Illumina Reports Record 2021 Financial Results: Q4 Revenue Up 26%, Full-Year Revenue Surges 40% to $4.53 Billion

Recently, Illumina, Inc. (NASDAQ: ILMN) announced its financial results for the fourth quarter of 2021 and the fiscal year 2021.This includes GRAIL's consolidated financial results.. The report shows,Illumina's Q4 revenue was $1.198 billion, a 26% increase year-over-year; full-year 2021 revenue was $4.526 billion, compared to $3.239 billion in 2020, a 40% year-over-year increase.。 

According to the financial report,Illumina's Fourth Quarter Results$1.198 billion, achievedSteady GrowthProduct revenue was $1.07 billion, an increase of 29% compared to $831 million in the same period last year; service and other revenue was $133 million, an increase of 9% compared to $122 million in the same period last year.

Figure 1.Illumina、Grail Q4 2021 Financial Results. Source:IlluminaOfficial Website

Illumina's net profit for the fourth quarter was $112 million (or $0.71 per share), compared to $257 million (or $1.75 per share) in the fourth quarter of 2020. The adjusted net profit was $0.75 per share, surpassing the analysts' average estimate of $0.49 per share.

Illumina's R&D expenses for the fourth quarter were $350 million, compared to $200 million in the same period last year, representing a 75% year-over-year increase. Additionally, the company’s Selling, General, and Administrative (SG&A) expenses were $426 million, a 47% increase from $298 million in the same period last year.

"As an increasing number of patients worldwide benefit from genomics technology, from the selection of oncology therapies to genetic disease testing and pathogen monitoring, we see broader growth prospects in the field of genomics."Francis deSouza, CEO of IlluminaStated in the announcement, "Similarly, more opportunities are also being discovered in new markets such as proteomics, infectious diseases, and drug discovery. The momentum of Grail's groundbreaking multi-cancer early detection and blood testing technology continues to accelerate. We have made significant progress in technological innovation, such as the breakthrough Chemistation X and Infinity long-read technologies, which can provide assistance to clinicians and scholars in improving patient care."

Illumina's total revenue for the fiscal year 2021 was $4.526 billion, representing a 40% increase compared to $3.239 billion in fiscal year 2020, surpassing both Illumina's January forecast and Wall Street's consensus expectation of $4.45 billion.Product revenue was $3.97 billion, an increase of 45% compared to $2.74 billion in 2020; service and other revenue was $558 million, a year-over-year increase of 11%.

Figure 2.Illumina、Grail's Financial Performance for Fiscal Year 2021. Source: Illumina Official Website

Illumina's net profit for the fiscal year 2021 was $762 million (or $5.04 per share),Including those held byGRAIL Investment Gains of $899 Million and GRAIL Acquisition-Related Compensation Expenses of $654 Million.While in 2020, it was US$656 million (or US$4.45 per share).After the adjustment in 2021, the earnings per share reached $5.90, surpassing Wall Street's forecast of $5.64 per share. 

Illumina's R&D expenses in 2021 nearly doubled from $682 million in 2020 to $1.19 billion.In addition, the company's SG&A expenses in 2021 also increased from US$941 million in 2020 to US$2.09 billion, more than doubling.

For the fiscal year 2022, Illumina reaffirmed its previous full-year 2022 revenue guidance, with an anticipated total revenue range of $5.15 billion to $5.24 billion, representing expected growth of 14%-16%. Of this, the company expects core Illumina revenue growth to be between 13%-15%, and Grail's revenue to fall between $70 million and $90 million. The company anticipates adjusted earnings per share to be in the range of $4.00 to $4.20.

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