Illumina Shares Trading Higher After Confirming Partnership With Johnson & Johnson Unit

Illumina, Inc. ILMN shares are trading higher after announcing preliminary financial results for the fourth quarter (Q4) and fiscal year 2023.

For Q4, the company reported preliminary consolidated revenue of approximately $1.115 billion, up 3% from Q4 2022. The analyst consensus stands at $1.07 billion.

Illumina reported core Illumina revenue of approximately $1,090 million for Q4, up 2% year over year.

The Medtech firm reported a preliminary consolidated non-GAAP operating margin of approximately 3.8% for Q4.

The San Diego-based firm shipped 79 NovaSeq X instruments in Q4 2023 and 352 instruments for fiscal year 2023.

Full fourth quarter and fiscal year 2023 results will be announced after the market closes on Thursday, Feb. 8.

The company recently announced it has signed an agreement with Janssen Research & Development, a unit of Johnson & Johnson JNJ.

This collaboration will be the first relating to the development of Illumina's novel molecular residual disease (MRD) assay, a whole-genome sequencing (WGS) multi-cancer research solution that detects circulating tumor DNA (ctDNA).

Price Action: ILMN shares are trading higher by 7.26% to $143.38 on the last check Tuesday.