Financial GuidanceBacklog at the end of FY23 is now down to $653mn, sharply lower compared to FY22 ending backlog.
Management StabilityILMN has seen the departure of multiple top executives in the past year, which raises concerns about corporate stability.
Market CompetitionILMN is facing a number of headwinds including a tough macro backdrop, geopolitical risks to China revenues, GRAIL divestiture, and increased competition.