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 ...

Financial Performance - The company reported total revenue of $200.5 million for the year ended December 31, 2023, with product revenue accounting for $183.9 million, primarily from instrument sales and related consumables [368]. - Total revenue for 2023 reached $200,521,000, a significant increase of 56.3% compared to $128,304,000 in 2022 [383]. - Product revenue increased to $183,872,000 in 2023, up 69.2% from $108,699,000 in 2022 [383]. - Gross profit for 2023 was $52,780,000, compared to $49,035,000 in 2022, reflecting a gross margin improvement [383]. - Operating loss widened to $334,467,000 in 2023 from $307,196,000 in 2022, indicating increased operational challenges [383]. - Net loss for 2023 was $306,735,000, slightly improved from a net loss of $314,248,000 in 2022 [383]. - Cash and cash equivalents decreased to $179,911,000 in 2023 from $325,089,000 in 2022, indicating liquidity pressures [380]. - Total assets decreased to $1,746,013,000 in 2023 from $1,767,086,000 in 2022, reflecting a decline in overall asset base [380]. - Total liabilities decreased to $1,044,709,000 in 2023 from $1,204,182,000 in 2022, showing improved liability management [380]. - Stockholders' equity increased to $701,304,000 in 2023 from $562,904,000 in 2022, indicating a stronger equity position [380]. Research and Development - The company expects to continue its research and development efforts to enhance product offerings and maintain competitive advantages in the market [12]. - The company plans to continue investing in research and development, with R&D expenses totaling $187,170,000 in 2023, slightly down from $193,000,000 in 2022 [383]. - Research and development expenses consist mainly of personnel costs for core technology development and product enhancements, expensed as incurred [427]. Acquisitions - The company completed the acquisition of Apton Biosystems, Inc. in 2023, recording an indefinite-lived intangible asset valued at $55.0 million [374]. - The company acquired Apton Biosystems, Inc. on August 2, 2023, a genomics company focused on developing a high throughput short-read sequencer [439]. - The total consideration transferred for the Apton acquisition was $94.0 million, which included $76.6 million in common stock and $0.2 million in cash [440]. - Goodwill recognized from the Apton acquisition was $52.3 million, primarily due to expected synergies from integration [446]. - The total consideration for the Omniome acquisition was $714.8 million, including $315.7 million in cash and $249.4 million in common stock [453]. - The total consideration for the Circulomics acquisition was $29.5 million, with goodwill recognized at $19.3 million [459]. Revenue Recognition - The company identified performance obligations in revenue contracts, which may include non-standard terms, requiring management judgment in revenue recognition [368]. - Revenue is primarily generated from product sales, including instruments and related consumables, with service revenue from product maintenance agreements [419]. - The company recognizes revenues when control of the promised goods is transferred to customers, generally upon delivery or shipment [421]. Cash Flow and Liquidity - Net cash used in operating activities decreased to $259,173,000 in 2023 from $263,211,000 in 2022 [1]. - Cash provided by investing activities was $4,604,000 in 2023, compared to $116,083,000 in 2022 [1]. - Cash provided by financing activities increased to $108,891,000 in 2023 from $9,622,000 in 2022 [1]. - Total cash, cash equivalents, and restricted cash at the end of the period was $182,633,000, down from $328,311,000 in 2022 [1]. - Total cash, cash equivalents, and investments as of December 31, 2023, amounted to $631.2 million, a decrease from $777.1 million in 2022 [487]. Debt and Interest - The company issued $900 million of 1.50% Convertible Senior Notes due February 15, 2028, which facilitated the repayment of the Continuation Advances [470]. - The company issued $441.0 million in 1.375% Convertible Senior Notes due 2030 in exchange for the same amount of 1.50% Convertible Senior Notes due 2028 in June 2023 [504]. - The total interest expense for the 2030 Notes in 2023 was $3.495 million, including $3.032 million in contractual interest and $463,000 in amortization of debt issuance costs [518]. - The total interest expense for the 2028 Notes in 2023 was $10.605 million, comprising $10.133 million in contractual interest and $472,000 in amortization of debt issuance costs [531]. Inventory and Assets - Inventory provision for 2023 was $10,584,000, up from $6,027,000 in 2022 [1]. - Inventory, net, increased to $56.7 million in 2023 from $50.4 million in 2022, with work in process rising significantly from $14.1 million to $23.4 million [489]. - Property and equipment, net, decreased to $36.4 million in 2023 from $41.6 million in 2022, with accumulated depreciation increasing from $65.0 million to $74.8 million [490]. - Goodwill increased to $462.3 million in 2023, up from $410.0 million in 2022, primarily due to the Apton acquisition [492]. Legal and Commitments - The company accrues liabilities for legal proceedings when future expenditures are probable and can be reasonably estimated [537]. - The company has approximately $109.9 million in purchase orders and contractual obligations as of December 31, 2023, with most due within a year [543]. - A long-term supply agreement with a semiconductor manufacturer includes minimum purchase commitments through 2026 [545].