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Illumina 8-K Report, Financial Results (Feb 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 6, 2025
Period End
February 6, 2025
Security
ILMN
In the record · 2016–202610-K1110-Q338-K167

ILMN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 167 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’17Nov ’17
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Illumina, Inc. (Nasdaq: ILMN) furnished this Form 8-K under Item 2.02 to report financial results for the fourth quarter and fiscal year ended December 29, 2024, attaching a press release as Exhibit 99.1.

Core Illumina revenue was $1.1 billiona in Q4 2024, up 1% from Q4 2023 on both a reported and constant currency basis, and $4.3 billion for fiscal year 2024, down 2% from fiscal year 2023 on both bases. Consolidated fiscal 2024 results were heavily affected by GRAIL, which was spun off on June 24, 2024: the company recorded a GAAP operating loss of $833 million and GAAP diluted loss per share of $(7.69), driven by $1,889 million of goodwill and intangible impairment, while non-GAAP diluted EPS was $2.45. Core Illumina GAAP diluted EPS was $5.61 for fiscal 2024 and non-GAAP diluted EPS was $4.16.

For fiscal year 2025, the company continues to expect Core Illumina constant currency revenue growth in the low single digits, reported revenue of approximately $4.28 billion to $4.4 billionb, a non-GAAP operating margin of approximately 23%, and non-GAAP diluted EPS of $4.50 to $4.65. The guidance does not reflect any impact from a China Ministry of Commerce announcement that included Illumina on its "unreliable entities list," and it assumes the current macroeconomic and political environments continue. The release also cites tariffs recently imposed or threatened by the U.S. government and its trading partners as a forward-looking risk.

02—Key points

Key Highlights

  1. Q4 2024 Core Illumina revenue of $1,104 million, up 1% year over year on both reported and constant currency bases; Core Illumina GAAP operating margin was 15.8% and non-GAAP operating margin was 19.7%.
  2. Fiscal 2024 consolidated revenue was $4.37 billion, versus $4.50 billion in 2023; consolidated GAAP operating loss was $(833) million, including $1,889 million of goodwill and intangible impairment related to GRAIL.
  3. Fiscal 2024 consolidated GAAP diluted loss per share was $(7.69), compared with $(7.34) in 2023; non-GAAP diluted EPS was $2.45, compared with $0.86 in 2023.
  4. Core Illumina free cash flow was $1.07 billion for fiscal 2024, and consolidated free cash flow was $695 million; the company held $1.22 billion in cash, cash equivalents and short-term investments at quarter end.
  5. Fiscal 2025 guidance: reported revenue of approximately $4.28 billion to $4.4 billion, non-GAAP operating margin of approximately 23%, and non-GAAP diluted EPS of $4.50 to $4.65.
  6. Guidance excludes any impact from the China Ministry of Commerce's inclusion of Illumina on its "unreliable entities list," and the release cites tariffs as an additional risk.
  7. Key announcements since the last earnings release include a collaboration with NVIDIA on multiomic data analysis, a pilot proteomics program with UK Biobank analyzing 50,000 samples, and a collaboration with Regeneron and an investment in the Truveta Genome Project.

03—Questions

Frequently Asked Questions

  1. How did Illumina perform in the fourth quarter of 2024?

    Core Illumina revenue was $1,104 million, up 1% from $1,097 million in Q4 2023 on both reported and constant currency bases. Core Illumina GAAP operating margin was 15.8%, up from 3.0% a year earlier, and non-GAAP operating margin was 19.7%. Core Illumina GAAP diluted EPS was $0.73 and non-GAAP diluted EPS was $0.95.

  2. Why did Illumina report a large GAAP loss for fiscal 2024?

    The release attributes the consolidated GAAP operating loss of $(833) million largely to $1,889 million of goodwill and intangible impairment, including $1,466 million of goodwill and $420 million of IPR&D impairment related to GRAIL. The company also recognized a $(456) million legal contingency and settlement benefit in 2024, which partly offset these charges. Non-GAAP results exclude these items.

  3. What is Illumina's outlook for fiscal year 2025?

    The company continues to expect Core Illumina constant currency revenue growth in the low single digits, reported revenue of approximately $4.28 billion to $4.4 billion, a non-GAAP operating margin of approximately 23%, and non-GAAP diluted EPS of $4.50 to $4.65. The guidance assumes continuation of the current macroeconomic and political environments and does not reflect the China Ministry of Commerce announcement.

  4. What risks does the release highlight for the company's future results?

    The release identifies the China Ministry of Commerce's inclusion of Illumina on its "unreliable entities list" and tariffs recently imposed or threatened by the U.S. government and its trading partners as uncertainties. It also cites the risk of additional litigation related to the GRAIL acquisition, competition, product launch challenges, and the potential for third-party payor and regulatory decisions to affect results.

  5. How did free cash flow and the balance sheet look at year end?

    For fiscal 2024, consolidated cash flow from operations was $837 million and free cash flow was $695 million, compared with $283 million in 2023. Core Illumina free cash flow was $1.07 billion. At December 29, 2024, the company held $1,127 million in cash and cash equivalents and $93 million in short-term investments, and term debt totaled $1,989 million including the current portion.

04—Continue

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