Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, delivered an adjusted loss per share of 26 cents in first-quarter 2024, narrower than the year-ago loss of 31 cents per share. The adjusted loss per share aligned with the Zacks Consensus Estimate.The company’s GAAP loss per share was 29 cents in the quarter, narrower than the year-ago period’s loss of 36 cents.Revenues in DetailPacBio registered revenues of $38.8 million in the first quarter, down 0.2% year over year. The figure be ...

Financial Performance & Guidance - Q1 2024 revenue was $38.8 million, approximately flat compared to Q1 2023[5, 83] - Q1 2024 Non-GAAP gross margin was approximately 33%, compared to 26% in Q1 2023[83] - PacBio expects full-year 2024 revenue to be between $170 million and $200 million[12, 64] - Non-GAAP operating expenses for 2024 are expected to decline compared to $355 million in 2023, landing between approximately $300 million and $310 million[86] - The company anticipates non-GAAP annualized restructuring savings to exceed $75 million by the end of the year[69] - PacBio projects ending cash, cash equivalents, and investments to be between $435 million and $450 million, representing a cash burn of $189 million at the midpoint[69] Business Updates - Consumable revenue increased by 15% year-over-year, but fell short of expectations[17, 83] - Instrument revenue was $19.0 million, a decrease of 8% year-over-year[83] - The installed base of Revio systems reached 201 as of March 31, 2024, with 28 new installations since December 31, 2023[63] - PacBio is focused on four strategic priorities, including improving commercial execution, reducing operating expenses, continuing platform development, and expanding gross margins[31, 58, 59, 80, 81, 103] - Long-read data generated from PacBio sequencers increased by approximately 2.5x year-over-year, indicating continued market share gain for long-reads[50]

For the quarter ended March 2024, Pacific Biosciences of California (PACB) reported revenue of $38.81 million, down 0.2% over the same period last year. EPS came in at -$0.26, compared to -$0.31 in the year-ago quarter.The reported revenue represents a surprise of +0.08% over the Zacks Consensus Estimate of $38.78 million. With the consensus EPS estimate being -$0.26, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Pacific Biosciences of California (PACB) came out with a quarterly loss of $0.26 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.31 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this maker of genetic analysis technology would post a loss of $0.31 per share when it actually produced a loss of $0.27, delivering a surprise of 12.90%.Over the last four quarters, the company has surpassed consensus EPS estimates three ...

Revenue Performance - Revenue for the three months ended March 31, 2024, decreased slightly to $38.8 million, compared to $38.9 million for the same period in 2023[119]. - Instrument revenue decreased by $1.7 million, or 8%, to $19.0 million, primarily due to the sale of 28 Revio systems compared to 32 in the prior year[126]. - Consumables revenue increased by $2.0 million, or 15%, to $16.0 million, driven by higher Revio consumables sales[127]. Profitability and Loss - Gross profit increased by $1.5 million, or 16%, to $11.3 million, with a gross margin of 29% for the three months ended March 31, 2024, compared to 25% in the prior year[130]. - Operating loss decreased by $9.9 million, or 11%, to $81.4 million for the three months ended March 31, 2024[124]. - The company reported a net loss of $78.2 million for the three months ended March 31, 2024, compared to a net loss of $88.0 million for the same period in 2023[146][147]. Expenses - Research and development expenses decreased by $5.5 million, or 11%, to $43.5 million, primarily due to restructuring activities[131]. - Sales, general, and administrative expenses increased by $3.9 million, or 10%, to $43.8 million, driven by an increase in personnel expenses[132]. Cash Flow and Investments - Cash used in operating activities was $75.7 million for Q1 2024, a decrease from $94.7 million in Q1 2023, indicating improved cash flow management[144][146][147]. - Cash used in investing activities for Q1 2024 was $34.1 million, significantly lower than $72.6 million in Q1 2023, reflecting a strategic shift in investment[144][149]. - The company provided $6.6 million in cash from financing activities in Q1 2024, compared to $195.9 million in Q1 2023, indicating a decrease in capital raised[144][150][151]. Cash Position - Cash, cash equivalents, and short-term investments were $561.9 million at March 31, 2024, representing an 11% decrease compared to December 31, 2023[119]. - As of March 31, 2024, the company had cash, cash equivalents, and investments totaling $561.9 million, down from $631.4 million as of December 31, 2023[139]. Future Outlook and Initiatives - The company plans to reduce certain annualized run-rate operating expenses by the end of 2024, including workforce reductions and facilities downsizing[117]. - The company implemented efficiency and expense reduction initiatives expected to lower annualized operating expenses by the end of 2024[141]. - The median sales cycle for Revio instrument purchases increased more than expected, attributed to funding uncertainties and procurement delays[121]. - The company expects to achieve a milestone payment of $25.0 million upon reaching $50 million in revenue from Apton's technology within five years of the acquisition[135][143]. Investment Portfolio and Interest Expenses - The fair value of the company's investment portfolio could be affected by a hypothetical 100 basis-point change in interest rates, impacting it by approximately $3.1 million[161]. - The company incurred interest expenses of $3.6 million for both Q1 2024 and Q1 2023, primarily related to convertible senior notes[137]. - The company achieved a milestone payment of approximately $100.9 million in cash and 9.0 million shares to former Omniome securityholders following a milestone achievement in September 2023[134].

PacBio Announces First Quarter 2024 Financial Results MENLO PARK, Calif. – May 9, 2024 /PRNewswire/ – PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2024. First quarter results: Gross profit for the first quarter of 2024 was $11.3 million, representing a 16% increase compared with $9.8 million for the first quarter of 2023 and a gross margin of 29% in the first quarter of 2024 compared to 25% for the first quarter of 2023. Operating expenses totaled $92.6 million for ...

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, is scheduled to release first-quarter 2024 results on May 9.In the last reported quarter, the company’s adjusted loss per share of 27 cents was narrower than the Zacks Consensus Estimate of a loss of 31 cents per share. Over the trailing four quarters, its earnings outperformed the Zacks Consensus Estimate on all occasions, delivering an earnings surprise of 13.1%, on average.Let’s see how things have shaped up prior to this announc ...

Pacific Biosciences of California (PACB) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this maker of genetic analysis technology have returned -49.7% over the past month versus the Zacks S&P 500 composite's -4.2% change. The Zacks Medical - Instruments industry, to which Pacific Biosciences belongs, has lost 4.3% over this period. Now the key question is: Where could the st ...

Pacific Biosciences of California (PACB) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by th ...

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, recently announced preliminary revenues for first-quarter 2024. Despite the soft preliminary results, the company’s shares gained 7.1% in the pre-market trading session.The company is scheduled to release first-quarter results on May 9.Per the preliminary report, first-quarter 2024 total revenues are estimated to be $38.8 million, down 0.3% year over year. The Zacks Consensus Estimate of $50 million lies above the preliminary figure ...