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Illumina | 10-K: Annual report

SEC announcement ·  Feb 16 16:27
Summary by Moomoo AI
Illumina, a global leader in DNA sequencing and array-based technologies, has reported a 2% decrease in revenue for the fiscal year 2023, amounting to $4.5 billion compared to $4.6 billion in the previous year. The decline was attributed primarily to reduced sales in sequencing consumables and instruments, though partially offset by increased service and other revenue. Gross profit margin also fell to 60.9% from 64.8% in 2022, influenced by lower fixed cost leverage and reduced instrument margins following the NovaSeq X launch. Operating loss improved to $(1.1) billion in 2023 from $(4.2) billion in 2022, with a significant reduction in operating expenses, including a decrease in goodwill and intangible impairment charges. The company's effective tax rate was (3.9)% in 2023. Illumina's business development has been marked by the acquisition of...Show More
Illumina, a global leader in DNA sequencing and array-based technologies, has reported a 2% decrease in revenue for the fiscal year 2023, amounting to $4.5 billion compared to $4.6 billion in the previous year. The decline was attributed primarily to reduced sales in sequencing consumables and instruments, though partially offset by increased service and other revenue. Gross profit margin also fell to 60.9% from 64.8% in 2022, influenced by lower fixed cost leverage and reduced instrument margins following the NovaSeq X launch. Operating loss improved to $(1.1) billion in 2023 from $(4.2) billion in 2022, with a significant reduction in operating expenses, including a decrease in goodwill and intangible impairment charges. The company's effective tax rate was (3.9)% in 2023. Illumina's business development has been marked by the acquisition of GRAIL, a healthcare company specializing in early cancer detection, although the acquisition is currently under legal scrutiny with a divestiture planned for 2024. Illumina operates in two segments: Core Illumina and GRAIL, with the former expected to maintain flat revenue in 2024. The company's financial performance has been influenced by macroeconomic factors, competitive challenges, and geopolitical tensions. Despite these challenges, Illumina is committed to cost reduction initiatives to improve margins and invest in high-growth areas.

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