ILLUMINA INC
For the period ended Mar 30, 2025. Filed May 9, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2025 · Filed May 9, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
2. Revenue
Our revenue is generated from the sale of products and services. Product revenue consists of sales of instruments and consumables used in genetic analysis. Service and other revenue consists of revenue generated from genotyping and sequencing services, instrument service contracts, development and licensing agreements, and, prior to the Spin-Off of GRAIL on June 24, 2024, cancer detection testing services related to the GRAIL business.
Revenue by Source
| Q1 2025 | Q1 2024 | |||||
|---|---|---|---|---|---|---|
| In millions | Sequencing | Microarray | Total | Sequencing | Microarray | Total |
| Consumables | $696 | $72 | $768 | $691 | $71 | $762 |
| Instruments | 109 | 3 | 112 | 110 | 4 | 114 |
| Total product revenue | 805 | 75 | 880 | 801 | 75 | 876 |
| Service and other revenue | 142 | 19 | 161 | 178 | 22 | 200 |
| Total revenue | $947 | $94 | $1,041 | $979 | $97 | $1,076 |
Revenue by Geographic Area
| Based on region of destination (in millions) | Q1 2025 | Q1 2024 |
|---|---|---|
| Americas | $570 | $603 |
| Europe | 293 | 279 |
| Greater China (1) | 72 | 78 |
| Asia-Pacific, Middle East, and Africa (2) | 106 | 116 |
| Total revenue | $1,041 | $1,076 |
(1)Region includes revenue from China, Taiwan, and Hong Kong.
(2)Region includes revenue from Russia and Turkey.
Performance Obligations
We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions as we launch new products. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within a short time frame, approximately three tosix months, after the contract execution date. As of March 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $891 million, of which approximately 83% is expected to be converted to revenue in the next twelve months, approximately 7% in the following twelve months, and the remainder thereafter.
Contract Assets and Liabilities
Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, were $15 million and $16 million as of March 30, 2025 and December 29, 2024, respectively, and were recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of March 30, 2025 and December 29, 2024, were $329 million and $327 million, respectively, of which $256 million and $260 million, respectively, was short-term and recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q1 2025 included $97 million of previously deferred revenue that was included in contract liabilities as of December 29, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.