Illumina, Inc. (Nasdaq: ILMN) ("Illumina" or the "company")  disclosed its financial performance for the fourth quarter and fiscal year 2023, including the consolidated financial outcomes for GRAIL.

In the fourth quarter of 2023, Illumina reported a revenue of $1.12 billion, marking a 4% increase from the same period in 2022. This growth, driven by robust NovaSeq X instrument and consumables sales, surpassed expectations. However, the company experienced a slight decline in revenue for fiscal year 2023, with a reported $4.50 billion, down 2% from fiscal year 2022, although flat on a caonstant currency basis.

"I'm pleased that in the fourth quarter, my first full quarter with the company, Illumina delivered results ahead of our expectations, driven by NovaSeq X instrument and consumables sales," said Jacob Thaysen, Chief Executive Officer. "While our customers generally remain constrained in their purchasing, we are well-positioned for growth as market conditions improve. Illumina is focused on three key priorities to accelerate value creation: driving our top line; focusing on operational excellence, including boosting productivity, cost savings, and customer-focused innovation; and working to resolve GRAIL as quickly as possible."

Key highlights from the fourth quarter include the shipment of 79 NovaSeq X instruments, contributing to a total of 352 instruments shipped throughout fiscal year 2023. While GAAP diluted loss per share for Q4 2023 was $(1.11), compared to $(0.89) for Q4 2022, non-GAAP diluted earnings per share remained steady at $0.14 for both quarters.

Jacob Thaysen, Chief Executive Officer of Illumina, expressed satisfaction with the company's performance, emphasizing, "I'm pleased that in the fourth quarter, my first full quarter with the company, Illumina delivered results ahead of our expectations."

Regarding future outlook, Illumina expects Core Illumina revenue for fiscal year 2024 to remain approximately flat compared to 2023, with a non-GAAP operating margin of approximately 20%. The company remains focused on resolving the GRAIL segment and is committed to accelerating value creation through operational excellence and customer-focused innovation.

In addition to financial results, Illumina provided updates on its decision to divest GRAIL, aiming to finalize the divestiture terms by the end of the second quarter of 2024. This divestiture aligns with the company's strategic priorities and underscores its dedication to delivering value to shareholders.

As Illumina continues to navigate market dynamics and pursue growth opportunities, it remains committed to driving advancements in genomics and supporting global health initiatives.