Illumina, the leading provider of gene-sequencing equipment and services, has announced higher revenue for its latest quarter. The increase in revenue comes as the company continues to divest itself of Grail.
Financial Results
For the fourth quarter, Illumina reported a wider loss of $176 million, or $1.11 per share, compared to a loss of $140 million, or 89 cents per share, in the same period last year. However, adjusted earnings were 14 cents per share, surpassing analysts’ expectations of 1 cent per share.
Revenue experienced a 4% growth, reaching $1.12 billion compared to $1.08 billion in the previous year. This exceeded the $1.09 billion estimate from analysts polled by FactSet.
CEO’s Perspective
Chief Executive Jacob Thaysen stated that while customers are currently facing purchasing constraints, Illumina is well-positioned for growth as market conditions improve. The company aims to drive its top-line results, focus on operational excellence, and resolve its divestiture of Grail to further accelerate value creation.
Future Outlook
Looking ahead to fiscal 2024, Illumina forecasts that core revenue (excluding Grail’s results) will remain relatively flat compared to fiscal 2023. Additionally, the company expects the core adjusted operating margin to be approximately 20%.