[Q1 2024 Performance Summary](index=1&type=section&id=Q1%202024%20Performance%20Summary) PacBio's Q1 2024 revenue was nearly flat at $38.8 million due to delayed instrument purchases, though gross margin improved and net loss narrowed Q1 2024 Revenue Breakdown (vs. Q1 2023) | Revenue Category | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Instrument Revenue | $19.0M | $20.7M | -8.2% | | Consumables Revenue | $16.0M | $14.0M | +14.3% | | Service & Other Revenue | $3.8M | $4.2M | -9.5% | | **Total Revenue** | **$38.8M** | **$38.9M** | **-0.3%** | Q1 2024 Key GAAP Financials (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gross Profit | $11.3M | $9.8M | | Gross Margin | 29% | 25% | | Operating Expenses | $92.6M | $101.0M | | Net Loss | $(78.2)M | $(88.0)M | | Net Loss Per Share | $(0.29) | $(0.36) | Q1 2024 Key Non-GAAP Financials (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Non-GAAP Gross Profit | $12.6M | $9.9M | | Non-GAAP Gross Margin | 33% | 26% | | Non-GAAP Operating Expenses | $87.2M | $88.7M | | Non-GAAP Net Loss | $(71.4)M | $(75.5)M | | Non-GAAP Net Loss Per Share | $(0.26) | $(0.31) | - Key operational updates include the selection of the Revio system by the University of Tartu for a 10,000-genome project, the launch of the PureTarget repeat expansion panel for neurological disorder research, and the initiation of a significant cost reduction program[10](index=10&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management attributed Q1 revenue miss to delayed instrument purchases, focusing on commercial execution, product pipeline, and a cost-reduction plan for positive cash flow by 2026 - Management cited delayed instrument purchases as the primary reason for missing revenue expectations, although consumables revenue grew **15%** year-over-year[11](index=11&type=chunk) - Strategic priorities include improving commercial execution and developing new products such as a benchtop long-read platform and high-throughput short-read and long-read platforms[11](index=11&type=chunk) - The company has taken swift action to reduce its cost structure, including a headcount reduction of **195** employees. This is expected to lower the non-GAAP annualized expense run rate by more than **$75 million** by the end of 2024[11](index=11&type=chunk) - These cost-saving measures are part of a broader plan to achieve positive cash flows by the end of **2026**, consistent with the company's long-term guidance[11](index=11&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q1 2024, including the Statement of Operations, Balance Sheets, and GAAP to non-GAAP reconciliations [Unaudited Condensed Consolidated Statement of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Operations) Q1 2024 total revenue was $38.8 million, with gross profit improving to $11.3 million, and net loss narrowing to $78.2 million Q1 2024 Statement of Operations Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenue | $38,810 | $38,900 | | Gross Profit | $11,282 | $9,761 | | Total Operating Expense | $92,644 | $101,013 | | Operating Loss | $(81,362) | $(91,252) | | Net Loss | $(78,178) | $(88,015) | | Net Loss Per Share (Basic) | $(0.29) | $(0.36) | [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, PacBio reported $561.9 million in cash and investments, with total assets at $1.67 billion and liabilities at $1.02 billion Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and investments | $561,914 | $631,416 | | Inventory, net | $67,343 | $56,676 | | Total Assets | $1,669,920 | $1,746,013 | | Convertible senior notes, net | $892,545 | $892,243 | | Total Stockholders' Equity | $649,017 | $701,304 | [Reconciliation of Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP figures, showing a Q1 2024 non-GAAP net loss of $71.4 million after adjustments Q1 2024 GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP net loss** | **$(78,178)** | | Change in fair value of contingent consideration | $(70) | | Amortization of acquired intangible assets | $6,849 | | **Non-GAAP net loss** | **$(71,399)** | Q1 2024 GAAP to Non-GAAP Gross Profit Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP gross profit** | **$11,282** | | Amortization of acquired intangible assets | $1,343 | | **Non-GAAP gross profit** | **$12,625** | [Disclosures](index=2&type=section&id=Disclosures) This section explains PacBio's use of non-GAAP measures for comparability and internal planning, alongside forward-looking statements detailing risks and uncertainties - PacBio reports non-GAAP measures because it believes they provide consistency and comparability with past financial performance, and uses them for internal forecasting and strategic planning[14](index=14&type=chunk)[15](index=15&type=chunk) - The report contains forward-looking statements concerning cost-saving plans, financial guidance, and new product impacts. These are subject to risks such as competition, supply chain interruptions, and potential product performance issues[17](index=17&type=chunk)

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 ...

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 ...