Illumina quarterly net income falls 41% due to GRAIL operating loss
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Illumina (NASDAQ:ILMN) saw its Q1 2022 net income decline ~41% compared to the prior-year period due to a significant operating loss from its GRAIL division, which was acquired in August 2021.
The genomic analysis company beat on the bottom line but revenue came in line.

On a GAAP basis, net profit in the quarter in the core Illumina segment of $362M compared to $193M in the year-ago period. However, in the GRAIL division, operating loss was $172M.
Overall revenue of ~$1.2B was a ~12% year-over-year increase.
The company reiterated its full-year revenue growth expectation as well as non-GAAP diluted EPS guidance.
Read why Seeking Alpha contributor Fade the Market considers Illumina (ILMN) a buy.