Illumina on Thursday reported fiscal second quarter revenues of $1.16 billion, up 3% year-over-year from $1.13 billion in Q2 2021.
The firm included consolidated financial results for Grail in Q2 2022 but not in Q2 2021.
It reported a net loss of $535 million, or $3.40 per share, compared to a net income of $185 million, or $1.26 per share, in the prior-year quarter. GAAP diluted loss per share for Q2 2022 included $609 million in legal contingencies.
Illumina acquired Grail in August 2021 but could face fines of up to 10% of annual revenues if it is found to have infringed European merger regulations.
During Q2, Illumina recognized $609 million in legal contingencies, including an accrual of $453 million, recorded in Q2 2022, for the potential fine that the European Commission may impose of up to 10% of its consolidated annual revenues and an estimated accrual of $156 million, also recorded in Q2 2022, related to the settlement of litigation with BGI in July 2022.
Illumina reported non-GAAP diluted earnings per share of $0.57 for Q2 2022, compared to non-GAAP diluted earnings per share of $1.87 for Q2 2021.
The firm expects its revenues to grow 4% to 5% year-over-year and to post a fiscal year 2022 GAAP diluted loss per share of $2.93 to $2.78 and non-GAAP diluted earnings per share of $2.75 to $2.90.