Illumina, a next-generation sequencing (NGS) company, is engaged in developing, manufacturing, and marketing DNA sequencing and array-based solutions for genetic and genomic analysis. It is focused on serving the life science research market, including academic institutions and genomic research centers as well as biotechnology and pharmaceutical companies. The company entered the NGS space by acquiring Solexa in 2006. Since then, its sequencing technology has aided the decline in genetic testing costs from USD 100 million in 2001 to less than USD 600 in 2020. The company has developed a range of sequencing instruments to accelerate research into diseases, the development of drugs, and molecular tests. These instruments have applications in areas such as oncology, genetic diseases, population genomics, consumer genomics, and prenatal testing. By 2020, it had installed more than 17,000 active sequencer systems.

In terms of acquisitions, Illumina acquired competing startup GRAIL in August 2021. GRAIL was originally founded by Illumina and later spun out. The company was to operate as a separate entity and the merger was still being reviewed by regulators at the time. In June 2022, the firm acquired the metagenomics company IDbyDNA. The two firms had initially partnered in May 2020 to co-market IDbyDNA’s Explify platform, a DNA search engine that can detect and identify more than 50,000 microorganisms and 3,000 pathogens. 

Key customers and partnerships

Additionally, Illumina develops a variety of next-generation sequencing products intended for in vitro diagnostic use (companion diagnostics) via partnerships with large pharmaceutical companies such as Eli Lilly, Bayer, Bristol-Myers Squibb, Merk, Janssen Biotech , and Roche. The company also collaborates with other precision medicine companies, such as Syapse , QIAGEN, and GeneSeeq, operating in the same segments.

Funding and financials

The company set up a venture fund called the Illumina Accelerator in 2014 to invest in genomic startups. By September 2021, Illumina Accelerator had invested in 61 genomics startups globally and had raised more than USD 1 billion in funding. Founded in 1998, Illumina became a public company in 2000, trading on Nasdaq under the symbol “ILMN.” It reported a non-GAAP net income of USD 892 million for the fiscal year 2021, up 34% YoY. Revenue reached USD 4.5 billion for the year, up 40% YoY. Illumina expects topline growth of 14% - 16% for 2022, while non-GAAP earnings per share is forecast to reach USD 4.0 - 4.2. It expects GRAIL to contribute USD 70 million - 90 million in revenue for the year.