Core Insights - PacBio reported financial results for the fourth quarter and fiscal year ended December 31, 2024, highlighting a challenging year with significant changes in revenue and expenses [1][11]. Financial Performance - The company achieved a GAAP gross margin of 26% in Q4 2024, up from 16% in Q4 2023, while the non-GAAP gross margin increased to 31% from 19% [3]. - GAAP operating expenses for Q4 2024 totaled $161.9 million, compared to $97.1 million in Q4 2023. Non-GAAP operating expenses were $68.6 million, down from $88.4 million in the same period [4]. - GAAP net income for Q4 2024 was $3.6 million, a significant improvement from a net loss of $82.0 million in Q4 2023. Basic net income per share was $0.01 compared to a loss of $0.31 per share in the prior year [6]. - Total revenue for Q4 2024 was $39.2 million, representing a 33% decrease from $58.4 million in Q4 2023. Instrument revenue fell to $15.3 million from $35.1 million, while consumables revenue remained relatively stable at $18.8 million [9]. Strategic Developments - The company accelerated the launch of its Vega benchtop sequencing platform, which aims to broaden access to HiFi long-read sequencing [10]. - A clinical collaboration with Berry Genomics was established, delivering Vega systems to support prenatal health and screening programs in China [10]. - The introduction of SPRQ chemistry allows for sub-$500 HiFi long-read human genome sequencing, significantly reducing DNA input requirements and increasing sample throughput [10]. Financial Position - As of December 31, 2024, cash, cash equivalents, and investments totaled $389.9 million, down from $631.4 million a year earlier [7]. - The company executed a convertible note exchange, reducing the outstanding principal balance by $259 million, which included replacing $459 million in convertible notes due 2028 with $200 million in new notes due August 2029 [16]. Impairment Charges - The financial results included estimated preliminary non-cash impairment charges of approximately $90.1 million related to goodwill and in-process research and development, driven by macroeconomic headwinds [5][32].

Company Performance - Pacific Biosciences of California (PACB) closed at $1.44, reflecting a -1.37% change from the previous day, underperforming the S&P 500's gain of 0.72% [1] - The stock has decreased by 26.63% over the past month, contrasting with the Medical sector's gain of 4.51% and the S&P 500's gain of 1.02% [1] Earnings Outlook - The company is expected to release its earnings on February 13, 2025, with a projected EPS of -$0.20, indicating a 25.93% increase compared to the same quarter last year [2] Analyst Estimates - Recent changes to analyst estimates for Pacific Biosciences should be monitored, as they reflect short-term business trends and analyst sentiment regarding the company's profitability [3] - The Zacks Consensus EPS estimate has increased by 1.18% over the last 30 days, but the company currently holds a Zacks Rank of 4 (Sell) [5] Industry Context - The Medical - Instruments industry, which includes Pacific Biosciences, has a Zacks Industry Rank of 89, placing it in the top 36% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

MENLO PARK, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ:PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced the appointment of David Ruggiero as the company's new Global Head of Sales & Service. Mr. Ruggiero brings over two decades of experience in sales leadership within the technology and life sciences sectors. Prior to joining PacBio, he served as Senior Vice President, North America for Sinch AB, a leading global provider of cloud-based communic ...

Core Insights - PacBio has appointed David Ruggiero as the new Global Head of Sales & Service, effective February 10, 2025 [1][4] - Ruggiero has over 20 years of experience in sales leadership within technology and life sciences, previously serving in senior roles at companies like Sinch AB, Zoom Video Communications, Microsoft, and Thermo Fisher Scientific [2][3] - The company aims to expand its global presence and enhance customer support for its sequencing solutions under Ruggiero's leadership [3][4] Company Overview - Pacific Biosciences of California, Inc. (PacBio) is a leading life science technology company focused on advanced sequencing solutions [5] - The company offers two core technologies: HiFi long-read sequencing and SBB® short-read sequencing, addressing various research applications including human germline sequencing, oncology, and infectious disease [5] - PacBio products are designated for research use only and are not intended for diagnostic procedures [6]

MENLO PARK, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) announced today that it will hold its quarterly conference call to discuss its fourth quarter 2024 financial results on Thursday, February 13, 2025, at 4:30 pm Eastern Time. The call will be webcast and may be accessed at PacBio’s website at https://investor.pacificbiosciences.com/. Date: Thursday, February 13, 2025, at 4:30 pm ET (1:30 pm PT)Listen live via internet or replay: https://investor.pacificbiosciences.com/Toll-free: 1-88 ...

Core Insights - PacBio has appointed Chris Smith, CEO of NeoGenomics, to its Board of Directors, effective immediately, while David Meline steps down from the Board [1][4] - Chris Smith brings extensive experience in genomics, diagnostics, and corporate strategy, having led NeoGenomics in its growth and innovation in precision medicine [2][3] - The addition of Smith is expected to enhance PacBio's efforts to expand into the clinical genomics market, leveraging his expertise in clinical diagnostics [3][4] Company Overview - PacBio is a leading life science technology company focused on developing advanced sequencing solutions to address complex genetic problems [5] - The company utilizes two core technologies: HiFi long-read sequencing and SBB® short-read sequencing, applicable across various research fields including oncology, infectious disease, and microbiology [5] - PacBio's products are designated for research use only and are not intended for diagnostic procedures [6]

MENLO PARK, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ:PACB), a leader in high-quality, long-read sequencing, is proud to announce its critical role in a study to be published in Nature Genetics. The study, titled Synchronized long-read genome, methylome, epigenome, and transcriptome for resolving a Mendelian condition, showcases how researchers leveraged PacBio's advanced sequencing solutions, including the synchronized Fiber-seq and Kinnex (formerly MAS-seq) multiomic approach, to uncover th ...

New sequencing approach resolves the genetic complexity of a rare Mendelian conditionMENLO PARK, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB), a leader in high-quality, long-read sequencing, is proud to announce its critical role in a study to be published in Nature Genetics. The study, titled Synchronized long-read genome, methylome, epigenome, and transcriptome for resolving a Mendelian condition, showcases how researchers leveraged PacBio’s advanced sequencing solutions, including the ...

Core Insights - PacBio has announced the Global Institute for Food Security (GIFS) at the University of Saskatchewan as the first Revio PacBio Certified Service Provider in Canada, enhancing access to high-quality sequencing solutions [1][4][6] Company Overview - PacBio is a leading life science technology company focused on developing advanced sequencing solutions, including HiFi long-read and SBB short-read sequencing technologies, aimed at resolving genetically complex problems across various research applications [7] Service Provider Details - GIFS will utilize PacBio's HiFi sequencing technology through its Omics and Precision Analytics Laboratory (OPAL) platform, providing researchers with access to accurate long-read sequencing data for complex genetic studies [2][3] - The certification as a PacBio Certified Service Provider indicates that GIFS has the necessary expertise and infrastructure to deliver high-quality sequencing solutions, including genome assemblies and transcriptomics [3][4] Research and Development Impact - The partnership aims to support Canadian researchers in addressing global challenges such as food security and agricultural sustainability by providing them with advanced genomics solutions [4][5] - GIFS' OPAL platform offers full-service genomics solutions, including automation and advanced data analysis, positioning it as a valuable resource for large-scale genomic projects [4][5] Strategic Importance - The addition of GIFS to PacBio's Certified Service Provider network reflects the company's commitment to making its advanced sequencing solutions accessible to researchers globally [6]

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, has been gaining from its continued product development. The optimism, led by decent 2024 preliminary results and restructuring initiatives, is expected to contribute further. However, long purchasing cycles and business seasonality concerns persist.In the past six months, this Zacks Rank #3 (Hold) company’s shares have lost 8.1% against 4.8% growth of the industry. The S&P 500 Composite has also gained 9.4% in the said time frame.T ...