Recently, Illumina announced its Q2 financial report.Revenue this quarter was $1.06 billion, a year-on-year decrease of 2.8% and a quarter-on-quarter increase of 1.7%.Gross margin was 65.6%, down from 68.0% in the same period last year. Non-GAAP gross margin remained largely unchanged from the same period last year at 69.4%. The company's net profit (GAAP) was $235 million, a significant increase compared to $66 million in the same period last year. Operating cash flow was $234 million, and free cash flow was $204 million. This quarter, 4.5 million shares were repurchased at an average price of approximately $85, with approximately $800 million remaining under the authorization.

Revenue in Greater China was $63 million in Q2, down 16% ($12 million) year-over-year, but slightly above expectations. Instrument sales declined 40% and reagent services decreased by 5%.

In terms of data, the impact of the sales ban and tariff issues was not as significant as widely expected. The company also raised its full-year guidance for the Greater China region by 25 million U.S. dollars.Revenue for the third quarter is expected to be between $35 million and $45 million, with full-year revenue guidance raised from $165 million - $185 million to $190 million - $210 million.

Other regions: Europe revenue $310 million, a year-over-year increase of 7.3%; Americas revenue $586 million, a year-over-year decrease of 5.5%; AMEA revenue $100 million, a year-over-year decrease of 7.4%.

Sequencer sales in the second quarter were approximately $96 million, with a decline in NovaSeq X shipments, selling around 50 units. Consumables for this product increased by more than 10% quarter-over-quarter. Sequencing consumables revenue for this quarter was $740 million, flat year-over-year and up 6% quarter-over-quarter.

Since the release of the new strategy in August 2025, Illumina's strategic transformation has made progress by transitioning from single sequencing to an integrated solution of multi-omics + clinical + data and software, thereby achieving sales growth. In June, the acquisition of SomaLogic was announced to expand into the proteomics field, further deepening customer engagement with sequencing at its core.

Illumina Raises Full-Year Financial Guidance, Increasing Revenue Forecast from $4.18 Billion - $4.26 Billion to $4.23 Billion - $4.31 Billion.