Illumina (ILMN) announces strategy to accelerate value creation

Company poised to accelerate revenue growth into high single digits over next three years, enabled by core genomics portfolio

-- Innovations to enable development of transformative applications using multiomics

-- Illumina to offer higher quality insights to customers, helping them improve the overall end-to-end workflow experience and lower cost

-- Delivering double digit to teens non-GAAP diluted earnings per share growth 2025-2027

-- Illumina and the Broad Institute of MIT and Harvard announce new research partnership to advance single-cell sequencing

Illumina, Inc. (NASDAQ: ILMN) today is hosting a Strategy Update for investors to present its strategy and three-year financial outlook that features accelerating revenue growth and significant margin expansion.

"Illumina built the foundation of the genomics industry, and we will continue leading innovation across total sequencing workflows to support the next phase of our customers' success," said Jacob Thaysen, Chief Executive Officer of Illumina. "Over the next three years, we will bring to market impressive new innovations that will redefine the genome and drive significant, deeper biological insights through multiomics."

Today, Illumina and the Broad Institute of MIT and Harvard are also announcing a new research partnership to advance single-cell sequencing and accelerate adoption of high-capacity single-cell experiments, leveraging Illumina's Fluent technology. As part of their work together, Illumina and the Broad will partner on the development and validation of new kits to catalyze large-scale PeturbSeq CRISPR screening.

"Expanding our research partnership with Illumina to include Fluent's technology will support the Broad's efforts toward enabling billion cell experiments," said Niall Lennon, Senior Director of the Broad Institute's Genomics Platform. "Single-cell sequencing has transformed biomedical research in ways that were unimaginable as recently as 15 years ago. Right now it is one of the most exciting areas in biology."

Illumina is building new, scalable growth businesses that complement and accelerate its high-intensity, high-throughput sequencing franchise. The Company is executing on a series of innovations aligned with the diverse and evolving needs of its customers. These innovations will help them to:

• Reinvent the genome: Lead broader whole-genome sequencing (WGS) utility by revolutionizing the workflow with novel sample preparation and integrated software.
• Unlock deeper biology: Enable deeper biological insight with complete multiomic workflows that integrate with one another through interpretation and visualization tools.
• Make next-generation sequencing (NGS) easy to operate in the laboratory by providing sample-to-insight workflow solutions, including the best-in-class software and informatics capabilities to pave the way to deep and comprehensive answers.
• Turn data into insights: Deliver a software / AI platform that integrates and analyzes large data cohorts and deciphers variants of unknown significance.

Illumina expects its strategy to enable the company to accelerate its revenue growth to high single digits by 2027. The Company aims to drive double digit to teens non-GAAP diluted earnings per share (EPS) growth from 2025 to 2027 by accelerating revenue growth, leveraging operational efficiencies, and allocating its significant free cash flow using a systematic and disciplined approach.

"We have the right strategy to return to growth and increase our profitability. We are already executing that strategy and strengthening Illumina's relationship with customers in a challenging macroeconomic environment," said Ankur Dhingra, Chief Financial Officer of Illumina. "Looking ahead, we expect to see accelerating revenue growth over the next three years while also delivering differentiated earnings expansion."

Webcast details

The virtual event will begin at 8:00am Pacific Time. The event will feature presentations by members of Illumina's executive team and conclude with a Q&A session.

The webcast can be accessed through the Events & Presentations section of Illumina's Investor Relations website at investor.illumina.com. We recommend that participants pre-register for the event on our website or by using the following link: Illumina 2024 Strategy Update Registration. A replay will be posted on Illumina's Investor Relations website after the event and will be available for at least 30 days following.

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