1. Illumina's stock has rebounded 25% since October 2023, despite underwhelming revenue growth and challenges with the NovaSeq X platform and macro headwinds. 2. The company faces issues with the adoption of NovaSeq X, and increased complexity and costs in data processing. 3. Illumina's scalable business model and high-margin consumable revenues offer significant upside, with potential for substantial margin expansion and EPS improvement by 2027.