Summary by Moomoo AI
Illumina, a global leader in DNA sequencing and array-based technologies, reported a slight decrease in revenue for Q1 2024, with figures falling to $1,076 million from $1,087 million in Q1 2023. This 1% decline was primarily attributed to reduced sequencing instruments revenue, despite an increase in service and other revenue. Gross margin improved to 62.0% in Q1 2024, up from 60.3% in the previous year, driven by a favorable mix of sequencing consumables and cost-saving operational efficiencies. However, the company experienced a larger operating loss of $(111) million in Q1 2024 compared to $(64) million in Q1 2023, due to increased operating expenses, including restructuring charges. The effective tax rate for Q1 2024 was (15.3)%, a significant change from 103.9% in Q1 2023. Cash, cash equivalents, and short-term investments totaled $1,115 million at the end of Q1 2024. Illumina's business development has...Show More