Illumina: Weak Instrument Sales Lead to 3% Revenue Decline
Recently, Illumina, Inc. released its third-quarter financial report.InAs of10Month1In the three months of the day,IlluminaCore revenue is10.8Billion US dollars, more than2023The Third Quarter of the Year11.1Billion US dollars decreased3%，Compared to Wall Street forecasts10.8Billion USD remains unchanged.In view of the quarterDue to poor performance and a continuously unfavorable macroeconomic environment, the company will lower2024Core revenue forecast for the entire year.Illumina CFO Ankur Dhingra said the decline in revenue was primarily due to weak instrument sales. In addition, the financial results for the third quarter include Grail's performance. The company spun off Grail on June 24.This quarter,Sequencing consumables revenue was $741 million, an increase of 7% compared to $695 million in the same period last year, driven by the continued strong growth of NovaSeq X consumables.。Sequencing instrument revenue was $104 million, a year-over-year decrease of 42%.Dhingra attributed the year-over-year decline to a decrease in NovaSeq X placements and a downturn in the mid-throughput market. During this quarter,The company delivered 58 NovaSeq X instruments, bringing the total installed base to 527 units, of which approximately 40% have been delivered to clinical customers.Sequencing services and other revenues grew 6% year-over-year in the third quarter to reach $150 million, driven by growth in strategic partnerships and instrument service contract revenues.By region, Illumina's revenue in the Americas decreased by 6% year-over-year, revenue in Europe increased by 12% year-over-year, and revenue in Greater China decreased by 23% year-over-year.Illumina's net profit for the quarter was $705 million, or $4.42 per share, compared to $754 million, or $4.77 per share, in the third quarter of 2023.Illumina'sR&D expenses increased by 6% year-over-year, from $238 million to $253 million., while SG&A expenses increased from $216 million to $239 million, representing an 11% increase.For the fourth quarter of 2024, the company expects core revenue to be approximately $1.07 billion.Illumina CEO Jacob Thaysen stated that while Illumina is "very excited" about its newly launched MiSeq i100, the company anticipates "minimal revenue contribution" from the platform as it remains in the early trial phase. Instead, the company expects low-throughput instrument sales to potentially decline in the fourth quarter, as many customers are waiting to purchase the new sequencer. Additionally, the company forecasts that its revenue growth in 2024 will be slightly below the previously guided range.
QIAGEN: Clinical Diagnostics Business Drives Revenue Growth5%
Qiagen 2024YearThe third-quarter earnings report shows,Due to the growth of clinical diagnostic services, its third-quarter revenue increased year-over-year.5%, at fixed exchange rates (CER) Calculate Growth6%。As of9Month30In the three months of the day,QiagenNet sales were5.02billion dollars, higher than the same period last year4.76billion US dollars, also higher than the general expectations of Wall Street4.917Billion US dollars.QIAGEN CEO Thierry Bernard said in a statement that the company's net sales and adjusted earnings also exceeded quarterly targets. "In this challenging macro environment, we are achieving sales growth, market share growth, and operational efficiency quarter after quarter, thanks to our differentiated portfolio."Overall,Revenue from QIAGEN's diagnostic solutions increased 10% from $179 million to $197 million.In the diagnostics business, sales of QuantiFeron increased by 10% from $110 million to $122 million; sales of QiaStat-Dx grew by 41% from $20 million in 2023 to $28 million, representing a 40% increase on a CER basis.Regarding Quantiferon, Bernard stated that the third quarter marked its sixth consecutive quarter with sales exceeding $100 million.Bernard further pointed out that the Quantiferon instrument analysis, developed and sold in collaboration between Qiagen and DiaSorin, adds value and expands DiaSorin’s installed base. "This is a successful partnership where we can convert customers at a premium anytime." The Quantiferon test detects interferon-gamma cytokines released by T-cells in blood samples stimulated by pathogen peptide antigens to determine if the body has been infected with Mycobacterium tuberculosis. Currently, the partners are awaiting an FDA decision on the use of Quantiferon technology for an automated Lyme disease test, which is expected to launch in 2025.In the third quarter,The placement of the QiaStat-Dx system has been "strong," and it is expected to achieve the goal of placing at least 600 new systems by 2024.As of 2024, Qiagen has also received FDA approval for four QiaStat-Dx panels, including the Meningitis/Encephalitis Panel, Gastrointestinal Panel 2, Respiratory Panel Plus, and Respiratory Panel Mini.Bernard pointed out,QIAGEN Deployed 150 QiaStat-Dx Systems in the Third Quarter, and reiterated the company's goal of reaching $200 million in annual revenue for QiaStat-Dx by 2028. Once FDA approval is obtained, Qiagen plans to launch the QiaStat-Dx Rise high-throughput instrument in the United States, along with syndromic panels for detecting sepsis in blood culture-positive samples, complicated urinary tract infections, and pneumonia.Meanwhile, the sales of NeuMoDx products decreased from USD 8 million to USD 7 million.QIAGEN Plans to Officially Close NeuMoDx Factory in the Second Quarter of 2025, will discontinue the sale of NeuMoDx during the transition period before 2025 and provide support to customers.Sales in the PCR and nucleic acid amplification product group increased from $68 million to $74 million, representing a 9% growth. Due to the launch of new testing methods, sales of QiAcuity digital PCR consumables grew at a double-digit CER rate. However, instrument sales declined at a double-digit CER rate compared to Q3 2023 due to a cautious purchasing environment for instruments.Sales in genomics and NGS remained flat at $55 million, with CER growth in NGS consumables offset by a CER decline in Qiagen Digital Insights (QDI) bioinformatics sales.Sample technology sales increased slightly from $160 million to $162 million, with the increase in consumables sales offset by a small decline in instrument sales.QIAGEN Launched in the Third QuarterQiAcuityDx Digital PCR System, and expanded the detection portfolio of its traditional QiAcuity system by adding more than 100 new assays for cancer research, genetic disorders, and infectious diseases. In addition, the company launched the PAXgene Urine Biopsy Device for collecting cfDNA from urine.
PacBio: Revenue Drops 28%
PacBio's Q3 2024 earnings report shows a 28% decline in revenue compared to the same period last year, primarily due to a drop in sequencing platform sales.In the three months ended September 30, 2024, PacBio'sRevenue of $40 million, compared to $55.7 million in the same period last year, which was below the analysts' consensus expectation of $42 million. Among this, product revenue decreased from $51.6 million in 2023 to $35.3 million, a 32% drop; service and other revenue increased from $4.3 million to $4.7 million, a 9% growth; instrument revenue fell from $34.7 million in 2023 to $16.8 million, a 52% decline, including 22 units of Revio sequencing systems; consumables revenue rose from $16.9 million in Q3 2023 to $18.5 million, a 9% increase; service and other revenue reached $4.7 million, a 15% increase from $4.1 million in the same period last year.PacBio President and CEO Christian Henry said in a statement: "In the third quarter, PacBio continued to operate in a challenging macroeconomic environment, but we saw some positive signs."As sequencing data output continues to grow, new customers are increasingly adopting Revio, and the Onso benchtop short-read DNA sequencer has also achieved record quarterly growth, with the company's consumables sales showing continuous growth.。In addition, with the introduction of the Sprq chemistry and Vega desktop system, PacBio is executing a strategy to bring to market a suite of advanced platforms and solutions, and expand HiFi's ability to reach more customers."SPRQ chemical reagents increase the throughput of the Revio sequencing system by 33%, achieving whole genome sequencing for less than $500. The Vega long-read benchtop sequencer offers the data accuracy of HiFi technology and rapid turnaround times, providing up to 60Gb of data per run, with each system priced at approximately $169,000.PacBio's R&D expenditure decreased by 46% year-over-year in Q3, from $47.5 million to $25.5 million, while SG&A expenses increased by 1%, from $43.4 million to $43.7 million.
Bruker: Revenue Growth of 16%
Bruker's financial report shows that its revenue in the third quarter of 2024 increased by 16% year-over-year. For the three months ended September 30, Bruker's revenue was $864.4 million., higher than the $742.8 million in the third quarter of 2023, surpassing the Wall Street consensus estimate of $859.4 million.
The company's organic revenue grew by 3%, as Bruker believed that currency conversion had a nearly 1% positive impact on revenue.Acquisition had a 13% positive impact on revenue.The CALID division of the company, which includes its life science and mass spectrometry businesses, reported a 17% increase in revenue for the quarter, reaching $279.4 million, compared to $239.3 million in the same period last year.Bruker President and CEO Frank Laukien stated that orders for Bruker's "post-genomic, multi-omics, clean technology, semiconductor tools, and infectious disease diagnostic solutions are gradually improving." While the biopharmaceutical sector and the Chinese market are starting to recover, this will not benefit the company in the fiscal year 2024. Laukien believes that orders from China may begin contributing to Bruker's revenue in the second half of 2025.Laukien pointed out,Driven by the MALDI Biotyper franchise and Elitech molecular diagnostics business, the company's CALID division has seen strong growth in its microbiology business.However, the U.S. academic spending on life science instruments is relatively weak. In addition, Bruker's recently acquired Cellular Analysis and NanoString businesses "continue to be affected by the sluggishness in the biopharmaceutical and life science instrument sectors."Bruker BioSpin's revenue increased by 17% from $188.3 million in 2023 to $233.0 million; Bruker Nano's revenue grew by 20% from $238.7 million to $287.1 million.; Revenue from Bruker Energy & Supercon Technologies (BEST) decreased by 3% from $70.6 million to $68.7 million.Bruker Corporation reported a profit of $40.9 million,R&D costs were $98.1 million, an increase of 38% compared to $71.3 million in the same period in 2023.; SG&A expenses were $229.9 million, an increase of 30% from $177.6 million in the same period last year.The company lowered its revenue guidance for 2024 from the previous $3.38 billion-$3.44 billion to $3.34 billion-$3.37 billion. This implies a year-over-year revenue growth of 12.5%-13.5%, which is lower than the expected 14%-16%.1.https://www.genomeweb.com/business-news/illumina-q3-revenues-fall-3-percent-weak-instrument-sales2.https://www.genomeweb.com/business-news/clinical-diagnostics-growth-drives-rise-qiagens-q3-revenues3.https://www.genomeweb.com/sequencing/pacific-biosciences-q3-revenues-fall-28-percent-flagging-sequencing-system-sales4.https://www.genomeweb.com/business-news/bruker-q3-revenues-rise-16-percent-driven-acquisitions·END·
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