Illumina Raises Full-Year Revenue Outlook After Q1 Revenues Grow 5 Percent

The San Diego-based genomics technology firm reported Q1 revenues of $1.09 billion and lifted its full-year revenue and earnings outlook.

Illumina reported that its first quarter revenues rose 5 percent year over year.

After the market close on April 30, the San Diego-based genomics technology firm reported Q1 revenue of $1.09 billion, up from $1.04 billion in Q1 2025, beating the consensus Wall Street estimate of $1.07 billion.

“Illumina delivered a strong start to 2026, reflecting strength of the Illumina ecosystem and progress against our strategy,” CEO Jacob Thaysen said in a statement. “Demand for NovaSeq X is increasing as we help our clinical customers expand into new application areas.”

Product revenue for the quarter totaled $917 million, up from $880 million a year ago, and service and other revenue amounted to $174 million, up from $161 million a year ago.

Illumina raised its full-year 2026 revenue outlook to $4.52 billion to $4.62 billion, a $20 million increase at the midpoint from prior guidance, while keeping its reported revenue growth guidance of 4 percent to 6 percent unchanged. The company raised its full-year adjusted EPS outlook to $5.15 to $5.30 from a prior range of $5.05 to $5.20.

Net income for the quarter was $134 million, or $.87 per share, compared to $131 million, or $.82 per share, in Q1 2025. Adjusted EPS was $1.15, beating the consensus Wall Street estimate of $1.05 per share.

Illumina’s R&D expenses fell 5 percent to $240 million from $252 million in Q1 2025. SG&A expenses increased 2 percent to $272 million from $267 million a year ago.

On April 28, Illumina’s board authorized an additional $1.50 billion in share repurchases.

As of March 29, Illumina had $1.09 billion in cash and cash equivalents and $66 million in short-term investments.