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REVENUE | 12 Months Ended
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Dec. 29, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE |
3. REVENUE
Our revenue is generated from the sale of products and services. Product revenue consists of sales of instruments and consumables used in genetic analysis. Service and other revenue consists of revenue generated from genotyping and sequencing services, instrument service contracts, development and licensing agreements, and prior to the Spin-Off of GRAIL on June 24, 2024, cancer detection testing services related to the GRAIL business. Revenue by Source
| 2024 |  | 2023 |  | 2022
In millions | Sequencing |  | Microarray |  | Total |  | Sequencing |  | Microarray |  | Total |  | Sequencing |  | Microarray |  | Total
Consumables | $ | 2,858 |  |  | $ | 297 |  |  | $ | 3,155 |  |  | $ | 2,790 |  |  | $ | 293 |  |  | $ | 3,083 |  |  | $ | 2,919 |  |  | $ | 306 |  |  | $ | 3,225 |
Instruments | 484 |  |  | 17 |  |  | 501 |  |  | 685 |  |  | 19 |  |  | 704 |  |  | 709 |  |  | 19 |  |  | 728 |
Total product revenue | 3,342 |  |  | 314 |  |  | 3,656 |  |  | 3,475 |  |  | 312 |  |  | 3,787 |  |  | 3,628 |  |  | 325 |  |  | 3,953 |
Service and other revenue | 651 |  |  | 65 |  |  | 716 |  |  | 637 |  |  | 80 |  |  | 717 |  |  | 543 |  |  | 88 |  |  | 631 |
Total revenue | $ | 3,993 |  |  | $ | 379 |  |  | $ | 4,372 |  |  | $ | 4,112 |  |  | $ | 392 |  |  | $ | 4,504 |  |  | $ | 4,171 |  |  | $ | 413 |  |  | $ | 4,584 |
Revenue by Geographic Area
Based on region of destination (in millions) | 2024 |  | 2023 |  | 2022(1)
Americas(2) | $ | 2,441 |  |  | $ | 2,521 |  |  | $ | 2,479 |
Europe | 1,185 |  |  | 1,140 |  |  | 1,089 |
Greater China(3) | 308 |  |  | 384 |  |  | 472 |
Asia-Pacific, Middle East and Africa(4) | 438 |  |  | 459 |  |  | 544 |
Total revenue | $ | 4,372 |  |  | $ | 4,504 |  |  | $ | 4,584 |
_____________ (1)We implemented a new global commercial structure in Q1 2023 to improve operating efficiencies and better align with local markets. We integrated Asia-Pacific and Japan with emerging markets across the Middle East, Africa, Turkey, and Commonwealth of Independent States (CIS). Beginning in Q1 2023, and going forward, we report regional results for the following regions: Americas, Europe, Greater China, and Asia-Pacific, Middle East and Africa (AMEA). Prior period amounts have been reclassified to conform to this new presentation. (2)Americas revenue included United States revenue of $2,288 million, $2,359 million, and $2,290 million in 2024, 2023 and 2022, respectively. (3)Region includes revenue from China, Taiwan, and Hong Kong. (4)Region includes revenue from Russia and Turkey. Performance Obligations We regularly enter into contracts with multiple performance obligations. These contracts are believed to be firm as of the balance sheet date. However, we may allow customers to make product substitutions as we launch new products. The timing of shipments depends on several factors, including agreed upon shipping schedules, which may span multiple quarters. Most performance obligations are generally satisfied within a short time frame, approximately three to six months, after the contract execution date. As of December 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $657 million, of which approximately 78% is expected to be converted to revenue in 2025, approximately 10% in the following twelve months, and the remainder thereafter. Contract Assets and Liabilities Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing, as of December 29, 2024 and December 31, 2023, were $16 million and $18 million, respectively, all of which were short-term and recorded in prepaid expenses and other current assets. Contract liabilities, which consist of deferred revenue and customer deposits, as of December 29, 2024 and December 31, 2023, were $327 million and $329 million, respectively, of which the short-term portions of $260 million and $252 million, respectively, were recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in 2024 included $245 million of previously deferred revenue that was included in contract liabilities as of December 31, 2023.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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