Illumina is the global leader in DNA sequencing and array-based technologies, enabling customers to read, analyze, and interpret genetic information across applications including cancer diagnosis, reproductive health, rare disease diagnosis, and basic research. Illumina's core product line consists of sequencing instruments and the consumables — reagents and flow cells — that run on them. The flagship NovaSeq X Series serves high-throughput clinical and research labs, while lower-throughput systems like the MiSeq i100 and NextSeq serve labs with smaller or more flexible needs. Arrays, using Illumina's BeadArray technology, address genotyping, agrigenomics, and cytogenetics, but represent only ~8% of revenue. Illumina's business model follows a razor/razor-blade dynamic: instruments are sold at modest margins, but every sequencing run requires proprietary consumables, creating a highly recurring revenue stream. Consumables represent ~74% of total revenue. Profitability scales with installed base size and utilization per instrument. Illumina is mid-transition from the NovaSeq 6000 to the NovaSeq X, which carries a lower per-gigabase price but drives higher volumes, particularly in clinical settings. Clinical consumables represent ~60% of sequencing consumables and are growing faster than research. Beyond core sequencing, Illumina is expanding into multiomics — including proteomics via its SomaLogic acquisition, single-cell analysis, spatial transcriptomics, and epigenomics — and launched BioInsight, a data and software business targeting pharma customers for drug discovery.