Illumina, Inc. (ILMN) Announced Q1 2026 Earnings on April 30, 2026, Reporting "revenue of $1.09 billion".

During the first quarter of 2026, Illumina reported revenue of $1.09 billion, which was up 4.8 percent year-over-year and 1.2 percent on an organic basis.

Non-GAAP gross margin for the first quarter was 68.2 percent, and non-GAAP operating margin was 21.9 percent.

The company reported non-GAAP earnings per share of $1.15 per diluted share.

Cash flow provided by operations was $289 million for the quarter, and free cash flow was $251 million for the first quarter.

Management highlighted the placement of over 80 NovaSeq X instruments in the first quarter, noting they were "supply constrained on the number of NovaSeq X units that were placed as the demand continues to remain very robust". Clinical sequencing consumable demand grew 20 percent excluding China for the second consecutive quarter.

Illumina closed the acquisition of SomaLogic on January 30 for a net cash payment of $363 million. In product developments, the company launched TruPath, which enables whole-genome sequencing with deeper insight while eliminating traditional library prep, reducing hands-on time to about 10 minutes.

They also introduced an 18-month road map for NovaSeq X, including new 14B and 35B flow cells.

For full year 2026 guidance, the company raised its reported revenue expectation to a range of $4.52 billion to $4.62 billion, representing a $20 million increase from prior guidance.

Illumina now expects full year 2026 non-GAAP diluted EPS of $5.15 to $5.30.

For the second quarter of 2026, the company expects reported revenue of $1.12 billion to $1.14 billion and non-GAAP EPS of $1.20 to $1.25.

Management noted they are taking several mitigating actions to fully offset the impact of near-term inflationary pressures related to freight costs and higher costs of electronic components during the year.