Illumina, Inc. announced its financial results for the third quarter of fiscal year 2024 on November 4, 2024, reporting Core Illumina revenue of $1.08 billion, which met expectations but represented a 2% decline year-over-year from $1.106 billion in Q3 2023. The company achieved a non-GAAP diluted EPS of $1.14, alongside a non-GAAP operating margin of 22.6%.
The company generated strong cash flow from operations of $316 million and free cash flow of $284 million for the quarter, ending with $939 million in cash, cash equivalents, and short-term investments. These figures reflect disciplined operational excellence initiatives, which contributed to improved gross margins and reduced operating expenses.
For fiscal year 2024, Illumina lowered its guidance for Core Illumina revenue to decline approximately 3% in constant currency compared to fiscal year 2023, with Q4 2024 Core Illumina revenue expected to be around $1.07 billion. Despite the revenue adjustment, the company raised its non-GAAP operating margin guidance to 21% to 21.5% and non-GAAP diluted EPS to a range of $4.05 to $4.15 for the full fiscal year.
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