Illumina, Inc. is a provider of sequencing- and array-based solutions for genetic and genomic analysis. The company's business model is built around a strategy where it sells sequencing instruments, such as the NovaSeq, NextSeq, and MiSeq platforms, and generates recurring revenue from the associated consumables, including reagents, flow cells, and microarrays. Illumina's products are utilized by genomic research centers, academic institutions, government laboratories, hospitals, and pharmaceutical and biotechnology companies to enable applications in life sciences, oncology, reproductive health, and agriculture.
In fiscal year 2023, Illumina generated approximately $4.5 billion in total consolidated revenue. The company's revenue is primarily driven by its Core Illumina segment, with consumables accounting for 68% of total revenue, instruments representing 16%, and services (including extended maintenance contracts and sequencing services) making up the remaining 16%. Geographically, Illumina operates on a global scale, with significant revenue contributions from the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region.
Illumina holds a major competitive position in the next-generation sequencing (NGS) market, historically accounting for a large majority of all DNA data produced globally. The company continues to develop new platform introductions, such as the high-throughput NovaSeq X series, designed to lower the cost of sequencing and expand the accessibility of genomic data. While the company previously acquired the cancer screening company GRAIL, it completed the spin-off of GRAIL into a separate public company in June 2024 following regulatory challenges.
