Sequencing leader Illumina reported $1.08 billion in third‑quarter revenue—flat year‑over‑year—and beat adjusted EPS expectations, prompting a modest upward revision to its 2025 guidance. Management pointed to clinical market acceleration outside China as the primary growth driver during the quarter. Illumina trimmed R&D spending while SG&A rose; the company repurchased $120 million of stock and exited the quarter with roughly $1.05 billion in cash. Management said they expect revenues to decline modestly year‑over‑year on a constant currency basis but trimmed the expected range of the decline. The results highlight the diagnostics and clinical sequencing market as a stabilizing force for platform vendors amid softer academic research demand and ongoing macro uncertainty.