Model Update: Adjusting Our 2Q26 and 2026 Expectations

研报英文原文证据摘录

Model Update: Adjusting Our 2Q26 and 2026 Expectations

DIAGNOSTICS & LIFE SCIENCES TOOLS

June 26, 2026

We updated our model for the latest 10Q release following the 1Q26 report. • Filings:

Likely in the coming weeks the FDA will notify GRAL if there will • Potential Catalysts:

be an AdComm for the FDA PMA review of Galleri and which topics the AdComm will

focus on.

Source: Company reports; Visible Alpha Estimates;

Guggenheim Securities, LLC estimates ($M, except per share)

ILMN

Model Updates:

Our FY26 revenue changed slightly as a result of NovaSeq X placement • Revenue:

changes in 4Q26.

We adjusted our FY26 estimates (increased 4Q26) to capture • Adjusted Gross Margin:

the heavier mix of consumables expected later in the year, varying from typical instrument

seasonality.

We updated operating expense estimates for FY26, which partially • Adjusted EPS:

offset our gross margin changes, resulting in a slight operating margin increase to FY26

and subsequently higher EPS. Our FY27E EPS also changed slightly due to operating

expense adjustments.

NEO

• Adjusted Gross Margin: We brought up our adjusted gross margin for 2H26 as a result

of the NovaSeq X transition.

We updated our operating expense phasing for 2Q26, shifting a • Adjusted EBITDA:

greater share of adjusted EBITDA into the back half of the year.

NTRA

• Filings: We updated our model for the latest 10Q release following the 1Q26 report.

Otherwise, our estimates are unchanged.

• Recent Updates: Signatera was added to NCCN guidelines for MIBC (muscle invasive

bladder cancer) as a CDx for Tecentriq, based on the IMvigor trial (see our note here).

This could be one of the contributors to volume growth, and as commercial contracting

progresses for this indication that could drive more ASP upside. Signatera was also