Illumina reports financial results for first quarter of fiscal year 2023

• Revenue of $1.09 billion for Q1 2023, up 1% from Q4 2022; down 11% from Q1 2022 (down 9% on a constant currency basis)
• GAAP diluted EPS of $0.02 for Q1 2023, compared to GAAP diluted EPS of $0.55 for Q1 2022
• Non-GAAP diluted EPS of $0.08 for Q1 2023, compared to non-GAAP diluted EPS of $1.07 for Q1 2022
• Reiterating fiscal year 2023 consolidated revenue guidance of 7% to 10% growth from 2022, including Core Illumina revenue growth of 6% to 9% and GRAIL revenue in the range of $90 million to $110 million
• Expect GAAP diluted loss per share of $(0.28) to $(0.03) for fiscal year 2023
• Reiterating non-GAAP diluted EPS guidance of $1.25 to $1.50 for fiscal year 2023
• Committing to Core Illumina non-GAAP operating margins of 25% for fiscal year 2024 and 27% for fiscal year 2025¹
• Announcing a plan to achieve more than $100 million in annualized run rate cost savings to accelerate margin improvement and create flexibility for further investment in high-growth areas

"The year is off to a solid start, led by NovaSeq X outperforming expectations in both customer demand and manufacturing supply," said Francis deSouza, Chief Executive Officer. "We shipped 67 NovaSeq X instruments in the first quarter, exceeding our plan. Demand remains strong, with our quarter-end NovaSeq X order book standing at over 200 instruments. We continue to work closely with our customers and partners to help them manage the challenging macroeconomic environment and to deliver on our 2023 goals. Our commitment to higher margins will set Illumina on the best path to deliver long-term sustainable success for our shareholders."