Q3 2024 Illumina Inc Earnings Call

November 4, 2024

The End

Please stand by whereabouts to begin.

Speaker Change: Good day ladies and gentlemen and welcome to the third quarter 2020-24 Aluminant earnings conference call. At this time, I'll participate in a listen only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Sally Schwartz, Vice President of Investor Relations.

Sally Schwartz: Hello everyone and welcome to our earnings call for the third quarter of 2024. During the call today we will review the financial results we released after the close of market and off-recommentary on our commercial activity after which we will host a question and answer session.

Our earnings release can be found in the investor-relation section of our website at illuminaj.com

Providing prepared remarks for a Luminat today will be Jacob Thaysen, Chief Executive Officer, Ankur Dhingra, Chief Financial Officer.

Jacob will provide an update on the State of Illuminance Business and Ankur will review our financial results for Core Illumina.

As a reminder, we dig us to grail in June of this year. For a review of historical, financial results for grail and consolidated Illumina, please see our earnings release and our SEC filing.

We will be discussing non-GAAP results, which include stock-based compensation. We encourage you to review the GAAP reconciliation of these non-GAAP measures, which can be found in today's release and in the supplementary data available on our website.

As we go through the results, please note that year-over-year is as compared against the third quarter of fiscal 2023, while sequential is as compared against the second quarter of fiscal 2024.

This call is being recorded and the audio portion will be archived in the investor section of our website.

It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995.

Sally Schwartz: Forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from those projected or discussed. All forward-looking statements are based upon current available information, and Illumina assumes no obligation to update these statements.

To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Illumina files with the Securities and Exchange Commission, including Illumina's most recent forms 10-Q and 10-K. With that, I will now turn the call over to Jacob.

Jacob Thaysen: Thank you, Sally. Good afternoon, and thank you, everyone, for joining our call today.

Jacob Thaysen: Illumina delivered another quarter of strong financial performance.

Jacob Thaysen: We are making significant progress in expanding margins and driving earnings, growing the utilization of the NoSeqx platform, and bringing the next phase of sequencing innovation to our customers.

In Q3, revenue was $1.1 billion, in line with our expectations.

Thank you for your attention.

Sally Schwartz: Across our regions, America's revenue was down 6% year-over-year, Europe revenue was up 12%.

Sally Schwartz: EMEA revenue was up 7% and Greater China was down 23%.

Sally Schwartz: In the quarter, we placed an additional 58 NovoSeq X Plus instruments.

Sally Schwartz: bringing our total installed base to 527. Approximately 40% of this installed base has been shipped to clinical customers.

highlighting the diversity of our user base.

The X-Series surpassed $1 billion in cumulative revenue, a major milestone.

Sally Schwartz: Our non-GAAP operated margin of 22.6% and diluted earnings per share of $1.14, exceeding our expectations, and we began executing on the capital allocation strategy we laid out at our August Strategy Update.

Looking ahead through year-end, while the funds remain healthy, the near-term macroeconomic environment has been persistently constrained. We now expect our 2024 revenue growth to be slightly lower than our prior guidance range.

Sally Schwartz: However, we are raising our guidance for both 2024 Operating Margin and Earnings Per Share, reflecting the significant progress we have made so far this year in our transformative journey, driving operational excellence and strengthening our culture of performance.

Speaker Change: Ankur will provide additional details during his remarks.

Sally Schwartz: During our August Strategy Update, we laid out a plan to drive high single-digit revenue growth and 500 basis points of operating margin expansions by 2027, while achieving annual EPS growth in the double digits to teens over the next three years.

Sally Schwartz: To achieve this, I've set key priorities to guide execution against our strategy. Deeper customer collaboration, continuous innovation, and commitment to operational excellence and margin expansion.

Sally Schwartz: Our first priority, deeper customer collaboration, is centered on providing a range of targeted solutions to serve the increasingly diverse needs of our customer base.

Sally Schwartz: Over the past several months, I've continued connecting with our customers worldwide. Most recently, this included a group of academic core lab directors that have a long legacy of collaboration with Illumina and are some of our most experienced users.

Sally Schwartz: I am grateful to them for their ongoing partnership and support.

Sally Schwartz: As we evolve the way we engage with customers, we are focused on two key initiatives.

Sally Schwartz: One, shifting how we interact and collaborate with customers to support their ambitions.

My observation was that we needed to do better in this area. And now I'm beginning to hear from customers that they are seeing Illumina present itself in a new way.

Sally Schwartz: And two, giving customers a clear line of sight to the significant innovations we have in the pipeline.

Their early input is invaluable, allowing us to develop the most impactful products and solutions in the industry.

Sally Schwartz: I'm pleased to see this partner mindset become increasingly embedded into our company's culture.

Sally Schwartz: It will serve as a cornerstone of our success going forward.

Sally Schwartz: Our second priority is continuous innovation, which follows naturally from our first priority as it is driven and shaped by what customers are telling us they need.

Sally Schwartz: For example, we recently announced the launch of the groundbreaking MiSeq i100. We are addressing demand for flexible solutions for smaller-scale projects with faster turnaround time.

Sally Schwartz: Early feedback is validating our approach of bringing customers into the fold as advisors throughout the product development process.

Sally Schwartz: Customers are excited about room temperature shipping and storage of reagents, allowing for sequencing on demand without the need to thaw reagents.

Sally Schwartz: The shorter run times, paired with 18 proven end-to-end workflows, are what our customers have been asking for.

Sally Schwartz: and they have expressed that this is a game-changer.

Sally Schwartz: Over time, we intend to leverage these new technologies in future releases across our portfolio.

Sally Schwartz: MySeek I-100 instruments for early access customers will begin shipping in late Q4.

Sally Schwartz: driven by the strong demand we saw in the days following the announcements.

At our strategy update, we shared a number of additional innovations, including comprehensive whole-genome sequencing and our 5-phase genome that will launch over the next 12 to 18 months.

Sally Schwartz: Collectively, these technologies will reinvent genome while making NGS workflow easier.

Sally Schwartz: Comprehensive whole-genome solution leverages a novel constellation-mapped read technology to add additional layers of genomic data, redefining the extent of information created by the SBS chemistry.

Sally Schwartz: Standard library prep is eliminated as it is performed directly on the flow cell, going from multiple hours of hands-on time to just a few minutes.

Sally Schwartz: Another customer-driven innovation is the five-phase genome, which will provide variant and epigenetic information from a single library prep.

Sally Schwartz: Customers will have access to methylation information in every run, which is important to understand diseases, including cancer, obesity, and infectious diseases.

Sally Schwartz: Both the 5-Base Genome and Constellation MAP3 technology solutions are currently in development, with customers providing feedback that will influence our product advancements.

Sally Schwartz: We will be providing further details on these two innovations, including results from early access customers, at upcoming industry events like ASHD later this week.

Sally Schwartz: In the near term, Illumina continues to deliver innovations for the NovaSeq X-Series. We remain on track to begin shipping the single-flow cell NovaSeq X by the end of this year. This instrument will be upgradable to the NovaSeq X+.

Sally Schwartz: In Q4, we will introduce 100-cycle and 200-cycle 25B flow cells designed for high-output counting applications.

Sally Schwartz: Our third priority is operational excellence. Our focus here is to build a foundation that powers our long-term success, regardless of the top line.

Sally Schwartz: By enhancing productivity, optimizing our investment spend, and driving smart capital allocation, we are positioning Illumina to directly benefit not only our customers and the patients they serve, but also our employees and our shareholders.

Sally Schwartz: Indeed, we have made great progress in building a culture where every employee is driving efficiencies to contribute to operational excellence.

Speaker Change: Now, I'll ask Ankur to share more detail on our third quarter results and outlook.

Ankur Dhingra: Thank you, Jacob, and good afternoon, everyone.

Ankur Dhingra: I'll give you an overview of our financial results, provide more color about revenue, expenses, earnings, and developments on our balance sheet, and then speak about our outlook going forward.

Ankur Dhingra: All financial information, including guidance, that we share on this call is for core Illumina only and excludes GRAIL.

Speaker Change: During the third quarter, Illumina's revenue of $1.08 billion was in line with our expectations, and the team delivered a very strong margin and earnings expansion through ongoing cost discipline and operational excellence.

Sally Schwartz: Cash generation remains strong, and we also put cash to use across all dimensions of our capital allocation strategy.

Sally Schwartz: Now, I will add color to each of these items.

Sally Schwartz: Third quarter revenue was down 2% year-over-year on both a reported and constant currency basis.

Sally Schwartz: With strong growth in our consumables business, offset by the instruments business declining against launch year compares.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: Sequencing consumables revenue was $741 million, up 7% year-over-year, driven by continued strong uptake in X consumables.

Sally Schwartz: The NovaSeq-X transition progressed faster than we forecasted.

Sally Schwartz: As of end of Q3, more than 55% of high-throughput gigabases sequenced and more than 35% of high-throughput consumables revenue was on the NovaSeq-X series.

Sally Schwartz: We saw some acceleration of the transition from 6K to X this quarter, including in clinical as approximately 40% of high-throughput clinical gigabases sequenced were on the NovaSeq X series.

Sally Schwartz: As legacy assays transition to the X-series, we have seen increased clinical volumes and increasing adoption of the 25B flow cell from clinical customers.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: While there will be some quarterly variations in the pace of transition based on choices our customers make, we still believe almost half of high-throughput consumables revenue could transition to the X series by middle of 2025.

Sally Schwartz: Moving to sequencing activity, total sequencing GB output on our connected high and mid throughput instruments continue to grow at a rate more than 40% year-over-year, with robust growth from both clinical and research customers.

Sally Schwartz: Sequencing instruments revenue was $104 million for Q3, a 42% year-over-year decline, slightly behind our expectations.

Sally Schwartz: The year-over-year decline was driven by two factors.

Sally Schwartz: One, lower NovaSeq X placements as compared to significant pre-order launch-related shipments.

Sally Schwartz: in the third quarter of 2023. And two, a decline in mid-throughput shipments as capital and cash flow constraints continue to impact purchasing behavior and moderate instrument placements globally.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: Sequencing service and other revenue was $150 million, up 6% year-over-year, driven by an increase in revenue from strategic partnerships, as well as high instrument service contract revenue on a growing install base.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: Moving to the rest of the P&L, non-gap gross margin of 70.5% for the quarter increased 450 basis points year-over-year.

Sally Schwartz: This strong gross margin performance was driven primarily by the execution of our operational excellence initiatives that continue to improve productivity and deliver cost savings.

Sally Schwartz: Year-over-year improvement in gross margin was also supported by a more favorable revenue mix of sequencing consumables, making up roughly half of that improvement.

Sally Schwartz: While the business mix will change on quarter-to-quarter basis, the productivity improvements we have achieved are sustainable and will support our margin expansion going forward.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: Non-GAAP operating expenses of $517 million were roughly flat to last quarter.

Sally Schwartz: This includes the additional headcount and expenses resulting from our acquisition of Fluent Biosciences.

Sally Schwartz: The Illumina team continues to manage expenses effectively.

Sally Schwartz: As I mentioned during our strategy update, we have several actions in play to reprioritize and reduce our expenses.

Sally Schwartz: As a result, non-GAAP operating margin for the quarter was 22.6% compared to the 22.5% in the prior year period.

Sally Schwartz: This came in well above our guidance of approximately 20% driven by strong operational performance across gross margin and discipline and expenses.

Sally Schwartz: Below the operating income line, non-GAAP other expense was $14 million in Q3.

Sally Schwartz: During the quarter, we issued $500 million in debt.

Sally Schwartz: at a 4.65% coupon.

Sally Schwartz: that was used, along with cash on hand, to redeem INFO, the high-cost $750 million delayed short-term loan, effectively delivering and also reducing our interest rate.

Sally Schwartz: Non-GAAP tax rate was 21% for the quarter.

Sally Schwartz: In Q3, we received the benefit of a few one-time credits as we filed our return for last year.

Sally Schwartz: Putting it all together, non-GAAP net income for Q3 was $181 million, or diluted earnings per share, for $1.14 per diluted share.

Sally Schwartz: Our non-gap weighted average diluted share count for the quarter was approximately 160 million shares.

Sally Schwartz: Moving to cash flow and balance sheet items for the quarter.

Sally Schwartz: Cash flow provided by operations was healthy at $316 million.

Sally Schwartz: Capital expenditures were $32 million and free cash flow was $284 million.

Sally Schwartz: During the quarter, we put cash to work in line with our stated capital allocation strategy.

Sally Schwartz: We acquired Fluent Biosciences, adding innovative, instrument-free single-cell technology to Illumina's portfolio.

Sally Schwartz: We're excited about the potential for very large single cell experiments this technology can enable.

Sally Schwartz: In addition, following authorization from our board earlier this quarter, we put a share repurchase program in place.

Sally Schwartz: and repurchased 770,000 shares of Illumina stock for $98 million at an average price of $127.71 per share.

Sally Schwartz: And as noted, we delivered.

Sally Schwartz: Taken together, these capital actions show the strength of our operational execution in the quarter.

Sally Schwartz: We ended the quarter with approximately $939 million in cash, cash equivalents, and short-term investments.

Sally Schwartz: In summary, revenue was in line with expectations. The transition of high throughput sequencing to the Novaseq-X is going quite well.

Sally Schwartz: We announced breakthrough new products in low throughput.

Sally Schwartz: We made significant progress towards our stated goal of margin expansion and we have been deploying our strong cash flow towards revenue growth, improved earnings, and shareholder-friendly capital actions.

Sally Schwartz: Moving now to 2024 Guidance.

Sally Schwartz: Although our overall Q3 revenue results met our expectations.

Sally Schwartz: We are tempering our revenue expectations for year-end business.

Sally Schwartz: And now expect full year revenue to be down approximately 3%.

Sally Schwartz: For Q4, we expect revenue to be approximately $1.07 billion.

Sally Schwartz: We continue to see strong utilization levels and pull-through on our instruments.

Sally Schwartz: But the near-term macroeconomic environment remains constrained and does not support any uptick in purchasing behavior through the end of the year.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: From an instruments versus consumables perspective, the projected mix is unchanged.

Sally Schwartz: And we're still forecasting instrument revenue to decline in the mid-30s percentage range relative to 2023.

Sally Schwartz: Although we are very excited about MySEEK 100, it is in early access and we will receive minimal revenue contribution in Q4.

Sally Schwartz: As we had planned for, our low throughput instrument business will likely decline in Q4, with customers waiting for the new instrument.

Sally Schwartz: For high throughput, we still expect second half NovaSeq X shipments to be above what we delivered in the first half of 2024.

Sally Schwartz: We also still forecast sequencing consumables revenue to grow towards the upper end of the low single-digit percentage range versus 2023.

Sally Schwartz: We saw strong uptake and GB usage in the third quarter, setting the stage for exiting the year with solid year-over-year consumables growth.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: We are reducing our projected tax rate for the year to approximately 24 percent.

Sally Schwartz: to $4.05 to $4.15 range for full year 2024.

Speaker Change: With that, I will now turn it back over to Jacob for his closing remarks. Thank you.

Jacob Thaysen: Thanks, Ankur. As I reflect on my first year, I'm excited for the early progress Illumina has made and the momentum we have created to drive the industry forward. We refocused the company on our strong core business and launched our new strategy.

Jacob Thaysen: We reset the leadership team and made the necessary structural changes to support our customer-first orientation.

Speaker Change: We've been increasingly embedding operational excellence in our culture, and the results are beginning to show in our financials.

Speaker Change: This is a good start to our multi-year transformation journey.

Speaker Change: For 2025, we are looking forward to returning to growth, although I would like to finish Q4 before providing specific guidance.

Speaker Change: Ultimately, I'm encouraged and feel confident in bringing Illumina back to high single-digit revenue growth by 2027, as stated during our strategy update. Thank you for joining today. I will now invite the operator to open the line for Q&A.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment.

Speaker Change: As a reminder, please limit yourself to one question so that we can accommodate as many analysts as possible. You are welcome to reenter the queue if you have additional questions.

Speaker Change: Once again, that was Star 1 to ask a question.

Sally Schwartz: We'll go on first to Doug Schinkel with Wolf Research.

Sally Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Doug Schinkel: Good afternoon.

Doug Schinkel: On guidance, just specifically, you know, keeping in mind you are guiding revenue down a slight bit sequentially, what do you expect to drop? And specifically, do you expect sequenced and consumable revenue to grow sequentially?

Doug Schinkel: Kind of building off of this, from a clinical standpoint, you're making really good progress in terms of placements with clinical customers.

Doug Schinkel: When you place a box, how much visibility do you have on that customer's plan? Specifically, do you know when existing assays are going to be moved from a legacy instrument to the X? I'm just looking for some help addressing concerns about a clinical cliff for consumable revenue as we look ahead to 2025. Thank you.

Speaker Change: Yeah, thanks for that. And I've heard this clinical clip a few times and I don't think that's the way we look at the business right now. I think first and foremost, we of course excited to see that there continues to be strong momentum moving towards the X. As Ankur was mentioning here earlier, that we are seeing the strong momentum. We're seeing a lot of volume moving towards the X. So everything is pointing into the direction that we were also presenting at the Strategy Day.

Doug Schinkel: As you also mentioned, we did take down and we were tweaking the guidance here for coming out of Q3 into Q4. As we did not see, even though we see a very healthy instrument funnel, we're not seeing the normal end-of-year activity that we would normally see.

Doug Schinkel: But as you also mentioned, we actually saw a very nice uptake in our revenue for the consumables. And I think that's also what we mentioned before, it's a strong indicator that we are seeing the trajectory of moving towards the X.

Speaker Change: with the specifics on clinical and on how we have transparency into...

Speaker Change: to our customers. We do spend actually quite a lot of time, especially with our larger customers. As I mentioned before, we are spending a lot of time actually to work closely with them to understand where they're going, to actually go deeper into where we are with our funnel and what we have in our R&D pipeline, so they can get prepared to transition when we come out with new technologies. That goes both for our academic customers, but certainly also our clinical customers.

Speaker Change: And we also have a quite good understanding on what the different projects they are looking into and when they are transitioning over to the X. Now I would say that if I just look at it from a high-level perspective,

Speaker Change: We've seen more than 40% of the volume now for the clinical accounts.

Speaker Change: Thank you, everyone. Thank you. Thank you.

Speaker Change: This is Ankur. Doug, so on the other part, specifically to your question about the guidance for Q4 consumables.

Sally Schwartz: Our guide right now assumes a typical seasonal decline from Q3 to Q4 in consumables.

Sally Schwartz: As you know, there are lots of holidays during Q4 relative to the other quarters. I looked back and looked at the trends for the last few years as well. And seasonally, the consumables purchase is due.

Sally Schwartz: kind of follow that seasonal pattern down in Q4, and that's what I'm assuming in the guide right now. Nothing underlying from a transition perspective or a clinical transition, et cetera, perspective there. Simple seasonality.

Sally Schwartz: Thank you. Thank you. Thank you.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Puneet Souda with Lee Rank Partners.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Puneet Souda: Hi, Jacob, Ankur, thanks for taking my question. So I just wanted to clarify.

Puneet Souda: On the mid-throughput side, was that decline in mid-throughput mostly from China or was the decline in the quarter US and Europe seeing more competition from a US-based mid-throughput competitor?

Puneet Souda: and then just briefly asking about...

Puneet Souda: You know, 2025, I understand it's hard for you to provide a number there, but just...

Puneet Souda: Can you walk us through the considerations that you have there for 2025?

Speaker Change: One of the biggest is obviously the clinical transition here for the customers. As they switch over, obviously they'll purchase new instruments. That's a revenue, but at the same time they will also be taking

Speaker Change: a lower cost, which will reduce revenue to you. So, just can you walk us through the considerations as you think about 2025? Thank you so much.

Speaker Change: Okay, thanks for that. And I think, Puneet, let me start with the first one, is that I think we continue to see a lot of competition across the world. I'm actually quite encouraged with China. As you might recall, we have a new leader coming in almost six months ago in China, and Jenny has done a fantastic job to reset the organization, reconfigure the organization, also reset our relationship with many of our partners, and including also looking at a different type of pricing strategy. And I think we're starting to see that actually working now, meaning that we are starting to see that sequentially we are seeing flat revenue there, so at least we are starting to see a change in pattern in China. It's too early to call it off.

Sally Schwartz: Competition in the rest of the world, you are absolutely right that we are seeing most competition in the mid-throughput.

Sally Schwartz: I will say that we take that very seriously, I've said that before, but I actually think it's something that keeps us on the toes here and something that I truly believe is important as a company to have competition, it makes us more agile, it makes us better in front of our customers.

Sally Schwartz: So, I enjoy that. I will say that if you look into the performance of the...

Sally Schwartz: Mitchell put itself. I had a conversation the other day I also mentioned with the

Sally Schwartz: with the academic core lab directors. And during those conversations, we were also looking to where they're getting their business from. And we see more and more of, they see a lot of customers, the small biotech companies, all the small companies that previously would buy a light limit throughput instrument and do sequencing themselves.

Sally Schwartz: Due to their financial constraints right now, many of them are outsourcing and we still see, and thereby those lab directors will see, more of that business. And for us, as we mentioned before, the macroeconomic is still the majority of the pressure we see in the mid-throughput.

Sally Schwartz: So, if you look into 2025, I think we would still like to see the end of this year before we go deeper into our considerations into 2025. But that said, as I mentioned...

Sally Schwartz: We, in the strategy day, we are expecting, we're still very committed to, that we will end at high single-digit growth by 2027, and as we were also mentioning, we were stepping ourselves into that, and we expect to go from 24, where we had negative growth here, and then step into positive growth regime in 25.

Speaker Change: Thank you.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Vijay Kumar with Evercore ISI.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Vijay Kumar: The minus 20, minus 25 that you expected at the end of the day. Even the mixed impacts here on margins...

Speaker Change: I think at the end of the day you said 500 basis points of margin expansion, is that off of the updated margin base of 21 to 21.5 or should we readjust the expansion given the guide increase for FISCAR 24?

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Well, first, thanks for that, Vijay. And I'll have Ankur to talk a little bit about the specific in the guidance here. But I will say that I'm very encouraged to see us delivering on our GM gross margin, but also our operating margin and EPS. I think it speaks a volume to the Illumina team and the company we want to be, that in tough times, we're also able to deliver significant progress in our margin expansion. So I'm excited about that. And I think it should give certain very strong proof points that we are highly committed to deliver on.

Speaker Change: the 500 basis point that we set out to do at the study day. But Ankur, do you want to remind where we are? Yeah, absolutely. So Vijay, I think I answered the first question in between around that price thing.

Ankur Dhingra: Yes, it was in that 25-percentage range, except that if the transition from 6K to X, since it accelerated, this quarter we did see the price impact towards the higher end of that range, closer towards 25 rather than 20.

Ankur Dhingra: but it was still within that model range. Now, around the margins, I can tell you I'm very pleased with the results.

Speaker Change: As I think about the 500 basis points, and I'm thinking of 21% as the base to work off that 500 basis point expansion.

Ankur Dhingra: And what the team has been able to do here is crank up that model and start giving us a view of what the model could be as we keep driving it higher. We still have lots of opportunity to take cost out within COGS to structurally get closer to that 70%. For now, this quarter, higher mix was certainly beneficial.

Speaker Change: And then on the OPEC side, again, several levers still, but I think working off of that 21% and where we land this quarter and how we're looking at 2024 to end, I feel very good about the progress that we're making.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Dan Brennan with T.D. Cowan.

Speaker Change: and Ankur Dhingra. Thank you.

Dan Brennan: Thanks for your questions. Maybe first one, sorry I joined late, but maybe could you break out, I know a little you know you gave some color on data growth I believe, but could you break out a little bit you know how we think about NGS consumable revenue growth from the perspective of the research customer base versus the clinical customer base in Q3 and kind of how did that progress versus expectations?

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Yeah, I think I can, I don't know if you're breaking that out very clearly, but overall our consumables growth was up 6% for the quarter, and then both research and clinical grew nicely.

Dan Brennan: There wasn't a dramatic shift between the two.

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Okay. Maybe stepping back just on kind of, you know, the outlook for kind of instruments that you've discussed. Could you give some color, you know, what's now contemplated in the full-year guide from a mid-throughput basis? You know, I don't think you guys gave any kind of breakdown in the quarter what the mid-throughput placements were, but I know they were light, so any kind of math or any color you can provide for us about the mid-throughput number and kind of what's assumed now for the full year.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Yeah, so at this point we're not providing actual placement from its report. We will give you an update for the full year at the JPMorgan, as we usually do. And I think, Ankur, maybe you're a little, you want to go back on margins? Yeah, the sequence. Yeah, I misspoke. The consumables growth for the quarter is 7%, not 6%. And yeah, the research and clinical are both good.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Maybe can I sneak one other one in just on the X? I mean is it is it fair to think while you're not commenting on 25 at this point, I know we're in a difficult CapEx environment, but is it is it fair to contemplate like X placements in 25? Is it likely to start you know down year over year verse 24 or is it too early to say just given kind of the environment we're in?

Speaker Change: Yeah, we would like, as I mentioned, we would like to do the guide when we are, when we release that by the beginning of the year.

Speaker Change: Thank you.

Speaker Change: We'll move next to Tycho Peterson with Jeffreys.

Speaker Change: Thank you. Thank you.

Tycho Peterson: Hey, thanks. Just thinking a little bit about the clinical X transition. Seems to be happening, maybe some momentum picking up here. How are you thinking about the pricing headwind to that as we think about going forward, you know, obviously cost per gig is lower. And then you have the dynamic of, you know, some of those oncology customers locked into multi-year contracts, you know, around GRAIL that they were able to sign. Do those break, I guess, with the transition to X? How do we think about those dynamics?

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Dan Brennan: So overall, you know, we are, of course, pleased that we continue to see our customers move towards X. We believe that the X platform is providing substantial benefit from our customers, both from a lower price point, but also the workflows that is able, combined with the Dragon compute power that we have and the interpretation power that we have. So that's a lot, and there's a lot of reasons why our customers want to move on to the X. But as you also know, in the clinical space, you need to do a lot of work up front, validation and so on to make sure that you are ready to move all your assets over. And the other considerations also, if you see that you are working on a new type of asset, you might not want to move your current asset over because the cost of the validation

Dan Brennan: with with clinical and we expect that to to continue to grow over the next period of time so as I know there is a concern out there that we certainly see a cliff that's not how we see it that's not how we speak to our customers

Dan Brennan: We are seeing this to be a transition that is happening, and it will be staged over time and thereby follow the trajectory we have seen over the past quarters of transition.

Dan Brennan: that's going through the instrumentation, it's kind of playing out.

Dan Brennan: the thesis I laid out during the

Dan Brennan: during the strategy day. We just saw a little bit acceleration of that during the quarter.

Dan Brennan: we still saw very solid GB shift growth.

Dan Brennan: and given the higher transition, we did see a higher price impact, but all in all, despite that, we were able to grow our consumables at a high single-digit rate this quarter because a larger portion of the business has now transitioned into X, right? I'm talking more than 55, so over half of the volumes already transitioned. So that gives us...

Dan Brennan: And by the way, Tycho, also on your question about what you call the multi-year contracts, I think you are referring to what we call the open offer letter. And this is not instrument-specific, so those contracts are also in place or will continue with the X.

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sally Schwartz: And we're up next to David Westenberg with Piper Sandler.

David Westenberg: Hi, thank you for taking the question. So I'm going to build on both of Doug's question, I guess that was Doug and Taika's question, just here on the elasticity of demand. I'm sorry to belabor this point, but it is that that cliff is a big topic we're getting from investors.

David Westenberg: that these whole flow cells are actually playing out to a net positive.

Dan Brennan: I think there's only been one year where Q4 was lower than Q3.

Dan Brennan: Can you just talk about maybe some of the budget flush dynamics that are not happening in the quarter? I know there's obviously a low throughput weight on that one. However, low throughput as a percent of capital sales is fairly tiny on the overall P&L. So thank you very much.

Speaker Change: Yeah, Dave, let me go into that. I think there's two things to think about if you see those assays. I think I've definitely spoken to customers that have decided to make bigger assays. So if they have an oncology assay, they have decided to add more markers on, but also maybe methylation markers on, all the things that require substantial deeper sequencing. So we see that happening right now. And on top of that, what should really be encouraging is that we are, as Ankur was also saying, we continue to see the strong.

Speaker Change: volume uptake for both clinical and for academic customer segments. So it really speaks to that that while the X is offering, and most of that volume is obviously coming from the X, so even though that the X is offering lower price, we see the elasticity actually works for both of the clinical and the research market. We are not seeing a lot of customers right now that is just shifting over and stay with the same volume. Most of them are transitioning to the X and also creating more volume.

Speaker Change: Ankur, do you want to? Nope, that's great. In terms of your seasonality questions there.

Dan Brennan: In our guide, if you're thinking sequentially, I think that instruments, given that we're holding at minus, mid, what, minus 30% decline.

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Dan Brennan: driving potentially lower testing and inventory, et cetera. One of the other things I would remind everyone, I think we've said this before, are X consumables have a relatively shorter shelf life still relative to what was for 6K.

Dan Brennan: So some of those inventory dynamics might play out for the end of the year. If there are lesser number of tests to be performed or there's lesser number of working days, our customers may choose to manage their inventory accordingly.

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll go next to Connor McNamara with RBC Capital Markets.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Dan Brennan: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Connor McNamara: Hey guys, thanks for taking the question.

Connor McNamara: Following up on just the overall revenue guidance change, you know, works out to $20 to $25 million I think for the year, I'm assuming most of that's in Q4. Is it safe to assume that's all in instruments and if so can you kind of give a breakdown of where you're seeing, you know, is that all in the low and mid throughput or where else are the pockets that you're taking?

Dan Brennan: I'd rather do it all again.

Speaker Change: Yeah, good question, and you're right, it is in the range that you're talking about overall if you think of it from a relative to midpoint perspective.

Speaker Change: And just to back up, we're effectively, when we looked at our business in Q3 and the pace at which we had closed, very, very pleased with how the consumer bills panned out.

Dan Brennan: But when we look at the instrumentation side and the pace at which deals with closing, the pace at which we look at the funnel, we look at the closures, our sales team comes back and gives us the inputs, and that pace has been more variable.

Dan Brennan: of late.

Dan Brennan: And that is the fundamental reason behind us going back and saying, if the same environment, if the same variability continues, it's hard to kind of put a pin on saying how much the year-end business is going to be. But that was the fundamental thought process behind the guidance change. And we kind of pointed, as we worked through it, we figured there's a better way to think about this landing closer to the lower end of our previous guidance.

Dan Brennan: Rather than the midpoint and that's how we landed closer to that 1070 mark approximately

Dan Brennan: Now, as we look at our different components...

Dan Brennan: I would, for modeling purposes, kind of take them out roughly equally from instruments, consumables, and our services businesses. That's probably a good way to do it, because we're thinking from a...

Speaker Change: Overview, Professor of Law,University of Minnesota Santa Clara County, Indiana

Speaker Change: certain CDX deals. As you know, our TSO comp essay was recently approved by FDA. We have a few CDS agreements that are tied to that. Milestones related to those CDS agreements are getting pushed into next year. So I would

Speaker Change: probably feather about a third equally across the three lines.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Dan Arias with Stiefel.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Dan Arias: Yeah, hi guys. Thanks for the questions here. Jacob, you guys have pretty consistently called out the macro environment of the headwind to placements throughout the year. It doesn't feel like there's a big change coming when the calendar flips and we're now in 2025. So, you know, how are you getting comfortable with the headwind actually abating? What should we look for as a shift that can impact the placement rate?

Jacob Thaysen: You're definitely right, Dan. I can't wait for the day that none of us have to talk about macro headwinds in these calls here. And I do think that, as we mentioned before, we do think that, at least from Illumina's perspective,

Speaker Change: Consumbus

Speaker Change: is the early indicator that things are starting to turn around. That said, I mean, if I look, as we mentioned strategy day, it's at this point easier to look a few years out because we can see that in our models while we transition the business over to the X. But it's still very difficult to call quarter by quarter at this point, or beyond a quarter at this point.

Speaker Change: But that said, we actually are seeing improvements, green shots, shoots in different parts. As you say, the consumers are looking better. We believe that the MySig I-100 is giving us some momentum. But you know...

Speaker Change: Tomorrow is going to change everything again with the election coming up, so let's see and we're taking quarter by quarter right now.

Speaker Change: So, the only one thing I would add then is, as Jacob was saying, consumables is the right reading indicator for us.

Speaker Change: and some of our thesis around consumables returning to growth and then providing the foundation going forward. It's kind of playing out in the back half here. The instrumentation, yeah, as Jacob said, we have to kind of see it play out.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Patrick Donnelly with Citi

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Patrick Donnelly: Hey guys, thank you for taking the questions. Ankur, I've got one for you on the margin side. It's nice to see the gross margins back above 70 this quarter.

Speaker Change: Can you just talk about, you know, the cost savings programs? Obviously, you have $100 million this year, how that's progressing, and then that incremental $200 million as we look forward.

Speaker Change: You know, just the pacing of it, obviously, you know, we have that longer-term, up-margin guidance.

Speaker Change: of the World.

Speaker Change: should be aware of would be helpful.

Speaker Change: Thank you, guys.

Speaker Change: So, before Ankur goes into the details of the specifics here, I just want to mention again that the result we're seeing today is a very intentional focus on the whole company, Luminar, since I came in here, of really putting an effort saying, look, there might be still a period ahead where we will be challenged on the top line, but in the meantime, we really want to set up the culture for the right focus on operational excellence and make sure we make the right priorities to both drive efficiencies in the company, but also drive a much better way to run the company. And that goes way beyond just looking into operations. It goes from the commercial organization all the way through R&D operations and everything we do.

Speaker Change: And I truly believe, as I said before, this is what good companies do. And that won't change the day that we see substantially top-line improvements. I truly believe this is what a good company will look like also in the future and how we drive the culture.

Ankur Dhingra: So, Ankur, you want to go into the details? No, thanks, Jacob. And that is playing out right now in the last six months has come in.

Speaker Change: relaying the same message across the organization, laying out plans for where so the savings could come from. But also, culturally, what we're also seeing is that the teams are the ones now, from a bottom-self perspective,

Speaker Change: starting to come up with initiatives, starting to come up with ideas around where the potential productivity gains could be.

Speaker Change: which is exactly where we want to drive this culture. So very pleased with how this is heading.

Speaker Change: Now to your question, feel good about the $100 million savings this year, if you simply look at the guidance overall.

Speaker Change: even at that 1070 in our operating margin, we're talking about a 3% revenue decline year over year.

Speaker Change: and a pretty substantial margin expansion. Now more heavily focused towards gross margin during this year and we've been able to substantially offset all of our inflationary or a good part of our inflationary pressures.

Speaker Change: during 2024. So feel good about that $100 million during this year.

Speaker Change: For the $200 million going forward, or the $500 basis point margin expansion, as I said during the strategy day, our focus will continue to take costs out of both COGS as well as operating expenses.

Speaker Change: setting up global capability centers. We've moved our shipping line changes. We're consolidating some parts of our manufacturing lines into specific sites. We're looking at our R&D programs, etc. So across the board that we're looking at.

Speaker Change: and in terms of where are we reinvesting, we'll likely reinvest in our sales and marketing a little bit more than where we are today.

Speaker Change: In terms of headwinds going forward, I don't see anything beyond the usual inflationary pressure, right? Every year there will be a merit and an inflation that will come in.

Speaker Change: and we'll find ways to offset that as part of taking out our expenses. But all in all, going back to our strategy of expanding 500 basis points over the next three years, I feel good about that.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll go next to Subhu Nambi with Guggenheim.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Subhu Nambi: Hey guys, thank you for taking my question. You generated almost $300 million in free cash flow. Anything abnormal in the quarter? Where does this go from here and are there enough levels to drive robust FCF from these levels? And building off of that, would you consider a more aggressive buyback at current levels?

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Yeah, super. Thanks for that. And first of all, I'm, of course, very pleased where we are now with our cash generation, and especially here after we focused the company back into our core business.

Speaker Change: And I think you can start to see that the model is starting to work. We're creating a good amount, excellent cash generation.

Speaker Change: And as we also mentioned at our strategy day that we will start to execute on our capital allocation strategy and you will see us in this quarter, we have started to do so.

Speaker Change: where our focus will be both, of course, on

Speaker Change: on stock repurchases, but also, of course, on M&A. And we did both in this quarter with the acquisition of Fluent, which we finalized in this quarter here, but also, of course, started to buy back shares. So, Ankur?

Ankur Dhingra: Thanks, Jacob, and thanks for the question, Subbu.

Ankur Dhingra: Happy with the with the cash generation profile of the business nothing material unusual

Ankur Dhingra: So in terms of if you're thinking about net income to FCF conversion, I anticipate to remain well above that.

Speaker Change: 100, but even closer to 150 percent, I think, is what it is this quarter.

Speaker Change: in that in that kind of territory here in the near term, so

Speaker Change: very, very healthy cash generation from a, just from a business perspective. Over a period of time, when we, when you think about the next three to four year timeframe, I do expect the.

Speaker Change: The FCF conversion to NADL a little bit and part of it is going to be as we take different expense

Speaker Change: controls as we manage our capital expenses.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: overall. So, strong cash generation position. And as you saw, we've started, Jacob was saying, started putting that cash to use and that's our intent. We do intend to.

Speaker Change: start deploying this cash back to the core business towards growing revenue, as well as buying back shares. So on the share buybacks.

Speaker Change: In the overall strategy, what we laid out during the strategy day was that our focus is heavily towards revenue growth.

Speaker Change: We do want to buy back shares, at least to the extent of our anti-dilution to keep the share count at least constant and then be opportunistic.

Speaker Change: thereafter. On the M&A side, we intend to remain focused on tuck-in type of M&A.

Speaker Change: things that can be revenue creative for our businesses and bring in those technologies.

Speaker Change: and then continue to manage our balance sheet tightly. We de-levered a little bit this quarter. Now we don't have any other bonds coming due here in the short term, but we'll continue to manage the balance sheet quite conservatively from there on.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll go next to Sanjeev Nam with Scotiabank.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Sanjeev Nam: Hi, thanks for taking the question. Just wondering if you might be able to elaborate a bit more on the end market dynamics, specifically Europe relative to the Americas. If you look at Europe, your growth this year has been pretty steady.

Speaker Change: both year over year and sequentially, and just kind of curious what the drivers might be there, if they're any different from what you're seeing in the Americas, you know, from a macro perspective. Thank you.

Speaker Change: Yeah, you're absolutely right. We're certainly pleased with our European performance. It's great to see that even under some tough challenges, considering it's also in Europe, that we have seen very consistent results. And we anticipate that that will continue over the next period of time.

Speaker Change: If you look into America, to the U.S., that's also where we have...

Speaker Change: higher pressure in the mid-throughput from a competitive situation, but also where we placed substantially more of the X instrument last year, and thereby the compare has been a little more tough in US than it was in Europe.

Speaker Change: So, we anticipate that we will continue to look strong in Europe going forward, and the compares will be a little bit easier for the U.S. going forward.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll move next to Mason Carrico with Stevens.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Hi, this is Ben on for Mason. Thanks for taking the question.

Speaker Change: I was just hoping you'd be able to maybe dive into the opportunity in single cell and if you could just talk through how you see your ownership of Fluent, either growing the overall served addressable market or sort of taking share from some other players out in the space. Just if you could talk through those balancing forces there, that'd be great. Thank you.

Speaker Change: Yeah, thanks for that and we're certainly excited with the Fluent acquisition and truly believe that we'll be able to build a very, very strong workflow that will help many of our customers. As you know, since you don't need to have a capital layout in the beginning, you can actually get very easy into...

Speaker Change: to do a single-cell experiment, and also the cost-per-cell experiment for a very high volume is also allowing for a really huge amount of single-cell experience. So I actually think that the Fluent acquisition is helping to expand the market opportunity for all of us. And at the same time, even though we now, Illumina, we have our own sample prep for single-cell, we are very committed to support our current partners to make them very successful on our platforms.

Speaker Change: Our fundamental focus is to help our customers to be successful in single cell. I truly believe single cell is going to be a...

Speaker Change: a huge cornerstone, first and foremost, in research over the next period of time, and there's a tremendous insight that you get through single-cell. So, I'm actually very bullish on the single-cell opportunity, and I truly believe by focusing on our customers and what they need.

Speaker Change: and make sure we can serve them whether they choose the fluent or some of our partners. We will make sure they're successful and that will make all of us successful.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: We'll go next to Dan Leonard with UBS.

Dan Leonard: Thank you.

Dan Leonard: I could use some help trying to better frame the impact of the MySeq 100 launch.

Dan Leonard: What's been the growth trend in that low-throughput sales category? And that might be helpful as I think about, you know, what would be the impact if that changes. And then a follow-up on the XLEAP launch on the next week. What's been the impact of that launch? Has that impacted the sales trajectory of consumables on that mid-throughput line at all?

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: Yeah, so let me start with the MiSeq. I mean, we certainly, MiSeq i100, we are, we certainly very excited about bringing a new instrument solution out to the low throughput end of the market.

Speaker Change: As you know, it is...

Dan Leonard: More than 10 years ago, since we came out with the MiSeq, and now the MiSeq i100 is going to be...

Dan Leonard: the absolutely the best solution in that part of the market. We are really focusing on to make it easy to use, to make it easy to operate from, you don't have to store reagents or ship reagents or consumables in the freezer anymore. And that actually makes it much easier since you can take them directly, you can wrap up, open the packets and use the consumables immediately instead of having to prepare for that. So we expect this to be very well received from our customers. And we actually think that some of the customers...

Dan Leonard: potentially would have gone after a mid-throughput instrument might actually decide to go with the MySeq i100 because it creates such a benefit from them.

Dan Leonard: As you could imagine also, since our portfolio in the low throughput was in, it was time for an update, we have seen some weakening performance in that space and thereby we do believe that over the next 12 to 18 months we will see a pickup in that space. As we also said before, we are not really seeing that to be meaningfully impacting Q4, but we expect that to start to have impact in 2025.

Dan Leonard: Just to dimensionalize it for you, Dan, the low-throughput instruments business on dollar terms is... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

Dan Leonard: less than 1% or close to 1% of our revenue. So it's an exciting technology that Box has been around for over 10 plus years now.

Dan Leonard: and the kind of interest that we're getting is substantial.

Dan Leonard: We're also getting additional call points of customers to talk about an entire portfolio as well. But in terms of moving the overall revenue number for Illumina, just to help you dimensionalize that.

Speaker Change: Yeah, and then on the active chemistry, we have seen a lot of interest in that. We have more than 60% of our NextSeq 1K, 2K users that have downloaded the software and thereby also starting to use the chemistry. So, that has been very well received. We will continue to...

Speaker Change: stay and be very committed to be competitive in the mid-throughput market, and I'm very excited about the future in that market also.

Speaker Change: Thank you. Thank you. Thank you.

Dan Leonard: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: And that will conclude our Q&A session. I will now hand the call back over to Salli Schwartz.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Salli Schwartz: Thank you for joining us today. As a reminder, a replay of this call will be available in the investor section of our website. This concludes our call and we look forward to seeing you at upcoming conferences and other events.

Salli Schwartz: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Speaker Change: And again, ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time, and have a great day.

Speaker Change: Sallilyn Schwartz, Jacob Thaysen, Joydeep Goswami, Ankur Dhingra

Q3 2024 Illumina Inc Earnings Call

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