Analyst Conference Summary

conference date: October 30, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $1.06 billion and down % from $ billion in the year-earlier quarter.

Net income was $ million, up % sequentially from $235 million, and % up from $ million year-earlier.

Diluted EPS was $, up % sequentially from $1.49, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Jacob Thaysen, CEO, said ""

In q2 2025 Illumina launched TruSight Oncology 500 version 2 (TSO 500 v2), an updated version of Illumina’s comprehensive genomic profiling assay for cancer research. Illumina entered into a definitive agreement with Standard BioTools to acquire SomaLogic. PromoterAI, a new AI algorithm that accurately deciphers pathogenic regulatory genetic variants in the noncoding regions of the human genome was introduced and launched DRAGEN v. 4.4 software for clinical oncology research.

Continuing to expand in proteomics, including the SomaLogic acquisition. Will pay $350 million in cash and up to $75 million in near-term milestones. Should close in H1 2026. Expects profitability in 2027.

Product revenue was $ million, services $ million. $ million of the product revenue was for instruments, $ was for consumables.

Illumina shipped > NovaSeq X instruments in Q32 2025. [NovaSeq X is the most powerful and expensive of its sequencers.] MiSeq i100 sales were since launch are now over 500.

In 2025 will launch a new single-cell product for CRISPR. In 2026 will launch a spatial assay with larger capture area and greater resolution. The proteomics solution should launch in 1H 2025.

Non-GAAP numbers: net income $ million, up % sequentially from $187 million, and up % from $ million year-earlier. Diluted EPS was $, up % sequentially from $1.19, and up % from $ year-earlier.

Cash, equivalents and investment balance was $ billion, down sequentialy from $1.15 billion. $ billion term debt. Cash flow from operations was $ million. Free cash flow was $ million. Capital expenditures were $ million. Cash used to repurchase stock was $ million.

GAAP cost of revenue was $ million, leaving gross profit of $ million. Operating expenses were $ million, consisting of: $ million for research and development; $ million for selling, general, and administration. Leaving income from operations of $ million. Other income was $ million. Income tax $ million.

Illumina retains a 14.5% stake in Grail.

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