Announces Plan to Reduce Annualized Operating Expense Run Rate by $50 - $75 Million Q1 2024 Earnings Conference Call Scheduled for May 9, 2024 MENLO PARK, Calif., April 16, 2024 /PRNewswire/ – PacBio (NASDAQ: PACB) today announced preliminary, unaudited revenue for the quarter ended March 31, 2024. Preliminary First Quarter Results Preliminary revenue of $38.8 million, roughly flat compared with $38.9 million in the prior-year period. Instrument revenue of $19.0 million compared with $20.7 million in the pr ...

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, has been gaining from its slew of strategic deals over the past few months. The optimism, led by a solid fourth-quarter 2023 performance and its product development activities, is expected to contribute further. However, stiff competition and macroeconomic concerns persist.Over the past year, this currently Zacks Rank #3 (Hold) stock has lost 70.5% against the 10.1% growth of the industry. The S&P 500 rose 24.9% in the same time fra ...

MENLO PARK, Calif., March 22, 2024 /PRNewswire/ -- PacBio (NASDAQ: PACB), a leading provider of high-quality, highly accurate sequencing platforms, today announced that the Compensation Committee of the Company's Board of Directors granted a non-qualified stock option (the "Option") covering an aggregate of 79,600 shares of PacBio common stock and restricted stock units ("RSUs") covering 39,800 shares of PacBio common stock to a recently hired employee under the Pacific Biosciences 2020 Inducement Equity In ...

Pacific Biosciences of California (PACB) , popularly known as PacBio,recently announced the PureTarget repeat expansion panel, a new approach that makes it possible to thoroughly examine 20 genes linked to severe neurological conditions, including difficult-to-sequence genes with tandem repeat expansions, is now possible.In addition to cutting down on the amount of time required to find disease-causing variations and the methylation signatures that go along with them, the new long-read process can eliminate ...

HiFi Long-Read Sequencing Panel Supports Comprehensive Analysis of 20 Genes Associated With Neurological DiseaseMENLO PARK, Calif., March 12, 2024 /PRNewswire/ -- PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced the PureTarget repeat expansion panel, a new solution designed to enable the comprehensive analysis of 20 genes associated with serious neurological disorders, including challenging-to-sequence genes with tandem repeat expansions. The ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________ Form 10-K ________________________________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, delivered an adjusted loss per share of 27 cents in fourth-quarter 2023, narrower than the year-ago loss of 35 cents per share. The adjusted loss per share was also narrower than the Zacks Consensus Estimate of a loss of 31 cents.The company’s GAAP loss per share was 31 cents in the quarter, narrower than the year-ago period’s loss of 37 cents.Full-year adjusted loss per share was $1.11, narrower than the loss of $1.38 per share at ...

For the quarter ended December 2023, Pacific Biosciences of California (PACB) reported revenue of $58.36 million, up 113.4% over the same period last year. EPS came in at -$0.27, compared to -$0.35 in the year-ago quarter.The reported revenue represents a surprise of +0.20% over the Zacks Consensus Estimate of $58.24 million. With the consensus EPS estimate being -$0.31, the EPS surprise was +12.90%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how t ...

Financial Data and Key Metrics Changes - Revenue for Q4 2023 grew 113% year-over-year to $58.4 million, with total revenue for 2023 reaching $200.5 million, a 56% increase compared to 2022 [21][44][81] - GAAP net loss for Q4 2023 was $82.0 million or $0.31 per share, compared to a loss of $84.4 million or $0.37 per share in Q4 2022 [58] - Non-GAAP gross profit for Q4 2023 was $11.1 million, representing a non-GAAP gross margin of 19% [84] Business Line Data and Key Metrics Changes - Instrument revenue in Q4 2023 was $35.1 million, a 475% increase from $6.1 million in Q4 2022, driven by the adoption of the Revio platform [54] - Consumable revenue in Q4 2023 was $18.9 million, a record for the company, with approximately $12.4 million coming from Revio systems [32][21] - The installed base of Revio systems reached 173 units by the end of Q4 2023 [54] Market Data and Key Metrics Changes - Revenue from the Americas grew 182% year-over-year to $33.9 million in Q4 2023, while Asia-Pacific revenue increased 31% to $13.4 million [55][33] - EMEA revenue grew 114% over the prior year period, reaching $11.1 million in Q4 2023 [83] Company Strategy and Development Direction - The company aims to increase the adoption of its technology by driving more Revio placements at new customers and expanding Revio fleets at current customers [91] - The launch of Onso, a new sequencing platform, is expected to address a multibillion-dollar short-read sequencing market [48] - The company is focused on improving gross margins through a mix shift towards higher-margin consumables and optimizing manufacturing processes [63][90] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative view on guidance for 2024, expecting revenue between $230 million and $250 million, representing 15% to 25% growth compared to 2023 [22][60] - The company anticipates challenges in the funding environment, particularly in China, which may impact the expansion of the Revio installed base [88][96] - Management is optimistic about the potential for large-scale projects to drive revenue growth, with increasing interest in long-read sequencing [105][137] Other Important Information - The company ended Q4 2023 with $631.4 million in unrestricted cash and investments, down from $767.8 million at the end of Q3 2023 [86] - The total product backlog as of December 31, 2023, was approximately $18.7 million, a decline from $51.5 million a year earlier [87] Q&A Session Summary Question: Can you provide more color on the situation in China? - Management noted that while there were some large multi-system orders in Q4, funding challenges are making it difficult for smaller labs to adopt Revio, leading them to send samples to larger service providers [68] Question: What is the outlook for gross margins in 2024? - Management expects gross margins to improve due to reduced production costs and increased consumable revenue as the installed base grows [97][132] Question: How does the company view the competitive landscape for Revio and Onso? - Management believes there is significant market opportunity for both platforms, particularly in oncology research and large-scale projects, and is focused on driving adoption [118][137]

Pacific Biosciences of California (PACB) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.31. This compares to loss of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.90%. A quarter ago, it was expected that this maker of genetic analysis technology would post a loss of $0.30 per share when it actually produced a loss of $0.27, delivering a surprise of 10%.Over the ...