Selected Financial Data
since 2005
Income Statement
Illumina Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Income (loss) from operations | Net income (loss) attributable to Illumina stockholders |
|---|---|---|---|
| Dec 31, 2020 | 3,239) | 580) | 656) |
| Dec 29, 2019 | 3,543) | 985) | 1,002) |
| Dec 30, 2018 | 3,333) | 883) | 826) |
| Dec 31, 2017 | 2,752) | 606) | 726) |
| Jan 1, 2017 | 2,398) | 587) | 463) |
| Jan 3, 2016 | 2,220) | 613) | 462) |
| Dec 28, 2014 | 1,861) | 515) | 353) |
| Dec 29, 2013 | 1,421) | 134) | 125) |
| Dec 30, 2012 | 1,149) | 201) | 151) |
| Jan 1, 2012 | 1,056) | 199) | 87) |
| Jan 2, 2011 | 903) | 212) | 125) |
| Jan 3, 2010 | 666) | 126) | 72) |
| Dec 28, 2008 | 573) | 80) | 50) |
| Dec 30, 2007 | 367) | (301) | (278) |
| Dec 31, 2006 | 185) | 38) | 40) |
| Jan 1, 2006 | 74) | (21) | (21) |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
The financial performance between 2006 and 2020 is characterized by aggressive revenue expansion and a general transition from early-stage volatility toward substantial profitability, concluding with a contraction in the final reporting period.
- Revenue Growth Trajectory
- A consistent and strong upward trend in revenue is observed from 2006 through 2019. Revenue increased from 74 million USD in 2006 to a peak of 3,543 million USD in 2019. This period of expansion was interrupted in 2020, where revenue declined to 3,239 million USD, marking the first decrease in the observed timeframe.
- Operational Income Stability
- Operating income exhibited significant fluctuations in the early years, most notably a sharp decline to a loss of 301 million USD in 2008. Following this volatility, a sustained period of operational improvement occurred, with income from operations growing steadily to peak at 985 million USD in 2019. However, a significant reduction to 580 million USD was recorded in 2020.
- Net Income and Profitability
- Net income attributable to stockholders followed a pattern similar to operational income. After recovering from a substantial loss of 278 million USD in 2008, net income entered a phase of consistent growth, reaching a maximum of 1,002 million USD in 2019. A downward shift occurred in 2020, with net income falling to 656 million USD.
- Comparative Analysis of Trends
- The correlation between revenue growth and net income suggests a successful scaling of operations over the 14-year period. The disparity between the steady rise in revenue and the volatile nature of early net income indicates initial challenges in operational leverage, which were resolved as the company matured. The simultaneous decline in revenue, operating income, and net income in 2020 indicates a systemic impact on overall financial performance during that year.
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Balance Sheet: Assets
Illumina Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2020 | 4,483) | 7,585) |
| Dec 29, 2019 | 4,451) | 7,316) |
| Dec 30, 2018 | 4,490) | 6,959) |
| Dec 31, 2017 | 2,980) | 5,257) |
| Jan 1, 2017 | 2,318) | 4,281) |
| Jan 3, 2016 | 2,097) | 3,688) |
| Dec 28, 2014 | 1,890) | 3,340) |
| Dec 29, 2013 | 1,618) | 3,019) |
| Dec 30, 2012 | 1,787) | 2,566) |
| Jan 1, 2012 | 1,545) | 2,196) |
| Jan 2, 2011 | 1,258) | 1,839) |
| Jan 3, 2010 | 982) | 1,430) |
| Dec 28, 2008 | 865) | 1,377) |
| Dec 30, 2007 | 563) | 988) |
| Dec 31, 2006 | 194) | 301) |
| Jan 1, 2006 | 80) | 101) |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
The financial trajectory from 2006 to 2020 is characterized by aggressive and consistent expansion of the total asset base. Total assets grew from 101 million US dollars in early 2006 to 7,585 million US dollars by the end of 2020, reflecting a significant increase in the scale of operations and capital investment over the 15-year period.
- Total Asset Growth Patterns
- A period of rapid acceleration is observed between 2006 and 2008, where total assets increased from 101 million to 1,377 million. Following this initial surge, a steady upward trend continued through 2020, with a notable increase occurring between December 2017 and December 2018, where total assets rose from 5,257 million to 6,959 million.
- Current Asset Evolution
- Current assets followed a similar growth trajectory, rising from 80 million in 2006 to 4,483 million by the end of 2020. A significant surge in liquidity is evident between December 2017 and December 2018, during which current assets grew from 2,980 million to 4,490 million, indicating a substantial accumulation of short-term resources.
- Asset Composition and Liquidity Trends
- The proportion of current assets relative to total assets remained substantial throughout the analyzed period. While the ratio fluctuated, the company maintained a strong liquidity position. By the end of 2020, current assets represented approximately 59% of total assets, a decrease from the 79% observed in early 2006, suggesting a gradual shift toward a more diversified asset structure involving a larger share of non-current assets as the organization scaled.
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Balance Sheet: Liabilities and Stockholders’ Equity
Illumina Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt | Illumina stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2020 | 1,244) | 1,184) | 4,694) |
| Dec 29, 2019 | 665) | 1,141) | 4,613) |
| Dec 30, 2018 | 1,804) | 1,997) | 3,758) |
| Dec 31, 2017 | 746) | 1,336) | 2,749) |
| Jan 1, 2017 | 705) | 1,272) | 2,197) |
| Jan 3, 2016 | 610) | 1,100) | 1,849) |
| Dec 28, 2014 | 722) | 1,291) | 1,463) |
| Dec 29, 2013 | 322) | 869) | 1,533) |
| Dec 30, 2012 | 305) | 842) | 1,319) |
| Jan 1, 2012 | 238) | 807) | 1,075) |
| Jan 2, 2011 | 535) | 312) | 1,198) |
| Jan 3, 2010 | 441) | 290) | 864) |
| Dec 28, 2008 | 510) | 400) | 849) |
| Dec 30, 2007 | 166) | 400) | 412) |
| Dec 31, 2006 | 34) | —) | 247) |
| Jan 1, 2006 | 22) | —) | 72) |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
The financial position between 2006 and 2020 is characterized by a substantial expansion of the balance sheet, marked by consistent growth in equity and periodic fluctuations in both short-term and long-term obligations.
- Current Liabilities
- Current obligations exhibited a general upward trajectory, increasing from 22 million in 2006 to 1,244 million by 2020. A significant peak is observed in 2018, where liabilities reached 1,804 million, followed by a sharp contraction in 2019 before rising again in 2020.
- Long-term Debt
- A transition from a zero-debt position in 2006 to the utilization of significant long-term leverage is evident. Debt levels increased steadily from 2007, peaking at 1,997 million in 2018. A substantial reduction occurred in 2019, with debt levels stabilizing at 1,184 million by the end of 2020.
- Stockholders' Equity
- Equity demonstrated the most consistent and aggressive growth of the tracked metrics, rising from 72 million in 2006 to 4,694 million in 2020. This represents a sustained accumulation of net assets, with the most rapid expansion occurring between 2016 and 2020.
- Capital Structure and Solvency
- Although total liabilities increased over the fifteen-year period, the growth in stockholders' equity consistently outpaced the growth of long-term debt. The concurrent spikes in current liabilities and long-term debt in 2018 suggest a period of intensified financing activity or strategic investment, which was subsequently moderated in the following two years.
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Cash Flow Statement
Illumina Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2020 | 1,080) | (554) | (766) |
| Dec 29, 2019 | 1,051) | 745) | (897) |
| Dec 30, 2018 | 1,142) | (1,813) | 594) |
| Dec 31, 2017 | 875) | (214) | (176) |
| Jan 1, 2017 | 687) | (515) | (205) |
| Jan 3, 2016 | 660) | (106) | (419) |
| Dec 28, 2014 | 501) | (407) | (167) |
| Dec 29, 2013 | 386) | (70) | (39) |
| Dec 30, 2012 | 292) | (150) | (11) |
| Jan 1, 2012 | 358) | (401) | 97) |
| Jan 2, 2011 | 273) | (285) | 116) |
| Jan 3, 2010 | 174) | (256) | (99) |
| Dec 28, 2008 | 88) | (277) | 338) |
| Dec 30, 2007 | 56) | (68) | 148) |
| Dec 31, 2006 | 39) | (161) | 109) |
| Jan 1, 2006 | (9) | (2) | 6) |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
The financial data reveals a consistent and substantial expansion in operational cash generation over the period from 2006 to 2020. Net cash provided by operating activities evolved from a deficit of 9 million US$ in 2006 to a surplus of 1,080 million US$ by 2020, indicating a strong and sustainable growth trajectory in the core business's ability to generate liquidity.
- Operational Cash Flow Performance
- A sustained upward trend is observed in net cash provided by operating activities. After an initial period of modest growth between 2006 and 2008, the cash flow experienced accelerated growth starting in 2010. The figures surpassed the 500 million US$ threshold in 2014 and peaked at 1,142 million US$ in 2018. This progression suggests an increase in operational efficiency and scale.
- Investing Activity Patterns
- Investing activities remained predominantly negative throughout the analyzed period, reflecting a continuous commitment to capital expenditures and asset acquisition. A significant increase in investment outflows is noted in 2018, reaching 1,813 million US$. This was followed by an atypical positive inflow of 745 million US$ in 2019, suggesting a potential divestiture or a significant return of invested capital, before reverting to a net outflow of 554 million US$ in 2020.
- Financing Activity Dynamics
- The financing cash flows demonstrate a shift in the capital structure strategy. Between 2006 and 2008, the organization relied on external financing, evidenced by consistent positive inflows. From 2010 onward, the trend shifted toward net outflows, suggesting a transition toward debt repayment, dividend distributions, or share repurchases. Notably, a spike in financing inflows occurred in 2018 (594 million US$), which coincided with the peak in investing outflows, followed by substantial outflows in 2019 and 2020, totaling 897 million US$ and 766 million US$, respectively.
- Overall Cash Flow Integration
- The interplay between the three cash flow components indicates a transition from a capital-dependent growth phase to a self-sustaining operational phase. The ability to fund significant investing activities and return capital through financing activities is increasingly supported by the robust growth in operating cash flows, reducing the reliance on external funding over the long term.
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Per Share Data
Illumina Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2020 | 4.48 | 4.45 | 0.00 |
| Dec 29, 2019 | 6.81 | 6.74 | 0.00 |
| Dec 30, 2018 | 5.63 | 5.56 | 0.00 |
| Dec 31, 2017 | 4.96 | 4.92 | 0.00 |
| Jan 1, 2017 | 3.09 | 3.07 | 0.00 |
| Jan 3, 2016 | 3.19 | 3.10 | 0.00 |
| Dec 28, 2014 | 2.61 | 2.37 | 0.00 |
| Dec 29, 2013 | 1.00 | 0.90 | 0.00 |
| Dec 30, 2012 | 1.23 | 1.13 | 0.00 |
| Jan 1, 2012 | 0.70 | 0.62 | 0.00 |
| Jan 2, 2011 | 1.01 | 0.87 | 0.00 |
| Jan 3, 2010 | 0.59 | 0.53 | 0.00 |
| Dec 28, 2008 | 0.43 | 0.38 | 0.00 |
| Dec 30, 2007 | -2.57 | -2.57 | 0.00 |
| Dec 31, 2006 | 0.45 | 0.41 | 0.00 |
| Jan 1, 2006 | -0.26 | -0.26 | 0.00 |
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of per-share financial metrics reveals a long-term trajectory of earnings growth characterized by significant early-period volatility, a sustained expansionary phase, and a subsequent retraction in the final observed year.
- Earnings Volatility and Recovery (2006–2009)
- Initial performance was marked by instability, with basic earnings per share fluctuating from a loss of 0.26 USD in early 2006 to a gain of 0.45 USD by year-end. A substantial decline occurred in 2007, where basic and diluted earnings per share both dropped to -2.57 USD. A recovery followed in 2008, returning to positive territory with basic earnings of 0.43 USD.
- Sustained Growth Phase (2010–2019)
- A consistent upward trend in profitability is observed starting in 2010. Basic earnings per share rose from 0.59 USD in 2010 to a peak of 6.81 USD in 2019. This period was characterized by accelerating growth, particularly between 2014 and 2019, where basic earnings increased from 2.61 USD to 6.81 USD, indicating a significant scaling of net income relative to shares outstanding.
- Earnings Retraction (2020)
- The growth trend reversed in 2020, with basic earnings per share decreasing to 4.48 USD and diluted earnings per share falling to 4.45 USD. This represents a notable contraction from the 2019 peak, although earnings remained substantially higher than those recorded prior to 2014.
- Basic vs. Diluted Earnings Variance
- A narrow gap is maintained between basic and diluted earnings per share across the entire period. The proximity of these two figures suggests a limited impact from potentially dilutive securities, such as stock options or convertible bonds, on the overall earnings per share.
- Dividend Distribution Policy
- No dividend payments were recorded for any of the years analyzed. This indicates a corporate strategy focused on the retention of earnings to fund internal growth or other capital allocations rather than returning capital to shareholders through dividends.
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