Management expects double-digit to mid-teens growth for the clinical business in 2026, while acknowledging ongoing challenges and muted growth in the research segment. In early February 2026, Illumina closed its SomaLogic acquisition, expanding into proteomics to build diversified multiomics capabilities.
Cyborg Score Rationale
Q4 2025 results exceeded expectations, with 20% growth in clinical consumables revenue ex-China. However, China remains an open question with the company bringing proteomics into the mix, and the key question is whether solid clinical testing can make up for research demand that's still hit-or-miss.
Top Insights
2026 revenue guidance of $4.5 billion-$4.6 billion exceeds consensus estimate of $4.4 billion
Ex-China organic growth expected between 2% and 4% with non-GAAP operating margin of 23.3% to 23.5%
SomaLogic develops assay platforms to read thousands of proteins in patient blood or urine samples that may signal illnesses or health conditions
China's Ministry of Commerce lifted export ban on sequencers, but instruments still need official approval as company remains on Unreliable Entities List
Named Competitors
PacBio — Long-read sequencing technology
Bio-Rad — Life science research tools and diagnostics
Bio-Techne — Biotech and life science reagents
Thermo Fisher Scientific — Diversified life sciences company
Recent Developments
(February 2026) Closed $425 million SomaLogic acquisition to expand into proteomics
(February 2026) Issued 2026 guidance for $4.5-4.6B revenue with clinical business expected to grow double-digit to mid-teens
(January 2026) China export ban lifted by Ministry of Commerce, though instrument approvals remain outstanding
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