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Illumina (ILMN) investor relations material
Illumina Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 revenue was $1.06B, down 3% year-over-year, with non-GAAP operating margin of 23.8% and non-GAAP EPS of $1.19, both above expectations.
Clinical segment drove growth, now ~60% of sequencing consumables, while research demand remains soft due to NIH funding uncertainty.
Over 50 NovaSeq X placements in Q2, now accounting for 82% of high-throughput gigabases shipped.
Announced SomaLogic acquisition for $350M plus up to $75M in milestones, expected to close in H1 2026, expanding multiomics and proteomics strategy.
Completed GRAIL spin-off in June 2024, retaining a minority stake.
Financial highlights
Q2 2025 revenue: $1.06B, down 3% year-over-year; YTD 2025 revenue: $2.1B, down 4% year-over-year.
Sequencing consumables revenue flat year-over-year; sequencing instruments revenue declined 18%.
Non-GAAP gross margin: 69.4% (Q2); GAAP gross margin: 65.6% (Q2, YTD).
Non-GAAP operating margin: 23.8% (Q2), up 160 bps year-over-year.
Free cash flow in Q2 was $204M; cash and short-term investments at quarter-end: $1.16B.
Outlook and guidance
FY25 revenue guidance: $4.23B–$4.31B, flat to down 2.5% year-over-year; Q3'25 revenue guidance: $1.06B–$1.07B.
FY25 non-GAAP operating margin guidance raised to 22–22.5%; non-GAAP EPS guidance increased to $4.45–$4.55.
Sequencing consumables growth for rest of world expected at 13%; sequencing instruments expected to decline 4–6% year-over-year.
Tariff impacts to be partially mitigated in 2025 and more fully in 2026 through supply chain and pricing actions.
Anticipates a decrease in effective tax rate starting Q3 2025 due to U.S. tax legislation changes.
Explain the impact of tariffs on gross margin.
Assess SomaLogic acquisition impact on proteomics.
Detail the effect of China regulations on exports.
Assess SomaLogic's impact on NovaSeq X value.
How does clinical X transition impact 2025?
Quantify tax benefit from R&D expensing.
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Next Illumina earnings date
Q3 20253 Nov, 2025
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Frequently asked questions
Illumina, Inc., provides sequencing and array-based solutions for genetic and genomic analysis. The company offers products designed for genetic testing and research applications. It also offers gene expression analysis systems for DNA microarray, PCR and RT-PCR assays; genotyping, resequencing, methylation and methylation chip technologies; field portable system for next generation sequencing (NGS) developed by Oxford Nanopore Technologies, plc; semiconductor sequencing devices and bioinformatics software platforms, as well as single molecule real time (SMRTTM)-seq technology.
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