Illumina net worth has become a hot topic as the company continues to impact genomics. For those curious about its financial standing, understanding the revenue streams that fuel its market presence is essential.
Here at Ando Money, we’ll dive deep into how Illumina is performing financially and what factors are driving its success.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Illumina, Inc. |
| Full Name | Illumina, Incorporated |
| Website | illumina.com |
| Industry | Biotechnology, Genomics |
| Traded as | Nasdaq: ILMN |
| ISIN | US4523271090 |
| Founded | 1998 |
| Founders | David R. Walt, John Stuelpnagel, Anthony Czarnik, Larry Bock, Mark Chee |
| Country/Territory | United States |
| Headquarters | San Diego, California, U.S. |
| Chief Executive Officer | Jacob Thaysen |
| Number of Employees | 9,500 |
| Market Cap | $22.4 billion |
| Total Assets | $6.081 billion |
| Total Equity | $1.436 billion |
| Revenue | $1.112 billion (Q2 2024) |
| Net Income | $57 million (Q2 2024) |
What is the Net Worth/Market Cap of Illumina in 2024?
As of October 2024, Illumina’s market cap stands at $22.4 billion. This places it among the top companies in the biotechnology sector, showing strong financial health despite market fluctuations.
Comparing Illumina’s net worth with other entities in the same domain can give us a broader perspective on how it fares.
Here are a few notable companies related to Illumina:
- GRAIL
- Fluent Biosciences
- Pacific Biosciences
- Thermo Fisher Scientific
- Agilent Technologies
- Bio-Rad Laboratories
- Qiagen
- Roche
- BGI Genomics
Want to see which companies rank higher? Take a look at the largest corporations in the industry by visiting this page.
Illumina Financial Performance Overview
Revenue Streams
Illumina’s revenue is primarily driven by its product sales and service offerings.
Product revenue, which includes the sale of consumables and instruments, brought in $927 million in Q2 2024, accounting for a significant portion of the company’s total revenue.
On the service side, which includes maintenance and other associated offerings, Illumina earned $185 million in the same quarter.
Together, these segments generate the backbone of Illumina’s financial health, forming a consistent revenue stream across multiple sectors, particularly in genomics and research applications.
Key Factors Influencing Revenue Growth
Several factors contribute to Illumina’s revenue growth. A key driver has been the expanding genomics and biotechnology markets, where Illumina has established itself as a leader.
The growing adoption of DNA sequencing technology, particularly in the oncology field, has bolstered the company’s revenue.
Additionally, partnerships and acquisitions such as the recent purchase of Fluent Biosciences have expanded their market reach, contributing to higher revenues.
Major Expenses Impacting Financial Health
Like many companies in the tech and biotech sectors, Illumina invests heavily in research and development (R&D).
In Q2 2024, R&D expenses totaled $325 million, reflecting the company’s ongoing commitment to innovation.
Another significant cost lies in selling, general, and administrative expenses (SG&A), which amounted to $147 million in the same quarter.
These expenses are essential for maintaining competitive operations and ensuring sustained market growth.
Recent Acquisitions and Their Financial Impact
The acquisition of Fluent Biosciences has played a pivotal role in Illumina’s strategy.
This acquisition introduced a highly differentiated single-cell technology, strengthening Illumina’s product portfolio and enhancing its ability to drive revenues in the coming years.
Additionally, the spin-off of GRAIL in June 2024 relieved Illumina of operational losses from this division, improving its financial performance moving forward.
Financial Results Overview for Recent Quarters
Illumina’s performance in Q2 2024 reflected a total revenue of $1.112 billion, a slight decline from the previous year’s $1.176 billion.
Despite this dip, Illumina managed to maintain a gross margin of 64.8%, which highlights the company’s effective cost management strategies.
A net income of $57 million demonstrates profitability on a non-GAAP basis, underscoring Illumina’s ability to navigate challenging market conditions.
This stability can be attributed to operational excellence initiatives that have successfully reduced costs and improved productivity.
Key Financial Metrics Impacting Profitability
Profitability for Illumina is closely tied to its gross margins and operating margins. In Q2 2024, the company reported a GAAP gross margin of 64.8% and a non-GAAP operating margin of 22.2%.
These margins are essential for ensuring the company’s long-term financial sustainability.
Additionally, Illumina’s free cash flow in Q2 2024 stood at $48 million, indicating positive cash flow from its core operations.
Long-Term Financial Outlook and Strategic Initiatives
Looking ahead, Illumina has adjusted its 2024 revenue guidance, anticipating a 2-3% decline compared to the previous year.
However, the company has increased its non-GAAP operating margin guidance to a range of 20.5-21%, reflecting a focus on enhancing profitability.
Future growth is expected to come from investments in new technologies, such as next-generation sequencing instruments, and the expansion of its presence in emerging markets.
FAQs About Illumina
How does Illumina generate most of its revenue?
It generates the majority of its revenue through product sales, particularly from consumables used in DNA sequencing.
Service offerings, including maintenance and other solutions, also contribute significantly.
What recent acquisitions has Illumina made?
Illumina recently acquired Fluent Biosciences, a developer of single-cell technology, which is expected to enhance its product offerings and drive future revenue growth.
How has the spin-off of GRAIL impacted Illumina’s financial performance?
The spin-off of GRAIL has relieved Illumina of operational losses tied to GRAIL’s business, thereby improving the company’s overall financial performance.
What are Illumina’s key financial metrics for Q2 2024?
In Q2 2024, it reported a total revenue of $1.112 billion, a GAAP gross margin of 64.8%, and non-GAAP operating margin of 22.2%.
How does Illumina plan to achieve future growth?
It plans to invest in new sequencing technologies and expand its operations into emerging markets to fuel future growth. It is also focusing on improving margins through operational excellence initiatives.
Conclusion
In conclusion, Illumina’s financial health is built on strong revenue streams from both product and service sales, strategic acquisitions, and a focus on innovation.
Curious to learn more about company finances? Check out more insights on Ando Money!
