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Illumina Inc. (ILMN-2.37%) has submitted its Form 10-K filing for the fiscal year ended December 29, 2024.
The filing includes financial statements for the year, showing a decrease in total revenue to $4.4 billion from $4.5 billion in the previous year. This decline was primarily due to a reduction in sequencing instrument sales.
Product revenue constituted 83.6% of total revenue, while service and other revenue made up 16.4%. The company reported a gross margin of 65.4%, up from 60.9% the previous year, due to cost-saving initiatives and a favorable sales mix.
Operating expenses were $3.7 billion, with research and development costs at $1.2 billion. Selling, general, and administrative expenses were $1.1 billion, a decrease from the previous year.
The company reported a net loss of $1.2 billion, compared to a net loss of $1.2 billion in the previous year. The effective tax rate was (3.8)%, influenced by non-deductible goodwill impairment and other factors.
Cash and cash equivalents at the end of the fiscal year were $1.1 billion, with $439 million held by foreign subsidiaries. The company also issued $500 million in 2026 Term Notes and repaid a $750 million delayed draw term loan.
Illumina completed the spin-off of GRAIL into a separate public company on June 24, 2024. The spin-off involved the distribution of 85.5% of GRAIL's outstanding shares to Illumina stockholders.
The company continues to focus on operational excellence and cost reduction initiatives to improve productivity and expand operating margins.
Illumina's future capital requirements will depend on various factors, including the success of its product commercialization efforts and potential strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Illumina Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.