Amendment: Illumina Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
$ILMNV
Biotechnology: Laboratory Analytical Instruments
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2024
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(858 ) 202-4500
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N/A
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Explanatory Note
On June 3, 2024, Illumina, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Original 8-K”) to report on costs associated with certain exit or disposal activities. The sole purpose of this Form 8-K/A is to disclose, in accordance with Item 2.05(d) of Form 8-K, the Company’s determination regarding certain estimates related to impairment charges it may incur in connection with the Spin-Off (as defined in the Original 8-K). Except as set forth herein, no other modifications have been made to the Original 8-K.
Item 2.05 Costs Associated with Exit or Disposal Activities.
As a result of the impairment test performed by the Company for goodwill and non-amortizing in-process research and development (IPR&D), the Company estimates that it will recognize a goodwill impairment charge in the second quarter of 2024 equal to $1,466 million, or the full remaining carrying value of goodwill related to GRAIL as of March 31, 2024. In addition, the Company estimates that it will recognize an impairment charge for the GRAIL IPR&D intangible asset in the second quarter of 2024 equal to $420 million. The Company does not expect any material future cash expenditures related to these impairments. These charges will be excluded from non-GAAP financial metrics.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ILLUMINA, INC. | |||||||||||||||||
| Date: | June 27, 2024 | By: | /s/ ANKUR DHINGRA | ||||||||||||||
| Name: | Ankur Dhingra | ||||||||||||||||
| Title: | Chief Financial Officer | ||||||||||||||||