Illumina makes the machines that read DNA. It dominates next-generation sequencing (NGS) — its NovaSeq, NextSeq and MiSeq systems sit in most of the world's genomics labs — and, like a razor-and-blades business, ~72% of its ~$4.4B revenue is the consumables (flow cells and reagents) those installed sequencers burn through on every run.
What Illumina, Inc. really sells
Illumina makes the machines that read DNA. It dominates next-generation sequencing (NGS) — its NovaSeq, NextSeq and MiSeq systems sit in most of the world's genomics labs — and, like a razor-and-blades business, ~72% of its ~$4.4B revenue is the consumables (flow cells and reagents) those installed sequencers burn through on every run.