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REVENUE
 6 Months Ended
Jun. 29, 2025
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
Q2 2025Q2 2024
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$740 $71 $811 $729 $78 $807 
Instruments96 5 101 116 4 120 
Total product revenue836 76 912 845 82 927 
Service and other revenue136 11 147 171 14 185 
Total revenue$972 $87 $1,059 $1,016 $96 $1,112 
YTD 2025YTD 2024
In millionsSequencingMicroarrayTotalSequencingMicroarrayTotal
Consumables$1,437 $143 $1,580 $1,420 $149 $1,569 
Instruments204 9 213 226 8 234 
Total product revenue1,641 152 1,793 1,646 157 1,803 
Service and other revenue277 30 307 349 36 385 
Total revenue$1,918 $182 $2,100 $1,995 $193 $2,188 
Revenue by Geographic Area
Based on region of destination (in millions)Q2 2025Q2 2024YTD 2025YTD 2024
Americas$586 $640 $1,156 $1,243 
Europe310 289 603 568 
Greater China (1)
63 75 135 153 
Asia-Pacific, Middle East, and Africa (2)
100 108 206 224 
Total revenue$1,059 $1,112 $2,100 $2,188 
_____________
(1)Region includes revenue from China, Taiwan, and Hong Kong.
(2)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 June 29, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $862 million, of which 79% is expected to be converted to revenue in the next twelve months, 10% in the following twelve months, and 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, were $15 million and $16 million as of June 29, 2025 and December 29, 2024, respectively, and were recorded in prepaid expenses and other current assets.
Contract liabilities, which consist of deferred revenue and customer deposits, as of June 29, 2025 and December 29, 2024, were $324 million and $327 million, respectively, of which $247 million and $260 million, respectively, was short-term and recorded in accrued liabilities and the remaining long-term portions were recorded in other long-term liabilities. Revenue recorded in Q2 2025 and YTD 2025 included $70 million and $166 million, respectively, of previously deferred revenue that was included in contract liabilities as of December 29, 2024.