Illumina (ILMN) 44th Annual J.P. Morgan Healthcare Conference summary

Current business performance and financial results

• Achieved Q4 revenue growth of 4% constant currency and 7% excluding China, with EPS up over 15% for the year, surpassing expectations.

• Returned to growth in FY25 with revenue of ~$4.34B and non-GAAP EPS of $4.76–$4.79, driven by new product launches and strong NovaSeq X placements.

• Placed over 95 NovaSeq X instruments in Q4, with strong adoption in clinical markets and some rebound in research academia.

• Sequencing consumables grew 11% ex-China, driven by clinical demand and increased utilization of NovaSeq X.

• Recurring revenue comprised ~90% of total, with a diverse market mix and strong clinical exposure, especially in oncology and genetic disease.

Strategic vision and innovation

• Focused on expanding the NGS ecosystem, supporting customers, and accelerating growth into 2026 and beyond.

• Envisions whole genomes as the diagnostic standard, multiomics at scale, and broad NGS adoption in healthcare.

• Launched BioInsight to enhance clinical interpretation and drug discovery through AI and large-scale data integration.

• Introduced new technologies like the 5-base genome and Constellation, expanding clinical applications and reducing workflow costs.

• Three growth pillars: core sequencing and NovaSeq X transition, scalable entry into multiomics, and expansion of services, data, and software.

Market trends and growth drivers

• Clinical customers now represent about 60% of consumables revenue, with broad-based strength across the US, Europe, and Asia.

• Clinical sequencing volume growth exceeds 30%, fueled by adoption of larger panels and whole genome sequencing.

• Transition to NovaSeq X is driving higher sequencing intensity and volume elasticity, with durable growth patterns observed among fully transitioned customers.

• Whole genome sequencing remains a small fraction but is expected to grow significantly over the next 2-4 years.

• Entered 2026 with strong business momentum and a focus on sustainable, profitable growth.