Illumina Q2 revenue falls 3%, but beats expectations
Overview
Illumina Q2 fiscal revenue falls 3% yr/yr, but beats analysts' expectations, per LSEG data
Adjusted EPS beats expectations, per LSEG data
Co announces agreement to acquire SomaLogic, expanding strategic footprint
Outlook
Illumina expects FY 2025 revenue decline of 2.5% to 0.5%
Company raises FY 2025 non-GAAP EPS guidance to $4.45-$4.55
Illumina sees FY 2025 non-GAAP operating margin at 22%-22.5%
Result Drivers
X CONSUMABLES - Continued ramp in X consumables drove revenue results, per CEO Jacob Thaysen
CLINICAL SEGMENT - Accelerating growth in clinical segment, Illumina's largest customer base, contributed to results
OPERATIONAL EXCELLENCE - Focus on operational excellence helped drive margin expansion, per CEO Jacob Thaysen
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $1.06 bln | $1.05 bln (19 Analysts) |
Q2 Adjusted EPS | Beat | $1.19 | $1.01 (21 Analysts) |
Q2 EPS | $1.49 | ||
Q2 Adjusted Net Income | Beat | $187 mln | $160.90 mln (17 Analysts) |
Q2 Net Income | $235 mln | ||
Q2 Gross Margin | 65.6% | ||
Q2 Adjusted EBIT Margin | 23.8% | ||
Q2 Adjusted Gross Margin | 69.4% | ||
Q2 EBIT Margin | 20.2% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 12 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the advanced medical equipment & technology peer group is "buy."
Wall Street's median 12-month price target for Illumina Inc is $105.00, about 1.6% below its July 30 closing price of $106.66
The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 17 three months ago
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