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Illumina (ILMN) FY2023 results: revenue $4.5 billion, down 1.7% on the year

Illumina, Inc. (ILMN) reported revenue of $4.5 billion for fiscal 2023, the year ended 31 December 2023, down 1.7% on the year before. Net income was -$1.2 billion, and diluted earnings per share $-7.34. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue
$4.5 billion
-1.7% on the year
FY2016FY2023
Operating margin
-23.7%
-91.2% a year earlier
FY2016FY2023
Net income
-$1.2 billion
FY2016FY2023
Diluted EPS
-$7.34
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue4,5044,5844,526-1.7%
Cost of revenue1,7601,6121,372+9.2%
Gross profit2,7442,9723,154-7.7%
Gross margin60.9%64.8%69.7%
Research and development1,3541,3211,185+2.5%
Selling, general and administrative1,6121,2972,092+24.3%
Operating income-1,069-4,179-123
Operating margin-23.7%-91.2%-2.7%
Interest expense77.026.061.0+196.2%
Pre-tax income-1,117-4,336884
Income tax44.068.0122-35.3%
Effective tax raten/an/a13.8%
Net income-1,161-4,404762
Net margin-25.8%-96.1%16.8%
Diluted EPS-$7.34-$28.00$5.04
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow478392545+21.9%
Capital expenditure195286208-31.8%
Free cash flow283106337+167.0%
Free cash flow margin6.3%2.3%7.4%
Cash from investing-231-591-1,069
Cash from financing-1,2101,000-51.0
Depreciation and amortisation432394251+9.6%
Share-based compensation380366754+3.8%
Buybacks0.00.00.0
Diluted shares, weighted158m157m151m+0.6%
Shares outstanding at period end159m158m157m+0.6%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity5,7456,59910,740-12.9%
Debt1,4892,7351,695-45.6%
Operating lease liabilities687744774-7.7%
Other liabilities2,1902,1742,008+0.7%
Total liabilities and equity10,11112,25215,217-17.5%
Fixed assets1,0071,0911,024-7.7%
Goodwill2,5453,2397,113-21.4%
Intangible assets2,9933,2853,250-8.9%
Investments6.026.0107-76.9%
Cash and equivalents1,0482,0111,232-47.9%
Receivables734671648+9.4%
Inventory587568431+3.3%
Other assets1,1911,3611,412-12.5%
Total assets10,11112,25215,217-17.5%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.