Illumina has reported a net income of $705m, or $4.42 per diluted share, for the third quarter ended 29 September 2024, compared to a net loss of $754m, or $4.77 per diluted share, for the respective period in 2023.
The US-based company’s net income for the third quarter of 2024 (Q3 2024) increased compared to a net loss of $1.98bn for the second quarter of 2024 (Q2 2024).
The sequencing technology provider’s total revenue for Q3 2024 was $1.08bn, a 3.5% decline compared to $1.11bn for the same quarter in 2023, and for Q2 2024.
Illumina reported a total operating expense of $4m for Q3 2024, compared to $1.43bn for the corresponding quarter in the previous year.
The company reported an income before income tax of $720m for Q3 2024, compared to a loss before tax of $782m for the same period in 2023.
Illumina CEO Jacob Thaysen said: “During the third quarter, the Illumina team delivered strong operating results, and revenue met our expectations.
“We are making good strides towards Illumina’s strategic goals, both in launching breakthrough innovation and in helping our customers accelerate their adoption of the NovaSeq X.
“The near-term macroeconomic environment remains constrained, and we are slightly lowering our 2024 revenue guidance.
“The underlying demand for Illumina’s products and applications remains strong and we are demonstrating significant progress in driving margin and earnings expansion.”
Illumina reported a net loss of $1.41bn, or $8.86 per diluted share, for the first nine months (9M) ended 29 September 2024, compared to a net loss of $986m, or $6.23 per diluted share for the same period in 2023.
The company reported total revenue of $3.26bn for 9M 2024, a 3.4% decline compared to $3.38bn for the respective period in the previous year.
It has reported total operating expenses of $3.14bn for the 9M 2024, a 5.58% rise compared to $2.9bn for the same period in 2023.
The sequencing technology provider reported a loss before tax of $1.36bn for 9M 2024, compared to a loss before tax of $950m for the same period in 2023.
In this quarter, Illumina completed the spin-off of GRAIL and acquired Fluent Biosciences, which develops an emerging and highly differentiated single-cell technology.
