Summary by Moomoo AI
Illumina, Inc., a global leader in DNA sequencing and array-based technologies, reported its financial results for the first quarter of fiscal year 2024 on May 2, 2024. The company announced a slight decrease in core revenue, with $1.06 billion for Q1 2024, a 2% drop from Q1 2023. Despite the decline, Illumina's non-GAAP operating margin improved to 20.6% for the quarter. The company also reported a GAAP diluted loss per share of ($0.79) for Q1 2024, compared to GAAP diluted earnings per share of $0.02 for Q1 2023, and non-GAAP diluted earnings per share of $0.09 for Q1 2024, up from $0.08 in Q1 2023. Illumina is reiterating its fiscal year 2024 guidance, expecting approximately flat Core Illumina revenue compared to 2023 and a non-GAAP operating margin of about 20%. Additionally, Illumina is on track to divest GRAIL, a healthcare company focused on early cancer detection, by the end of Q2 2024, following the European Commission's approval of its divestment plan in April. The divestment plan may require Illumina to provide GRAIL with approximately $1 billion in funding if a capital markets transaction is pursued.