Illumina (NASDAQ: ILMN) beat analyst expectations in Q2 2025 with non-GAAP EPS of $1.19 and GAAP revenue of $1.06 billion. Despite a 3% revenue decline, management raised full-year guidance, expecting a smaller revenue drop and higher non-GAAP diluted EPS. Key factors included strong performance in clinical markets and adoption of its latest X consumables. Operating margin improved to 23.8%, supported by cost control measures. The company also launched new products and software upgrades. Looking ahead, management expects a slight revenue decline for the full year, driven by cost control and share repurchases, not organic growth. Investors should monitor clinical market growth and regulatory conditions in China.

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