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ILMN
Illumina, Inc.
Earnings
ILMN | Earnings Review
Illumina, Inc. | 2026 Q1 reported April 30, 2026 AMC | Analysis date: May 7, 2026 | Daloopa company_id 432
Revenue Beat
+2.0%
$1,091M vs ~$1,070M Street; +4.8% YoY (best print since GRAIL spin)
Adj EPS Beat
+9.5%
$1.15 vs $1.05 Street; +18.6% YoY; Adj Op Margin 21.9% (+154 bps); ~150 bps above guide
NovaSeq X Placements
80+ (SUPPLY-CONSTRAINED)
+33% YoY vs ~50-60 algo embedded in Feb FY26 guide; Q2 expected ~80; FY placements "reasonably above" prior guide
FY26 Guide RAISED + $1.5B Buyback
Beat-and-raise + capital return
Rev mid +$20M to $4.52-4.62B; EPS +$0.10 to $5.15-5.30; Op margin +10 bps to 23.4-23.6%; Instruments raised to flat-to-LSD; new $1.5B buyback (+ ~$400M remaining)
Clean inflection across volume + mix + margins, with NovaSeq X placements supply-constrained at 80+ — the most positive print since the GRAIL spin. Revenue $1,091M (+4.8% YoY) beat ~$1,070M Street by +2.0%; Adj EPS $1.15 (+18.6% YoY) beat $1.05 by +9.5%; Adj Op Margin 21.9% (+154 bps YoY), ~150 bps above guide midpoint. All three legs growing simultaneously for first time in this cycle: Sequencing consumables $726M +4.3%; Instruments $118M +8.3%; Service $151M +6.3%. NovaSeq X transition inflection: 82% volume / 55% revenue on X overall; research at 90% (price headwind largely gone); clinical at 76%, targeting >80-85% by YE26. Q1'26 placements 80+ blew out vs 50-60 algorithm embedded in Feb 2026 FY26 guide — supply-constrained; Q2 expected ~80; back-half pipeline robust. Cumulative installed base ~963 units. Clinical consumables +20% ex-China for 2nd consecutive quarter (oncology, rare disease, NIPT) — guide assumes only double-digit-to-mid-teens, explicit upside. Multi-unit clinical orders signaling capacity build at GH/NTRA/EXAS. Greater China $52M (-27.8% YoY) — now <5% of revenue (down from 11% in 2021); structurally segregated, decreasing materiality. Geographic reorganization: USCAN $590M / EMEALA $356M / APAC $93M / Greater China $52M — replaces prior Americas/Europe/GC/APMEA structure; direct YoY non-strict comparison. FY26 guide RAISED: Revenue mid +$20M to $4.52-4.62B; Adj EPS +$0.10 to $5.15-5.30; Op margin +10 bps to 23.4-23.6%. Instrument guide raised to flat-to-low-single-digit growth (vs prior down LSD-to-flat) — most aggressive forward posture in 4 quarters. NEW $1.5B buyback authorization + ~$400M remaining = ~$1.9B total; Q1 repo 2M shares at ~$120.85. Tone shift: NovaSeq X transition "lumpy" Q2'25 → "100+ placements" Q4'25 → "supply constrained" Q1'26 — clear inflection. NIH/HSAT "uncertainty" → "upside not in guide" (explicit free option). China de-emphasized to optionality. Multiomics announced→launched→integrate→contribute (SomaLogic closed Jan 30 for $363M; spatial 2H'26; 1-2 pts of 2027 growth). Roadmap catalysts: 14B + 35B flow cells, Q70 chemistry, staggered runs (18-mo roadmap unveiled at AGBT); TruPath launched (rare disease traction); spatial transcriptomics 2H 2026. Competitive pricing pressure ($150/genome from Element/Ultima/Roche launches summer 2026) — 35B flow cell is direct response; mgmt declined to disclose 35B pricing yet. Two material contradictions across 4 transcripts: (1) NovaSeq X placement cadence — held 50-60/qtr algorithm through Q4'25 + embedded in Feb 2026 guide; one quarter later 80+ supply-constrained — Feb guide was sandbagged or demand sharply inflected; (2) 2027 op margin target — Q3'25 prepared remarks said "20% non-GAAP by 2027 ex-GC" vs consistent 26% target in Q2/Q4/Q1 (likely transcript error). Watch: (1) Q2 op margin guided ~22% (below Street) on freight/component costs + SomaLogic full quarter — H2 ramp embedded; (2) Roche/Element competitive launches 2H'26 — biggest swing factor for '27; (3) NIH funding recovery (research consumables -12% ex-China) — explicit upside lever; (4) Long-range targets ~26% op margin by '27, HSD revenue, double-digit-to-teens EPS — Q1'26 implies ~350 bps of 500 bps margin expansion already achieved by end of '26 ex-acquisition.
Key Metrics Trends
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sequencing Consumables ($M) | $691M | $729M | $741M | $697M | $696M | $740M | $747M | $756M | $726M |
| Sequencing Consumables ($M) YoY % | - | - | - | - | +0.7% | +1.5% | +0.8% | +8.5% | +4.3% |
| Sequencing Instruments ($M) | $110M | $116M | $104M | $154M | $109M | $96M | $107M | $153M | $118M |
| Sequencing Instruments ($M) YoY % | - | - | - | - | -0.9% | -17.2% | +2.9% | -0.6% | +8.3% |
| Sequencing Services ($M) | $151M | $143M | $150M | $151M | $142M | $136M | $147M | $157M | $151M |
| Sequencing Services ($M) YoY % | - | - | - | - | -6.0% | -4.9% | -2.0% | +4.0% | +6.3% |
| Total Revenue ($M) | $1.1B | $1.1B | $1.1B | $1.1B | $1.0B | $1.1B | $1.1B | $1.2B | $1.1B |
| Total Revenue ($M) YoY % | - | - | - | - | -3.3% | -4.8% | +0.4% | +5.0% | +4.8% |
| Adj GM % | 66.5% | 69.0% | 70.5% | 67.5% | 67.4% | 69.4% | 69.2% | 67.0% | 68.2% |
| Adj GM % YoY chg (bps) | - | - | - | - | +90 | +40 | -130 | -50 | +80 |
| Adj Op Margin % | 3.1% | 7.6% | 22.6% | 19.7% | 20.4% | 23.8% | 24.4% | 23.7% | 21.9% |
| Adj Op Margin % YoY chg (bps) | - | - | - | - | +1730 | +1620 | +180 | +400 | +150 |
| Adj EPS ($) | $0.98 | $1.09 | $1.14 | $0.95 | $0.97 | $1.19 | $1.34 | $1.35 | $1.15 |
| Adj EPS ($) YoY % | - | - | - | - | -1.0% | +9.2% | +17.5% | +42.1% | +18.6% |
| Free Cash Flow ($M, Core) | $251M | $213M | $284M | $322M | $208M | $204M | $253M | $267M | $251M |
| Free Cash Flow ($M, Core) YoY % | - | - | - | - | -17.1% | -4.2% | -10.9% | -17.1% | +20.7% |
_Trajectory: turnaround validated — top line inflected positive, all 3 legs growing simultaneously for first time in cycle. Total rev YoY went from -5.4% (2024Q2) to +5.0% (2025Q4), 2026Q1 modestly decel to +4.8%. ~1,040 bps swing across 6 quarters. Adj op margin stepped up from 7.6% pre-GRAIL-spin (2024Q2) to 22-24% sustained range — most of optical Y/Y improvement is GRAIL deconsolidation, but underlying margin held cleanly post-spin. Sequencing consumables cleanest positive: accelerated from +0.4% (2025Q2) to +8.2% (2025Q4), suggesting NovaSeq X recurring revenue finally landing. 2026Q1 +4.3% on a tougher comp. Sequencing instruments trough was 2025Q2 (-17.2%); turned positive 2025Q3 and reached +8.3% in 2026Q1 — first sustained inflection since X launch. Greater China structurally impaired: $115M (2023Q2) → $52M (2026Q1), -55% peak-to-trough, 8 consecutive double-digit-down quarters; now <5% of revenue. Adj EPS noisy due to GRAIL effects in YoY base; consolidated EPS now running $1.15-1.35/qtr vs $0.09-0.36 a year prior. Verdict: trajectory has inflected positive — both consumables and instruments growing for first time since 2023 — but 2026Q1 hints at modest deceleration risk from tougher comp and China remains a drag._
Beat/Miss
Guidance
Catalysts
Street Q&A
Contradictions
Read-Throughs
This Quarter vs Consensus
| Metric | Consensus | Actual | Variance | Read |
|---|---|---|---|---|
| Revenue | ~$1,070M | $1,091M | +$21M / +2.0% | Beat — best YoY since GRAIL spin |
| Adj EPS | $1.05 | $1.15 | +$0.10 / +9.5% | Beat — +18.6% YoY |
| GAAP EPS | — | $0.87 | +6.1% YoY | — |
| Adj Op Margin | ~20.4% guide mid | 21.9% | +150 bps vs guide | Operating leverage |
| Sequencing Consumables | — | $726M | +4.3% YoY | Recurring stream stable |
| Sequencing Instruments | — | $118M | +8.3% YoY | First sustained instrument inflection |
| Greater China | — | $52M | -27.8% YoY | Structural; <5% of mix |
| NovaSeq X placements | 50-60 algorithm | 80+ | +33% YoY; supply-constrained | Blowout vs Feb guide |
| Clinical consumables ex-China | — | +20% YoY | 2nd consecutive quarter | Explicit guide upside lever |
| Q2'26 Op margin guide | Higher implied | ~22% | Below Street | Inflation/freight + SomaLogic full quarter |
| L8Q Revenue beat rate | — | 8/8 = 100% | — | Consistent Beater (avg +1.4%) |
| L8Q Adj EPS beat rate | — | 7/8 = 88% | — | Q4'24 was lone mixed quarter |
| L4Q double beat rate | — | 4/4 = 100% | — | Operating leverage driving EPS surprise |
Pattern: Consistent beater with widening EPS surprises driven by operating leverage / cost discipline. 8/8 revenue beats (avg +1.4%) and 7/8 clear EPS beats (Q4'24 was the one mixed quarter during turnaround trough). Slim revenue beats (+0.3% to +2.0%) paired with much larger EPS beats (+1.7% to +15.5%) — operating leverage / cost-discipline driven, not below-the-line. Adj op margin tripled from 7.6% (Q2'24) to 22-24% steady state — this is the real driver of the $75 → $138 stock rerate. Mgmt variance attribution: (a) NovaSeq X — 80+ placements, supply constrained, backlog +20% YoY, $1.3M+ pull-through; (b) clinical consumables +20% YoY ex-China for 2nd straight quarter; (c) NIH funding still a drag (research consumables -12% ex-China) but mgmt views recovery as upside not in guide; (d) China carved out via new geo segmentation — focus on "Rest of World organic"; (e) competitive response (Element $150/genome) — Thaysen confident, leaning on innovation roadmap (TruPath, spatial, 35B flow cells, BioInsight) rather than price cuts.
Guidance Deep Dive
| Metric | Prior (Feb 2026) | New (Q1'26) | vs Prior | Street Pre-Print | vs Street | Read |
|---|---|---|---|---|---|---|
| FY26 Revenue ($B) | $4.50-4.60B | $4.52-4.62B (mid +$20M) | +$20M mid | $4.53B | +$40M / +0.9% | Mechanical raise from Q1 beat |
| FY26 Adj EPS | $5.05-5.20 | $5.15-5.30 (mid $5.225) | +$0.10 mid | $5.12 | +$0.10 | Flow-through |
| FY26 Adj Op Margin | 23.3-23.5% mid | 23.4-23.6% (mid 23.5%) | +10 bps | — | — | Modest raise |
| FY26 Instruments growth | Down LSD to flat | Flat to low-single-digit growth | Direction flip | — | — | Most aggressive in 4Q |
| FY26 NovaSeq X placements | ~50-60/quarter algorithm | Reasonably above prior guide | Raised | — | — | Supply-constrained Q1+Q2 |
| Q2'26 Op Margin | — | ~22% | n/a | Higher implied | Below Street | Inflation/freight + SomaLogic full quarter |
| NovaSeq X transition | — | 82% volume / 55% revenue overall | — | — | — | Research at 90%, clinical at 76% |
| Clinical X target by YE26 | — | >80-85% | — | — | — | Clinical consumables +20% ex-China |
| Multiomics 2027 contribution | 1-2 pts of growth | 1-2 pts (SomaLogic + spatial) | Maintained | — | — | Spatial 2H'26 launch |
| FY27 long-range Op Margin | ~26% | ~26% | Reaffirmed | — | — | Q1'26 implies ~350 bps of 500 bps already achieved |
| FY27 long-range Revenue | HSD growth | HSD growth | Reaffirmed | — | — | — |
| FY27 long-range EPS | Double-digit to teens | Double-digit to teens | Reaffirmed | — | — | — |
| NIH funding recovery | Not in guide | Not in guide; explicit upside lever | Maintained | — | — | Research consumables -12% ex-China |
| China FY26 Revenue | Carved out | Reported separately, <5% of mix | Maintained | — | — | 8 consecutive double-digit decline quarters |
| Capital Allocation | $400M remaining | $1.5B NEW + $400M = $1.9B total | +$1.5B authorization | — | — | Q1: 2M shares @ $120.85 |
| SomaLogic acquisition | Closing | Closed Jan 30 for $363M | Closed | — | — | Multiomics build-out |
| Roche/Element competitive launches | 2H'26 | 2H'26 (35B flow cell as response) | Maintained | — | — | Biggest 2027 swing factor |
Tone: most aggressive forward posture in 4-call sequence. NovaSeq X transition: "lumpy" (Q2'25) → "milestones hit" (Q3'25) → "100+ placements" (Q4'25) → "supply constrained, scaling supply" (Q1'26) — clear inflection. NIH/HSAT: "uncertainty" → "stabilizing" → "improving" → "upside not in guide" — explicit free option. China: "unsustainable" → de-emphasized, <5%, structurally segregated, pure optionality. Multiomics: announce → launch → integrate → contribute (SomaLogic closed Jan 30; spatial 2H'26; 1-2 pts of '27 growth). Risks: Roche/Element competitive launches in 2H is biggest swing factor for '27. NIH and China are de-risked. Q2 margin dip (~22%) from freight/component inflation + SomaLogic full quarter; H2 ramp embedded. Long-range targets reaffirmed: ~26% op margin by '27; HSD revenue; double-digit-to-teens EPS. Q1'26 implies ~350 bps of 500 bps margin expansion already achieved by end of '26 ex-acquisition. Two contradictions identified: (1) NovaSeq X placement cadence — held 50-60/qtr algorithm through Q4'25 + embedded in Feb 2026 guide; one Q later 80+ supply-constrained — Feb guide sandbagged or demand sharply inflected; (2) Q3'25 prepared remarks said "20% non-GAAP by 2027 ex-GC" vs consistent 26% target — likely transcript error.
Upcoming Catalysts
| # | Catalyst | Timing | What to Watch | Read |
|---|---|---|---|---|
| 1 | NovaSeq X supply-constrained ramp | Through FY26 | Q1: 80+ placements (+33% YoY) vs 50-60 algo; Q2 ~80; back-half robust pipeline; full-year "reasonably above" prior guide | Most concrete near-term beat |
| 2 | Clinical consumables +20% ex-China | Through FY26 | 2 consecutive quarters; guide assumes only DD-to-mid-teens; oncology, rare disease, NIPT all contributing | Explicit guide upside lever |
| 3 | NIH funding recovery (NOT in guide) | FY26-FY27 | Research consumables -12% ex-China; mgmt views recovery as upside not yet in guide; biggest unmodeled lever | Free option |
| 4 | Roche/Element/Ultima competitive launches | 2H 2026 | $150/genome from Element; ILMN response = 35B flow cell; mgmt declined to disclose 35B pricing yet | Biggest 2027 swing factor |
| 5 | NovaSeq X transition acceleration | Through FY26-FY27 | 82% volume / 55% revenue on X overall; research 90%, clinical 76% targeting >80-85% by YE26 | Margin tailwind |
| 6 | Spatial transcriptomics launch | 2H 2026 | Multiomics expansion; new TAM; 1-2 pts of 2027 growth | POSITIVE multiomics |
| 7 | 14B + 35B flow cells, Q70 chemistry | FY26-FY27 (18-mo roadmap unveiled at AGBT) | Direct response to $150/genome competition; staggered runs | Innovation moat |
| 8 | TruPath rare disease platform | Launched | Rare disease traction; clinical consumables driver | Clinical wedge |
| 9 | $1.5B + $400M = $1.9B buyback authorization | Multi-year | Q1 repo 2M shares at $120.85; aggressive return at recovered share price | Capital return |
| 10 | SomaLogic acquisition closed Jan 30 ($363M) | Closed | Multiomics build-out; full-quarter inclusion in Q2 dilutes margin ~50 bps | Strategic — multiomics |
| 11 | Q2'26 op margin ~22% (below Street) | Q2'26 | Inflation/freight/component costs + SomaLogic full quarter; H2 ramp embedded | Watch H2 trajectory |
| 12 | FY27 op margin target ~26% | FY27 | Q1'26 implies ~350 bps of 500 bps margin expansion already achieved by end of '26 ex-acquisition | Long-range goal |
| 13 | China BIOSECURE Act outcome | Ongoing | <5% of revenue; structurally segregated; pure optionality | De-risked |
| 14 | Tariff exposure | FY26 | Disclosed; not quantified; freight/component cost pressure | Real Q2 margin pressure |
| 15 | Multi-unit clinical NovaSeq X orders | FY26-FY27 | Capacity build at GH/NTRA/EXAS/Tempus signals volume growth ahead | POSITIVE clinical centralized labs |
Street Q&A
| # | Analyst (Firm) | Topic | Mgmt Response | Quality |
|---|---|---|---|---|
| 1 | Multiple analysts (8 questions) | NovaSeq X transition / supply constraint | Thaysen: 80+ placements (+33% YoY) vs 50-60 algo; Q2 ~80; supply-constrained, scaling; backlog +20% YoY; $1.3M+ pull-through. | Well Answered — quantified |
| 2 | Mikson (Canaccord) | $150/genome competitive impact (Element) | Thaysen: confident; leaning on innovation roadmap (TruPath, spatial, 35B, BioInsight); not price cuts. | Soft deflection — declined to quantify |
| 3 | Arias | 35B flow cell pricing | Thaysen: declined to disclose 35B pricing yet. | Hard deflection |
| 4 | Woodring | Inflation magnitude | Dhingra: Q2 op margin ~22% on freight/component cost step-up + SomaLogic full quarter; declined to give specific bps split. | Partial — directional only |
| 5 | Meehan | Clinical demand by application | Thaysen: clinical +20% ex-China for 2nd Q; oncology, rare disease, NIPT all contributing; declined to break out by application. | Partial — aggregate only |
| 6 | Multiple analysts | Multiomics / spatial | Thaysen: SomaLogic closed Jan 30 ($363M); spatial 2H'26; 1-2 pts of 2027 growth; SomaLogic friendly nod to 10x Genomics by name (rising tide). | Well Answered |
| 7 | Multiple analysts | Margins / FY26 op margin guide | Dhingra: FY raised 10 bps to 23.4-23.6%; ~26% target by 2027 reaffirmed; Q1'26 implies 350 bps of 500 bps margin expansion already. | Well Answered |
| 8 | Multiple analysts | NIH/Research recovery | Thaysen: research consumables -12% ex-China; recovery NOT in guide — explicit upside lever; tone shifted to "stable to improving." | Well Answered — explicit upside |
| 9 | Multiple analysts | FY26 instruments raise | Dhingra: raised to flat-to-LSD growth (vs prior down LSD-to-flat); supply-constrained X placements. | Well Answered |
| 10 | Multiple analysts | Q2 op margin ~22% | Dhingra: freight/component inflation + SomaLogic full quarter; H2 ramp embedded. | Well Answered |
| 11 | (Not asked) | China BIOSECURE Act | — | Conspicuous gap |
| 12 | (Not asked) | Tariff specifics | — | Gap |
| 13 | (Not asked) | Capital allocation despite $1.5B buyback announcement | — | Notable absence given same-day announcement |
| 14 | (Not asked) | NIH policy / standalone | — | Gap |
Contradictions
| # | Topic | Severity | Statement A | Statement B | Why it's a tension |
|---|---|---|---|---|---|
| 1 | NovaSeq X placement cadence | High — Feb guide vs Q1 actual | Q2/Q3/Q4'25: held 50-60/qtr "algorithm" — explicitly embedded into FY26 guide issued Feb 2026 | Q1'26 (one quarter later): placed 80+ and were supply-constrained, with Q2 expected at similar levels | Either Feb guide was sandbagged or demand inflected very sharply. Worth probing for pull-forward ahead of competitor launches or multi-unit clinical orders. Highest-signal contradiction. |
| 2 | 2027 operating margin target | Medium — likely transcript slip | Q3'25 prepared remarks: "20% non-GAAP operating margins by 2027, excluding Greater China" | Q2'25, Q3'25 Q&A, Q4'25, Q1'26: consistent 26% target articulated and +500 bps framing | Almost certainly a verbal slip / transcript error rather than real change in target, but a literal contradiction in the source. |
| 3 | Clinical X transition pace | Low — evolution, not contradiction | Q2'25: framed as gradual ("no cliff") | Q4'25 / Q1'26: accelerated faster than implied | More an evolution than a contradiction — supports inflection thesis. |
| 4 | HSAT/NIH framing | None — consistent | Q2-Q4'25: "uncertainty" → "stabilizing" | Q1'26: "upside not in guide" | Consistently soft, modestly more constructive over time, never built into guide. |
| 5 | China outlook | None — consistent | Multiple Q: "unsustainable" → de-emphasized, ~$210-220M run rate, OEM workaround new disclosure | — | Consistently unresolved; OEM workaround was new disclosure not contradiction. |
| 6 | Multiomics timing | None — consistent | Multiple Q: 2027 story, 1-2 pts contribution | — | Consistent. |
| 7 | Tariffs | None — disclosed real-time | Drag stepped up from ~110 bps to ~205-220 bps | — | Disclosed in real time; no contradiction. |
| 8 | Capital allocation | None — consistent | Slowed as stock ran; "opportunistic" framing held; re-accelerated in Q1'26 with new $1.5B authorization | — | Consistent. |
| 9 | Competitive posture | None — consistent | Dismissive-but-respectful across all 4; PACB IP acquisition was new fact | — | Consistent — new fact not contradiction. |
Indirect Read-Throughs
| Name | Relationship | What ILMN signaled | Read-through |
|---|---|---|---|
| Element Biosciences (private) | Direct sequencing competitor | $150/genome announced launches summer 2026; ILMN response = 35B flow cell + Q70 chemistry; ILMN supply-constrained at 80+ placements suggests competitive pressure not materializing in placements | NEGATIVE for Element — ILMN gaining placements |
| Ultima Genomics (private) | Direct sequencing competitor | $150/genome competitive launch; ILMN's 35B flow cell as response | NEGATIVE — competitive defense |
| PacBio (PACB) | Direct sequencing competitor | ILMN acquired key PACB IP — new fact in Q1'26; competitive moat | NEGATIVE for PACB — IP loss |
| Roche / Aviti | Direct sequencing competitor | Roche launches summer 2026; ILMN 35B flow cell response | NEGATIVE — competitive defense |
| MGI / BGI Genomics | Chinese sequencing competitor | Not directly named; China <5% of mix and structurally segregated; OEM workaround new disclosure | Neutral for ILMN; competitive in China |
| Oxford Nanopore (ONT) | Direct sequencing competitor (long-read) | Not directly named; ILMN strength in short-read short-cycle | Neutral |
| 10x Genomics (TXG) | Multiomics / spatial peer | Thaysen friendly named-praise on spatial (Serge Saxonov) — "rising tide" framing | MIXED — partner + competitor on spatial |
| SomaLogic / Olink (OLK) / Nautilus / Quanterix (QTRX) | Proteomics peers | ILMN closed SomaLogic Jan 30 for $363M — direct competitive pressure on standalone proteomics names | NEGATIVE for OLK / NAUT / QTRX |
| Guardant (GH) / Natera (NTRA) / Exact Sciences (EXAS) | Clinical centralized labs (customers) | Multi-unit NovaSeq X orders signal capacity build for volume growth; clinical consumables +20% ex-China | POSITIVE — capacity build at customers |
| Tempus (TEM) | Clinical centralized lab (customer) | Multi-unit clinical capacity build | POSITIVE |
| Thermo Fisher (TMO) / Danaher (DHR) / Agilent (A) / Bio-Techne (TECH) | Tools peers | Sector-wide NIH funding still soft (-12% research consumables ex-China); tone shifted to "stable to improving" | NEGATIVE near-term; POSITIVE upside if NIH recovers |
| Bruker (BRKR) | Tools peer | Same NIH tone signal | Same as TMO/DHR |
| NIH / US academic | Macro / customer | Tone shifted to "stable to improving"; recovery NOT in guide = upside option for 2H26 | Upside lever |
| BIOSECURE Act | Regulatory | No mention on Q1'26 call | De-risked |
| FX (USD) | Macro KPI | USD flipped to ~1pt tailwind (vs headwind in 2025) | Positive Q1'26 |
| GRAIL (spun off 2024) | Former subsidiary | Spin completed Q3'24; Adj op margin step-up partly from deconsolidation | Historical |
| Pharma R&D (LLY, MRK, PFE) | Customers | Trial-driven sequencing intensity rising (exome→genome = 15x) | POSITIVE — pharma demand intensification |
| Singular Genomics | Sequencing competitor | Not directly named | Neutral |
| Fluent Biosciences (acquired 2024) | Owned multiomics | Single-cell expansion | Strategic |
Data sourced from Daloopa. Document search is currently in beta; transcript and filing snippets may vary.