Illumina Inc. (NASDAQ: ILMN) General Counsel Charles Dadswell Departure: What Investors Need to Know
SAN DIEGO – Illumina Inc., a leader in laboratory analytical instruments, announced the departure of General Counsel and Secretary Charles Dadswell. Scott Davies will step in as Interim General Counsel and Secretary following Dadswell's exit.
Dadswell will transition into an advisory role until March 31, 2025, to ensure a smooth handover of responsibilities. He will continue to receive his current salary and a lump-sum payment of $600,000 upon completion of his advisory obligations.
In addition to the advisory arrangement, Illumina and Dadswell have a Separation Agreement in place, detailing the benefits Dadswell will receive upon termination of his services.
Recent developments include Illumina fully repaying its $761 million credit agreement debt, issuing $500 million in notes due 2026, and FDA approval of its TruSight Oncology Comprehensive test.
Analyst firms have adjusted their ratings and price targets for Illumina, with TD Cowen upgrading the stock to Buy and Scotiabank setting a price target of $164.
Illumina aims to accelerate revenue growth to high single digits by 2027 and has reported core revenue of $1.1 billion with non-GAAP operating margins at 22.2%.
InvestingPro Insights:
- Illumina's revenue for the last twelve months is $4,429 million with a gross profit margin of 66.34%.
- While not currently profitable, analysts predict Illumina will be profitable this year.
- The company has shown a strong return over the last three months, with a price total return of 32.05%.
InvestingPro Tips offer additional insights for investors interested in a deeper analysis of Illumina's financial health and market position.