Q3 2024 Illumina Inc Earnings Call Transcript
Key Points
- Illumina Inc (ILMN) achieved a non-GAAP operating margin of 22.6% and diluted earnings per share of $1.14, exceeding expectations.
- The NovaSeq X Series surpassed $1 billion in cumulative revenue, marking a significant milestone.
- Sequencing Consumables revenue increased by 7% year over year, driven by strong uptake in X Consumables.
- Illumina Inc (ILMN) is making progress in expanding margins and driving earnings through operational excellence.
- The company has initiated a share repurchase program, buying back 770,000 shares for $98 million.
- Revenue for the third quarter was down 2% year over year, with a decline in the Instruments business.
- Americas revenue decreased by 6% year over year, and Greater China revenue fell by 23%.
- The macroeconomic environment remains constrained, impacting purchasing behavior and moderating instrument placements globally.
- Illumina Inc (ILMN) lowered its 2024 revenue growth expectations, now anticipating a 3% decline.
- The company faces competitive pressures, particularly in the mid-throughput segment.
Good day, ladies and gentlemen, and welcome to the third-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 third 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 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.
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