-- Company poised to accelerate revenue growth
into high single digits over next three years, enabled by
core genomics portfolio
-- Innovations to enable development of
transformative applications using multiomics
-- Illumina to offer higher quality insights
to customers, helping them improve the overall end-to-end workflow
experience and lower cost
-- Delivering double digit to teens non-GAAP
diluted earnings per share growth 2025-2027
-- Illumina and the Broad
Institute of MIT and
Harvard announce new research partnership to advance
single-cell sequencing
SAN
DIEGO, Aug. 13, 2024 /PRNewswire/ -- Illumina,
Inc. (NASDAQ: ILMN) today is hosting a Strategy Update for
investors to present its strategy and three-year financial outlook
that features accelerating revenue growth and significant margin
expansion.
"Illumina built the foundation of the genomics industry, and we
will continue leading innovation across total sequencing workflows
to support the next phase of our customers' success," said
Jacob Thaysen, Chief Executive
Officer of Illumina. "Over the next three years, we will bring to
market impressive new innovations that will redefine the genome and
drive significant, deeper biological insights through
multiomics."
Today, Illumina and the Broad Institute of
MIT and Harvard are also
announcing a new research partnership to advance
single-cell sequencing and accelerate adoption of high-capacity
single-cell experiments, leveraging Illumina's Fluent technology.
As part of their work together, Illumina and the Broad will
partner on the development and validation of new kits to catalyze
large-scale PeturbSeq CRISPR screening.
"Expanding our research partnership with Illumina to
include Fluent's technology will support the Broad's efforts
toward enabling billion cell experiments," said
Niall Lennon, Senior Director of the
Broad Institute's Genomics Platform. "Single-cell sequencing has
transformed biomedical research in ways that were unimaginable as
recently as 15 years ago. Right now it is one of the most exciting
areas in biology."
Illumina is building new, scalable growth businesses that
complement and accelerate its high-intensity, high-throughput
sequencing franchise. The Company is executing on a series of
innovations aligned with the diverse and evolving needs of its
customers. These innovations will help them to:
- Reinvent the genome: Lead broader whole-genome
sequencing (WGS) utility by revolutionizing the workflow with novel
sample preparation and integrated software.
- Unlock deeper biology: Enable deeper biological insight
with complete multiomic workflows that integrate with one another
through interpretation and visualization tools.
- Make next-generation sequencing (NGS) easy to operate in
the laboratory by providing sample-to-insight workflow
solutions, including the best-in-class software and informatics
capabilities to pave the way to deep and comprehensive
answers.
- Turn data into insights: Deliver a software / AI
platform that integrates and analyzes large data cohorts and
deciphers variants of unknown significance.
Illumina expects its strategy to enable the
company to accelerate its revenue growth to high single digits
by 2027. The Company aims to drive double digit to teens
non-GAAP diluted earnings per share (EPS) growth from 2025 to 2027
by accelerating revenue growth, leveraging operational
efficiencies, and allocating its significant free cash flow using a
systematic and disciplined approach.
"We have the right strategy to return to growth and increase our
profitability. We are already executing that strategy and
strengthening Illumina's relationship with customers in a
challenging macroeconomic environment," said Ankur Dhingra, Chief Financial Officer of
Illumina. "Looking ahead, we expect to see accelerating revenue
growth over the next three years while also delivering
differentiated earnings expansion."
Webcast details
The virtual event will begin at 8:00am
Pacific Time. The event will feature presentations by
members of Illumina's executive team and conclude with a Q&A
session.
The webcast can be accessed through the Events &
Presentations section of Illumina's Investor Relations website
at investor.illumina.com. We recommend that participants
pre-register for the event on our website or by using the following
link: Illumina 2024 Strategy Update Registration. A replay
will be posted on Illumina's Investor Relations website after the
event and will be available for at least 30 days following.
Use of forward-looking statements
This release may contain forward-looking statements that involve
risks and uncertainties. Among the important factors to which our
business is subject that could cause actual results to differ
materially from those in any forward-looking statements are: (i)
our ability to meet our revenue growth and earnings per share
targets; (ii) changes in the rate of growth in the markets we
serve; (iii) the volume, timing and mix of customer orders among
our products and services; (iv) our ability to adjust our operating
expenses to align with our revenue expectations; (v) our ability to
manufacture robust instrumentation and consumables; (vi) the
success of products and services competitive with our own; (vii)
challenges inherent in developing, manufacturing, and launching new
products and services, including expanding or modifying
manufacturing operations and reliance on third-party suppliers for
critical components; (viii) the impact of recently launched or
pre-announced products and services on existing products and
services; (ix) our ability to realize the anticipated benefits from
prior or future actions to streamline and improve our R&D
processes, reduce our operating expenses and maximize our revenue
growth; (x) to deploy new products, services, and applications, and
to expand the markets for our technology platforms; (xi) our
ability to obtain approval by third-party payors to reimburse
patients for our products; (xii) our ability to obtain regulatory
clearance for our products from government agencies; (xiii) our
ability to successfully partner with other companies and
organizations to develop new products, expand markets, and grow our
business; (xiv) uncertainty, or adverse economic and business
conditions, including as a result of slowing or uncertain economic
growth or armed conflict; (xv) the application of generally
accepted accounting principles, which are highly complex and
involve many subjective assumptions, estimates, and judgments and
(xvi) legislative, regulatory and economic developments, together
with other factors detailed in our filings with the Securities and
Exchange Commission, including our most recent filings on Forms
10-K and 10-Q, or in information disclosed in public conference
calls, the date and time of which are released beforehand. We
undertake no obligation, and do not intend, to update these
forward-looking statements, to review or confirm analysts'
expectations, or to provide interim reports or updates on the
progress of the current quarter.
The company provides forward-looking guidance on a non-GAAP
basis. The company is unable to provide a reconciliation of
forward-looking non-GAAP financial measures to the most directly
comparable GAAP reported financial measures because it is unable to
predict with reasonable certainty the financial impact of items
such as acquisition-related expenses, gains and losses from our
strategic investments, fair value adjustments related to contingent
consideration and contingent value rights, potential future asset
impairments, restructuring activities, and the ultimate outcome of
pending litigation without unreasonable effort. These items are
uncertain, inherently difficult to predict, depend on various
factors, and could have a material impact on GAAP reported results
for the guidance period. For the same reasons, the company is
unable to address the significance of the unavailable information,
which could be material to future results.
About Illumina
Illumina is improving human health by unlocking the power of the
genome. Our focus on innovation has established us as a global
leader in DNA sequencing and array-based technologies, serving
customers in the research, clinical, and applied markets. Our
products are used for applications in the life sciences, oncology,
reproductive health, agriculture, and other emerging segments. To
learn more, visit www.illumina.com and connect with us
on X (Twitter), Facebook, LinkedIn,
Instagram, TikTok, and YouTube.
Contacts
Investors:
Salli Schwartz
858-291-6421
IR@illumina.com
Media:
Bonny Fowler
740-641-5579
PR@illumina.com
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SOURCE Illumina, Inc.