ILLUMINA, INC. (ILMN): restructuring charge — Illumina cuts headcount and real estate to save >$100M in 2023

ILLUMINA, INC.

Headcount reduction began June 21, 2023, with further cuts expected in Q3.
Annualized run-rate expense reduction target of more than $100 million in 2023.
Estimated $25-35 million in charges for the reduction in force, mostly Q2 2023.
Exiting i3 campus in San Diego ($60M asset) and evaluating Foster City campus ($186M).
No estimate yet for real estate exit charges; will amend 8-K when estimable.

item 2.05

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ILLUMINA, INC. announced a restructuring with charges of approximately $25 - $35 million (headcount reduction).

Type: restructuring
Charge: approximately $25 - $35 million
Headcount: headcount reduction

Exact text from the filing

Company has committed to reduce its annualized run rate expenses by more than $100 million in 2023. The Company estimates that it will incur aggregate charges of approximately $25 - $35 million in connection with the reduction in force commenced on June 21, 2023, and additional reductions this year. The Company expects that the majority of these charges

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ILLUMINA, INC. filing history →

Source: SEC EDGAR

accession 0001110803-23-000048

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