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- In its Q1 earnings release, Illumina Inc ILMN unveiled plans to accelerate margin improvement and create flexibility for further investment in high-growth areas.
- The company aims to reduce its annualized run rate expenses by more than $100 million starting later this year.
- Q1 Revenue of $1.09 billion was down 11% Y/Y (down 9% on a constant currency basis), beating the consensus of $1.07 billion.
- Adjusted EPS of $0.08 declined from $1.07 a year ago, beating the consensus of $0.02.
- Also Read: Carl Icahn Steps Up Battle With Illumina, Says Directors Asked Additional Insurance For Grail Deal.
- The company reported gross margins of 60.3% for the period, down from 66.6% during the year-earlier period.
- Illumina also plans to save by "enabling activities" in more cost-effective hubs.
- The Federal Trade Commission has ordered Illumina to divest Grail Inc, saying that the deal would stifle competition and innovation in the U.S. market for cancer tests.
- Illumina will appeal the FTC's decision and seeks to arrive at a resolution by late 2023 or early 2024, the company said in a statement.
- Guidance: Illumina reiterates adjusted EPS guidance of $1.25-$1.50 for fiscal year 2023 versus the consensus of $1.41.
- The company commits to achieving Core Illumina adjusted operating margins of 25% in 2024 and 27% in 2025.
- Price Action: ILMN shares are down 0.40% at $217.81 during the premarket session on the last check Wednesday.
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