Illumina unveils $100M annual cost cutting plan
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Illumina (NASDAQ:ILMN) will reduce its annualized run rate expenses by more than $100M annually starting later this year.
The company said the new savings build on a cost-cutting initiative announced in November 2022.
"These cost savings will accelerate progress toward higher margins as well as free up capital to increase investment in high-growth areas," Illumina (ILMN) said in a news release.
The company explained it will cut costs in the following ways. It will leverage the modularization of R&D innovation created as part of the NovaSeq X development, including XLEAP-SBS and new flow cell technology. This will lower the cost and accelerate time to market for future platforms.
Illumina (ILMN) will also conduct activities at more cost-effective locations. Finally, it will streamline processes by taking a look at its real estate portfolio, third-party vendor expenses, and accelerate IT optimization efforts.
For Q1 2023, Illumina (ILMN) beat on the top and bottom lines. It also reiterated its fiscal non-GAAP diluted EPS guidance.
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