Illumina(NASDAQ) ILMN

Illumina makes machines and chemicals that read genetic code. These tools help doctors and scientists find diseases and study living things. Hospitals and labs use this technology to provide better care for patients.

What Illumina Sells

• Sequencing Consumables: Reagents, flow cells, and library kits used to run genetic tests; accounted for 74% of revenue in 2025.
• Sequencing Instruments: High-tech machines like the NovaSeq X Plus that read DNA for researchers; represented 11% of revenue in 2025.
• Array Solutions: Tools used to detect millions of known genetic markers in a single study; made up 8% of revenue in 2025.
• Informatics Tools: Software platforms like BaseSpace and DRAGEN that help labs process and analyze large amounts of data.
• Professional Services: Whole-genome sequencing and maintenance contracts for customers; comprised 15% of revenue in 2025.

Recent Business Moves

• Completed the spin-off of GRAIL in June 2024 to return it to an independent public company.
• Acquired SomaLogic to expand into the proteomics market, which involves studying the proteins in a cell.
• Purchased certain assets from Standard BioTools to strengthen the company's technology portfolio.
• Launched the MiSeq i100 series in 2024 to provide faster and simpler benchtop sequencing for smaller labs.

The Competitive Edge

Illumina maintains a global distribution network that reached customers in over 140 countries in 2025. The company uses its extensive patent library and specialized manufacturing in the U.S., U.K., and Singapore to maintain high technical standards.

The Scorecard

• Revenue reached $1.2 billion in Q4 2025, a 5% increase compared to the previous year.
• Net income rose to $334 million in Q4 2025, up 78.6% from the same period in 2024.
• Operating income grew 26.7% year-over-year to $256 million in Q4 2025.
• Free cash flow was $267 million in Q4 2025, down 20.3% from the prior year.
• Research and development spending was $967 million for the full year 2025.

Bottom Line

Illumina has transitioned from a research-focused startup to a global provider of clinical diagnostic tools. By separating from non-core assets and focusing on high-speed sequencing, the company continues to center its business on the growing genomics market.