Key Takeaways TEM reported 83% Q4 revenue growth, fueled by Diagnostics and Data segment strength. Tempus AI achieved positive adjusted EBITDA, though GAAP loss hit $54.2M on stock comp and charges. Illumina posted 5% revenue growth and margin gains, despite tariff-driven gross margin pressure. In 2026, MedTech players' success will hinge on their ability to balance near-term pressure with long-term transformation. Per a report by ZS, these players must address immediate operational, financial, and regulato ...

Policy Developments - Shandong Province held a meeting on February 25, 2026, to address corruption and misconduct in the healthcare sector, emphasizing the need for a coordinated effort to safeguard medical insurance funds and promote orderly development in healthcare [1] Drug and Device Approvals - Kanghong Pharmaceutical received approval from the National Medical Products Administration for clinical trials of KHN707 tablets for insomnia, a class 1 innovative drug [2] - Fosun Pharma's subsidiary received approval for clinical trials of Rumaine® (generic name: Luwomeitini tablets) for advanced non-small cell lung cancer, with global sales of MEK1/2 inhibitors projected to reach approximately $2.068 billion in 2024 [3] - China Pharmaceutical announced that its subsidiary received a drug registration certificate for injectable fosfomycin, aimed at treating acute bacterial skin and soft tissue infections [4] - Huyou Pharmaceutical received FDA approval for its new drug applications for Etoposide injection and Fluorouracil injection, enabling sales in the U.S. market [5] - Kangfang Biotech's application for the monoclonal antibody AK120 was accepted for review by the National Medical Products Administration [6] Industry Developments - Junshi Bioscience and Deqi Pharmaceuticals entered a strategic collaboration to explore the combined treatment potential of JS207 and ATG-037 for cancer patients in mainland China [8] - Illumina announced an 18-month innovation upgrade roadmap for the NovaSeq X sequencer, enhancing its capabilities and productivity [9] Capital Market Activities - Sainuo Medical announced a share repurchase plan with a total amount between 15 million and 30 million yuan, aimed at employee stock ownership plans or equity incentives [10] Financial Data - United Imaging reported a net profit of 1.888 billion yuan for 2025, a year-on-year increase of 49.60%, driven by new product launches and growth in overseas business [11] - Xiansheng Pharmaceutical projected a revenue of approximately 7.7 billion to 7.8 billion yuan for the 2025 fiscal year, with a net profit increase of 80.1% to 93.9% [12] - Sainuo Medical reported a net profit of 47.29 million yuan for 2025, a significant increase of 3,057.05% year-on-year, attributed to revenue growth and cost management [13]

Illumina partners go beyond the genome, driving cancer breakthroughs using spatial transcriptomics, epigenomics, and proteomics [Accessibility Statement] Skip NavigationAt AGBT, researchers reveal new findings from studies leveraging Illumina's multiomics solutionsSAN DIEGO, Feb. 25, 2026 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) today announced new customer breakthroughs in oncology powered by Illumina's spatial transcriptomics, 5-base sequencing, and proteomics technologies. The ability to combine mor ...

here] for the replay.TruPath Genome was previously referred to as "constellation mapped read technology." Learn more about TruPath Genome [here].Use of forward-looking statementsThis release may contain forward- looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) challenges inherent in developing and launching new products and services, ...

launched or updated products, which may or may not meet our and their expectations, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports ...

Company Overview - Illumina Inc. is based in San Diego, CA, and provides sequencing and array-based solutions for genetic and genomic analysis across various markets, including research and clinical settings. Its customer base includes genomic research centers, academic institutions, government laboratories, hospitals, and companies in pharmaceuticals, biotechnology, commercial molecular diagnostics, and consumer genomics [11]. Investment Ratings - Illumina has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12]. - The company is considered a potential top pick for growth investors, with a Growth Style Score of A, forecasting a year-over-year earnings growth of 6.2% for the current fiscal year [12]. Earnings Estimates - In the last 60 days, five analysts have revised their earnings estimates higher for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.10 to $5.14 per share [12]. - Illumina has an average earnings surprise of +10.1%, suggesting a positive trend in earnings performance [12]. Conclusion - With a strong Zacks Rank and top-tier Growth and VGM Style Scores, Illumina is recommended for investors' consideration [13].

Core Insights - Illumina Inc. reported fourth-quarter 2025 adjusted EPS of $1.35, exceeding the Zacks Consensus Estimate by 7.4% and reflecting a year-over-year increase of 42.1% [1] - The company's GAAP EPS was $2.16, significantly higher than 73 cents a year ago [1] - Full-year adjusted EPS reached $4.84, marking a 16.3% increase year over year [1] Revenue Performance - Fourth-quarter revenues were $1.16 billion, up 5.4% year over year and slightly above the Zacks Consensus Estimate by 0.3% [2] - Full-year revenues totaled $4.34 billion, a modest increase of 0.2% year over year, remaining flat on a constant-currency basis [2] - Following the earnings announcement, Illumina's shares fell by 10.4%, attributed to concerns over gross margin contraction [2] Segment Analysis - Revenues from the Product segment amounted to $990 million, reflecting a 5.4% year-over-year increase [3] - Services and other revenues were $169 million, up 2.4% year over year [3] Margin Analysis - The adjusted gross margin was 65.5%, down 45 basis points year over year due to a 6.4% increase in the cost of revenues [4] - Research and development expenses decreased by 6.6% year over year to $239 million, while SG&A expenses totaled $310 million, down 11.1% from the previous year [4] - Adjusted operating margin expanded by 64 basis points to 63.7% [4] Financial Position - At the end of the fourth quarter of 2025, Illumina had cash and cash equivalents of $1.42 billion, up from $1.13 billion at the end of the fourth quarter of 2024 [5] - Cumulative net cash provided by operating activities was $1.08 billion, compared to $837 million a year ago [5] Future Guidance - For 2026, Illumina expects total revenues to be in the range of $4.50 billion to $4.60 billion, indicating growth of 4-6% on a reported basis [6] - The Zacks Consensus Estimate for 2026 revenues is currently at $4.54 billion [6] - Non-GAAP diluted EPS is projected to be between $5.05 and $5.20 in 2026, with the Zacks Consensus Estimate for full-year EPS at $5.14 [9] Strategic Developments - Notable developments in the quarter included the acquisition of SomaLogic and the launch of the Billion Cell Atlas, aimed at supporting AI-enabled drug discovery [10]

Financial Performance - Core Illumina revenue for 2025 was $4.34 billion, relatively flat compared to $4.33 billion in 2024, with a 1% decrease in total consolidated revenue to $4.34 billion from $4.37 billion in 2024[168][170] - Net income for 2025 was $850 million, a significant increase of $2,073 million compared to a net loss of $1,223 million in 2024[183] - Total revenue for the year ended December 28, 2025, was $4,343 million, a slight decrease of 0.7% compared to $4,372 million in 2024[250] - Product revenue increased to $3,709 million in 2025, up from $3,656 million in 2024, representing a growth of 1.5%[250] - Service and other revenue decreased to $634 million in 2025 from $716 million in 2024, reflecting a decline of 11.5%[340] Revenue and Sales - Consumables revenue increased by 2% to $3.23 billion in 2025, driven by demand for high-throughput consumables, while instruments revenue decreased by 4% to $482 million due to fewer shipments[170][172] - Revenue from the Americas was $2,406 million in 2025, down from $2,441 million in 2024 and $2,521 million in 2023[341] - Total revenue from international sales accounted for 48% of total revenue in each of 2025, 2024, and 2023, indicating stable international market performance[271] Expenses and Costs - Income from operations for Core Illumina was $807 million in 2025, down from $1.47 billion in 2024, with total operating expenses increasing by $628 million[168] - Core Illumina's selling, general and administrative expenses increased by $186 million, or 21%, to $1,086 million in 2025, influenced by a decrease in acquisition-related costs[179] - Consolidated research and development expenses decreased by $202 million, or 17%, to $967 million in 2025, primarily due to reductions in employee-related compensation costs[178] - Total consolidated operating expenses decreased by $1,631 million, or 44%, to $2,063 million in 2025[178] Cash Flow and Investments - Cash, cash equivalents, and short-term investments totaled $1.63 billion at the end of 2025, with approximately $444 million held by foreign subsidiaries[168] - Net cash provided by operating activities in 2025 was $1,079 million, a significant increase from $837 million in 2024 and $478 million in 2023[196] - The net cash used in investing activities was $55 million in 2025, compared to $178 million in 2024, with $148 million allocated to capital expenditures[200][201] - Net cash used in financing activities totaled $744 million in 2025, primarily for stock repurchases of $742 million and repayment of $500 million in Term Notes[202] Tax and Valuation - The effective tax rate was 21.7% in 2025, compared to (3.8)% in 2024, influenced by changes in valuation allowances against deferred tax assets[168] - The effective tax rate for 2025 was 21.7%, influenced by the release of a $74 million valuation allowance against certain deferred tax assets[183] - The company assesses deferred tax assets regularly, establishing a valuation allowance when it is more likely than not that future realization will not be achieved[226] Acquisitions and Strategic Initiatives - The acquisition of SomaLogic for $350 million was announced in June 2025, aimed at enhancing the company's presence in the proteomics market[163] - The company completed the acquisition of SomaLogic for $350 million in cash on January 30, 2026[190] - A $100 million cost reduction program was implemented in early 2025 to mitigate expected revenue declines, focusing on optimizing stock-based compensation and non-labor spending[167] Impairments and Asset Management - The company experienced a goodwill and intangible impairment of $23 million in 2025, a substantial decrease from $1,889 million in 2024, suggesting improved asset valuation[259] - Goodwill and intangible assets are reviewed for impairment at least annually, with impairment losses recorded if the carrying value exceeds fair value[311] Shareholder Returns - The company authorized a share repurchase program of up to $1.5 billion, with $643 million remaining available as of December 28, 2025[192] - Common stock repurchases totaled $742 million in 2025, significantly higher than $116 million in 2024, reflecting a strong commitment to returning value to shareholders[259] Market and Economic Conditions - The company faced significant headwinds in 2025, including macroeconomic factors, competitive challenges in China, and reduced U.S. government funding for the NIH, impacting customer behavior and sales[165] - The company plans to support commercialization efforts and potential strategic acquisitions to enhance product offerings[197] Inventory and Assets - The company held $564 million in inventories as of December 28, 2025, with assessments for excess and obsolete inventory based on market conditions and future demand[242] - Total assets increased to $6,644 million in 2025, up from $6,303 million in 2024, marking a growth of 5.4%[248] Financial Instruments and Risk Management - The company has a total notional amount of outstanding forward contracts for foreign currency purchases of $1.217 billion, with $510 million for monetary assets and liabilities and $707 million for forecasted revenue transactions[232] - The company does not use interest rate derivative instruments to manage exposure to interest rate changes, believing a hypothetical 100 basis point adverse move in interest rates would not materially affect the fair value of its interest-sensitive financial instruments[229] Future Outlook - The company is currently evaluating the impact of new accounting standards, including ASU 2024-03, which will require disaggregated disclosures of specified categories of expenses starting in fiscal year 2027[279]

摩根大通将Illumina的目标价从130美元下调至120美元，维持"中性"评级。(格隆汇) ...

分组1 - Illumina reported quarterly earnings of $1.35 per share, exceeding the Zacks Consensus Estimate of $1.26 per share, and showing an increase from $0.86 per share a year ago, resulting in an earnings surprise of +7.42% [1] - The company achieved revenues of $1.16 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.35% and increasing from $1.1 billion year-over-year [2] - Illumina has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] 分组2 - The stock has gained approximately 2.3% since the beginning of the year, outperforming the S&P 500, which has gained 0.5% [3] - The future performance of Illumina's stock will depend on management's commentary during the earnings call and the earnings outlook for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is $1.11 on revenues of $1.07 billion, and for the current fiscal year, it is $5.08 on revenues of $4.44 billion [7] 分组3 - The Medical - Biomedical and Genetics industry, to which Illumina belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8] - The correlation between near-term stock movements and earnings estimate revisions is strong, indicating that tracking these revisions can be beneficial for investors [5]