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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.
Illumina
Illumina
Illumina Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Other Revenue
CapyFin.com 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.
- Tariff-related costs are an approximate 125 bps reduction in fiscal year 2025 operating margin.
- Non-GAAP operating margin expected to be approximately 21.5% - 22.0%, down from approximately 23% previously.
- Non-GAAP diluted EPS expected in the range of $4.20 - $4.30, a reduction from previous guidance of approximately $4.50.
Revenue & Expenses
Visualization of income flow from segment revenue to net income