MGI Tech, Illumina, Thermo Fisher and Others Release Q1 2024 Financial Results and Product Updates

May 16, 2024 17:15 CST Updated 17:15

MGI

Gene Sequencing Instruments and Related Reagent & Consumables R&D Manufacturer

Illumina

Diagnostic Product Developer

Thermo Fisher Scientific

Biotechnology Product Developer

PacBio

Provider of High-Quality, High-Precision Sequencing Platforms

10x Genomics

DNA Sequencing Technology Developer

QIAGEN

Technology provider of molecular testing solutions and R&D, producer of molecular diagnostic products

MGI

Recently, MGI disclosed its Q1 2024 financial report.Total operating revenue was 531 million yuan, a year-on-year decrease of 14.3%.Net loss attributable to shareholders was 201 million yuan, compared to a loss of 150 million yuan in the same period last year, representing a year-over-year decrease of 34.8%; Non-net profit loss was 213 million yuan, compared to a loss of 165 million yuan in the same period last year; Gross margin was 64.80%, increasing by 8.89% year-over-year; Net margin was -38.11%, decreasing by 13.87% from the same period last year.

MGI's Core Business——Gene Sequencing Business Unit Q1 2024 Revenue of 449 Million Yuan, a Year-on-Year Increase of 4%; The gene sequencer business segment, divided by revenue region, achieved a total overseas revenue of 157 million yuan, representing a year-on-year increase of 19%. With the steady advancement of the global strategic plan, the company expects the gene sequencing segment's revenue for the entire year to achieve high growth.The growth rate of overseas business revenue will be faster than that of domestic business revenue, and the proportion of overseas business revenue will continue to increase in the future.。

As of March 31, 2024,MGI Tech Co., Ltd. has 745 million yuan in hand orders；Of which, the gene sequencer business accounts for 75.7%, the laboratory automation business accounts for 8.6%, and the new business accounts for 15.7%.

During the reporting period, MGI released a new generation of sequencing reagents.StandardMPS 2.0, and plans to gradually introduce the full range of mainstream sequencing platforms in the second half of the year. In April 2024, MGI launchedMGISEQ-2000RS FluoXpert Multi-Omics AnalyzerThis is China's first sequencing instrument with independent intellectual property rights, integrating pathological staining and sequencing functions, capable of performing spatial proteomics on pathological tissue sections; in the same month, MGI launched the MGIDS-1000, a ten-million-level enzyme-directed evolution screening system. It combines droplet preparation, sorting, injection fusion, and printing into wells, featuring high-throughput, high-precision, and high-sensitivity droplet screening.

Illumina

Illumina's Total Revenue in Q1 2024 was $1.08 Billion, a 1% Decrease Year-over-Year, but exceeded the analysts' average expectation of $1.05 billion;Core Illumina revenue was $1.06 billion, a year-over-year decrease of 2%.；Net loss of $126 million. In addition, Illumina is spinning off its cancer liquid biopsy subsidiary.Grail's revenue was $27 million, an increase of 35% compared to US$20 million in the same period last year. Illumina noted that the acceleration in NovaSeq X instrument consumables sales, along with changes in its strategy in the Chinese market, are potential drivers enabling it to keep moving forward in a challenging market environment.

Illumina CEO Jacob Thaysen stated that the company's Q1 revenue exceeded expectations, but customer purchasing decisions remain constrained due to the ongoing impact of the global macroeconomic environment. Compared to 2023, the placement volume of NovaSeq X instruments across regions was lower in Q1 2024, with a total of 55 units delivered. Thaysen noted,Illumina's Revenue Declined in All Three Regions: Revenue in the Americas region decreased by 4% year-over-year, revenue in the Asia-Pacific, Middle East, and Africa regions fell by 3%, and revenue in Greater China dropped by 14%. However, revenue in the European market increased by 7% year-over-year.

To manage the business in China, in February 2024, the company appointed Ms. Zheng Lei as the new Illumina Global Senior Vice President and General Manager of Greater China. Thaysen stated: "Ms. Zheng Lei is implementing reforms to make our business more 'In China for China,' which includes enhancing the company's local manufacturing and partnerships in the region."

It is reported that,Illumina's product revenue for the quarter totaled $876 million, a 5% decrease year-over-year.; Total service and other revenues were US$200 million, representing a year-over-year increase of 21%.

In addition,Illumina Q1 R&D Expenses Decreased by Less Than 1% Year-over-Year, decreasing from $341 million to $339 million; among which,Grail's R&D expenses were $101 million, a year-on-year increase of 17%.SG&A expenses were $439 million, an increase of 16% year over year, including $104 million in Grail SG&A expenses, which increased by 12% year over year.

Illumina expects its core business revenue for 2024 to remain roughly flat compared to 2023.

Thermo Fisher

In 2024,Thermo Fisher Scientific'sQ1Total revenue was US$1.034 billion, a 3% decrease from US$1.071 billion in the same period last year., but exceeded the Wall Street average expectation of $10.17 billion.Core organic revenue decreased by 3% year-over-year; pandemic-related revenue was approximately $200 million., including $175 million related to vaccines and therapies.The company currently expects total revenue for 2024 to be between $42.3 billion and $43.3 billion., compared to the previous expected revenue range of $42.1 billion - $43.3 billion.

Thermo Fisher Chief Financial Officer and Senior Vice President Stephen Williamson stated that, by region, organic revenue in North America declined by a mid-single-digit percentage, revenue in Europe fell by a low-single-digit percentage, and revenue in the Asia-Pacific and China regions decreased by a low-single-digit percentage.

From the perspective of the business department,Life Sciences Solutions segment revenue was $2.29 billion,Decreased by 12% year-on-year, the organic revenue of this department decreased by 12% year-on-year.Analytical instrument business revenue of $1.69 billion,A year-on-year decrease of 2%, with organic revenue growing by 1% year-on-year;Professional Diagnostic Business Revenue Remains Flat at USD 1.11 Billion Compared to 2023; The reported revenue and organic revenue of the laboratory products and biopharmaceutical services business both decreased by 1%, amounting to $5.72 billion.

Thermo Fisher Scientific Inc. for the quarterNet income was $1.33 billion, or $3.46 per shareMoreover, the company's Q1 R&D expenses were $331 million, a year-on-year decrease of 4%, while SG&A costs were $1.73 billion, a year-on-year increase of 5%.

Recently, Thermo Fisher is actively leveraging generative AI to help its analytical instruments and life sciences solutions businesses "accelerate software development timelines" in order to enhance operational efficiency and productivity, as well as improve customer experience.

PacBio

PacBio's Revenue in Q1 2024 Remains Flat at $38.8 Million Compared to the Same Period Last Year; Instrument revenue was $19 million, a year-over-year decrease of 8%; consumables revenue reached $16 million, a year-over-year increase of 14%; service and other revenue amounted to $3.8 million, a year-over-year decrease of 9%, primarily attributed to customers transitioning to the company's latest Revio sequencing system and opting not to renew service plans for older instruments.

PacBio CEO Christian Henry stated that, compared to the company's existing equipment,The sales cycle of the Revio instrument is longer than expected., which is mainly caused by the uncertainty surrounding the financing timing of new capital equipment, especially in the United States and China. Small Sequel II and IIe customers planning to upgrade to Revio are waiting for relevant samples to drive the equipment upgrade.

Impacted by the decline in Revio shipments, the company's revenue from the Americas region this quarter was $17.7 million, a 7% decrease year-over-year; revenue from Europe, the Middle East, and Africa reached $8.4 million, representing a 6% year-over-year increase but falling short of previous expectations; revenue from the Asia-Pacific region amounted to $12.8 million, marking a 7% year-over-year growth. Additionally, the company sold a total of 28 Revio sequencers this quarter, down from 32 units in the same period last year.

PacBio Reports Q1 2024 Net Loss of $78.2 Million, or $29 per Share, whereas in the same period in 2023, the net loss was $88 million, or $36 per share. The adjusted loss per share was $26, slightly lower than the Wall Street expectation of a $27 loss per share.

The companyQ1R&D expenses were $43.5 million, a year-over-year decrease of 11%.; SG&A expenses were $43.7 million, an increase of 10% year-over-year. As of the end of this quarter, PacBio had $561.9 million in cash and investments, as well as $2.7 million in restricted cash. Following last month's announced layoffs, PacBio expects to have fewer than 600 employees by the end of the second quarter.

10x Genomics

10x Genomics stated that it was driven by the spatial biology product line,The Company's Total Revenue in Q1 2024 was US$141 Million, representing a 5% increase from $134.3 million in the same period last year, but falling short of Wall Street's consensus expectation of $142.2 million;Net loss of $59.9 million。

This quarter,Total consumables revenue was US$110.3 million, a decrease of 2% year-over-year. Among this, Chromium consumables revenue was $83.9 million, a decrease of 17% year-over-year; spatial consumables revenue increased from $11.3 million to $26.4 million, more than doubling.Total instrument revenue was $25.4 million, a year-on-year increase of 32%, mainly due to the growth in spatial instrument revenue, which increased from US$7.6 million to US$17.6 million, while Chromium instrument revenue decreased from US$11.6 million in the same period last year to US$7.9 million. In addition,Company service revenue was $5.2 million。

10x Genomics CEO and Co-founder Serge Saxonov stated that driven by the Visium franchise and the highly anticipated release of Visium HD, the company will continue to drive strong growth in the spatial field. The new technology, Chromium GEM-X, has also attracted significant customer interest due to its higher performance at a lower price. However, overall Chromium end-of-quarter orders were below expectations as a large number of customers trialed the new architecture.

The CompanyQ1 Total revenue in the Americas region was $79.6 million, down from US$78.8 million in the same period last year; revenue from Europe, the Middle East, and Africa was US$34.7 million, up from US$28.4 million in the same period last year;Total revenue in the Asia-Pacific region was $26.7 million, slightly lower than the US$27.1 million in the same period last year.

The company's Q1 R&D expenses were $68.6 million, a year-on-year increase of 2%, mainly due to the rise in equipment, IT, and personnel costs; SG&A expenses were $85.8 million, a year-on-year increase of 3%.10x Genomics Expects Full-Year 2024 Revenue to Remain Between $670 Million and $690 Million。

10x Genomics

Qiagen

QIAGEN's Total Revenue in Q1 2024 was $459 Million, calculated at a fixed exchange rate (CER) of 462 million US dollars,A 5% year-on-year decrease, exceeding the analysts' average expectation of $457.3 million, and also surpassing the previously set target of at least $455 million in CER revenue.Net profit was US$80.7 million, with basic earnings per share of $36 and adjusted earnings per share of $46.

The Company's QuarterSales of consumables and related products amounted to $409 million., a decrease of 5% year-over-year; sales of non-COVID related products remained flat compared to the same period last year; instrument sales reached 50 million USD, a year-over-year decrease of 10%. Molecular diagnostics product revenue decreased by 3% year-over-year to 244 million USD; life science product sales dropped to 215 million USD, an 8% decrease year-over-year.

Qiagen's Sample Technology Q1 sales were $155 million, a year-over-year decrease of 11%, while Diagnostic Solutions sales grew 5% from $163 million to $170 million.In terms of sample technology, sales of consumables for the automated kits used on QiaSymphony, QiaCube Connect, and EZ2 instruments increased; however, sample technology sales for non-COVID product groups declined at a low single-digit CER rate. In the diagnostics solutions business, revenue from the QuantiFeron tuberculosis test was $101 million, up 11% year-over-year; revenue related to the QiaStat-Dx system was $25 million, up 19% year-over-year; and NeuMoDx sales were $9 million, down 29% year-over-year.

QIAGEN reported Q1 sales of $68 million for its PCR and nucleic acid amplification business, a 12% decrease year-over-year; sales of genomics and NGS products were $55 million, a 1% decrease year-over-year.In the PCR business, the sales of QiAcuity digital PCR grew at a double-digit CER rate.。

This quarter, Qiagen launched the QiaStat-Dx Analyzer 2.0 and the PanCancer Panel, with the non-invasive PaxGene Liquid Biopsy product expected to launch by mid-2024. Additionally, Qiagen introduced Biomedical KB-AI, a knowledge base powered by artificial intelligence.

The company's R&D expenditure in Q1 was $51.3 million, a year-on-year decrease of 6%; SG&A expenses were $138.7 million, a year-on-year decrease of 6%. The company expects net sales in Q2 to be at least $495 million (converted at the exchange rate).For the full year 2024, Qiagen reaffirmed its outlook for net sales to reach at least US$2.0 billion (at CER).

References：

1.https://finance.sina.com.cn/jjxw/2024-04-26/doc-inatcshy6811050.shtml

2.https://baijiahao.baidu.com/s?id=1797353958501178377𝔴=spider&for=pc

3.https://www.genomeweb.com/business-news/illumina-q1-revenues-dip-1-percent-surpass-wall-street-expectations

4.https://www.genomeweb.com/business-news/thermo-fisher-q1-revenues-drop-3-percent-beating-expectations

5.https://www.genomeweb.com/business-news/pacbio-q1-revenues-flat-instrument-sales-fall

6.https://www.genomeweb.com/business-news/10x-genomics-q1-revenues-grow-5-percent-spatial-biology-sales-miss-wall-street

7.https://www.genomeweb.com/business-news/qiagen-q1-revenues-dip-5-percent-exceeding-analyst-estimates

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