSeq X Plus series saw significant uptake, with 62 new instruments placed and consumables revenue growing 35% from the first quarter.
- The XLEAP-SBS chemistry launch exceeded expectations, with more than 60% of the NextSeq 1000 and 2000 installed base upgrading their software.
- Operational excellence initiatives led to a 240 basis point increase in non-GAAP gross margins year-over-year.
- The company completed the spinoff of GRAIL, maintaining a 14.5% stake, which is expected to play a critical role in the fight against cancer.
- Core Illumina second quarter revenue was down 6% year-over-year, reflecting a challenging market environment.
- Revenue in Greater China was down 35%, and AMEA revenue was down 8%, indicating significant regional challenges.
- The mid-throughput segment remains highly sensitive to the macro-economic environment, with continued lengthening of sales cycles.
- The company reduced its full-year revenue guidance, projecting a decline of 2% to 3% from 2023.
- Sequencing instruments revenue declined 40% year-over-year, driven by lower NovaSeq X placements and reduced mid-throughput shipments.
Good day, ladies and gentlemen, and welcome to the second quarter 2024 Illumina earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Salli Schwartz, Vice President of Investor Relations.
Hello, everyone, and welcome to our earnings call for the second quarter of 2024. During the call today, we will review the financial results we released after the close of market and offer commentary on our commercial and regulatory activity, after which we will host a question and answer session.
Our earnings release can be found in the investor relations section of our website at illumina.com. Providing prepared remarks for Illumina today will be Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer.
Jacob will provide an update on the state of Illumina's business, and Ankur will review our financial results for Core Illumina. As a reminder, we divested
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