Illumina is so large that it was able to spend $1.3 billion on research and development in 2023 and still reported a gross profit of $2.7 billion in 2024. None of Illumina's competitors are close to having this level of assets to spend on R&D even as gross revenues. (A new competitor, Element Biosciences, recently reported a $277-million Series D round.) Even accounting for the GRAIL debacle, Illumina has excellent cash flow and is well positioned compared to its competition. So why do some observers keep predicting the downfall of Illumina?