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Dec 29, 2024
Illumina Q1 2025 Earnings Report
Illumina Reports Financial Results for First Quarter of Fiscal Year 2025
Key Takeaways
Illumina reported first quarter 2025 Core Illumina revenue of $1.04 billion, a 1% decrease year-over-year. GAAP diluted EPS was $0.82 and non-GAAP diluted EPS was $0.97. The company updated its full-year 2025 financial guidance, reflecting anticipated impacts from geopolitical developments and tariffs, particularly affecting the Greater China region.
Core Illumina revenue for Q1 2025 was $1.04 billion, a 1% decrease compared to Q1 2024.
GAAP diluted EPS for Q1 2025 was $0.82, and non-GAAP diluted EPS was $0.97.
GAAP operating margin was 15.8% and non-GAAP operating margin was 20.4% for the first quarter of 2025.
Free cash flow for Q1 2025 was $208 million, and the company held $1.11 billion in cash and cash equivalents.
Revenue by Segment
Forward Guidance
For fiscal year 2025, Illumina expects Core Illumina revenue to decline between 1% and 3% on a constant currency basis. Non-GAAP operating margin is anticipated to be approximately 21.5% - 22.0%, and non-GAAP diluted EPS is projected in the range of $4.20 - $4.30, reflecting the impact of tariffs and changes in the Greater China region.
Positive Outlook
- Revenue outside of the Greater China region expected to grow between 0% and 2% in 2025 on a constant currency basis.
- Guidance includes the estimated benefit from pricing actions.
- Instituted an incremental $100 million cost reduction program.
- Intends to repurchase incremental shares as part of remaining authorization.
Challenges Ahead
- Core Illumina revenue expected to decline between (1%) and (3%) on a constant currency basis year over year, down from previous low single digit growth expectation.
- Reported revenue from the Greater China region expected to be $165 - $185 million in 2025.
- $85 million in tariff related costs expected in fiscal year 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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