| --- | --- | --- | --- | |-----------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | PacBio Q2 2024 Earnings | | | | | | | | | | Presentation August 7, 2024 Second Quarter 2024 Earnings Call | | | | | | | | | | | | | | | | | | | | | | | | 1 Statement regarding use of non‐GAAP financial measures PacBio reports non‐GAAP results for basic and diluted net income and loss per share, net income, net loss, gross margins, ...

Pacific Biosciences of California, Inc. (NASDAQ:PACB) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants Todd Friedman - Senior Director of Investor Relations Christian Henry - President and Chief Executive Officer Susan Kim - Chief Financial Officer Conference Call Participants Dan Brennan - TD Cowen Jack Meehan - Nephron Research Madeline Mollman - Wolfe Research Sung Ji Nam - Scotia Bank Matt Sykes - Goldman Sachs Operator Good day and welcome to the PacBio Second Quarter 202 ...

Revenue Performance - Revenue for Q2 2024 was $36.0 million, down 24% from $47.6 million in Q2 2023[2] - Total revenue for the three months ended June 30, 2024, was $36,013 thousand, a decrease of 24% compared to $47,573 thousand for the same period in 2023[11] - Product revenue for the three months ended June 30, 2024, was $31,746 thousand, down 27% from $43,655 thousand in the prior year[12] Profit and Loss - Gross profit for Q2 2024 was $5.9 million, significantly lower than $15.5 million in Q2 2023, impacted by $4.6 million in restructuring expenses[2] - Gross profit for the three months ended June 30, 2024, was $5,938 thousand, representing a decline of 62% from $15,546 thousand in the same quarter of 2023[12] - Net loss for Q2 2024 was $173.3 million, compared to a net loss of $69.8 million in Q2 2023, with a net loss per share of $0.64[2] - GAAP net loss for the three months ended June 30, 2024, was $173,319 thousand, compared to a loss of $69,833 thousand for the same period in 2023[15] Operating Expenses - Operating expenses surged to $181.8 million, compared to $88.7 million in Q2 2023, including a $93.2 million goodwill impairment charge[2] - Total operating expenses for the three months ended June 30, 2024, were $181,784 thousand, significantly higher than $88,721 thousand in the same period of 2023[15] - Non-GAAP total operating expenses for the three months ended June 30, 2024, were $70,984 thousand, compared to $86,701 thousand in the same period last year[15] Goodwill Impairment - Goodwill impairment recorded during the three months ended June 30, 2024, was $93,200 thousand, attributed to a sustained decrease in the company's share price[13] - Goodwill impairment of $93,200 thousand was recorded during the three and six months ended June 30, 2024, due to a sustained decrease in the company's share price[16] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $38,485 thousand, down from $46,173 thousand in the same quarter of 2023[12] Non-GAAP Metrics - Non-GAAP gross profit was $13.2 million with a gross margin of 37%, compared to $15.7 million and 33% in Q2 2023[3] - Non-GAAP net loss for Q2 2024 was $55.2 million, an improvement from a non-GAAP net loss of $65.6 million in Q2 2023[3] - Non-GAAP gross profit for the three months ended June 30, 2024, was $13,216 thousand, compared to $15,729 thousand in the same period last year, with a gross profit margin of 37%[15] Cash and Assets - Total assets as of June 30, 2024, were $1,509,491 thousand, a decrease from $1,746,013 thousand as of December 31, 2023[14] - Cash and investments as of June 30, 2024, were $509,802 thousand, down from $631,416 thousand at the end of 2023[14] - Stockholders' equity as of June 30, 2024, was $492,700 thousand, a decrease from $701,304 thousand as of December 31, 2023[14] Product Development and Strategic Initiatives - The Revio HiFi sequencing system was selected for Singapore's Long-Read Sequencing Flagship Project, enhancing precision medicine efforts[4] - PacBio aims to reduce annual run rate expenses by over $75 million while maintaining key product development programs[6] Restructuring Costs - Restructuring costs for the three months ended June 30, 2024, amounted to $18,028 thousand, primarily related to employee separation costs and leasehold improvements[15][16] Fair Value Adjustments - The change in fair value of contingent consideration was due to fair value adjustments of milestone payments payable upon the achievement of respective milestone events[16]

Pacific Biosciences of California (PACB) ended the recent trading session at $2.05, demonstrating no swing from the preceding day's closing price. This change was narrower than the S&P 500's 0.5% loss on the day. Elsewhere, the Dow saw an upswing of 0.5%, while the tech-heavy Nasdaq depreciated by 1.28%. Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.91 per share and revenue of $177.46 million, indicating changes of +18.02% and -11.5%, respectively, compared to the previou ...

In the latest trading session, Pacific Biosciences of California (PACB) closed at $1.88, marking a +1.62% move from the previous day. This change outpaced the S&P 500's 2.32% loss on the day. Meanwhile, the Dow experienced a drop of 1.25%, and the technology-dominated Nasdaq saw a decrease of 3.64%. Investors will be eagerly watching for the performance of Pacific Biosciences of California in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 7, 2024. The company ...

The new lab at the Innovation and Start-Up Center for Biotechnology (IZB) in Munich serves as a strategic hub for Novogene's European operations and builds on its global network of labs across the UK, US, Singapore, Japan and China. The addition of the Revio will complement Novogene's existing sequencing portfolio, giving customers answers where other technologies have been unable to, due to depth or accuracy limitations. As well as rare disease and cancer research, Novogene anticipates high demand for the ...

Core Insights - PacBio's Revio long-read sequencing system is being utilized by Novogene to enhance its new lab in Munich, Germany, aimed at serving the European scientific community [1][2] - The Revio system offers increased accuracy and throughput, enabling cost-effective in-depth genomic research across various fields including rare diseases, cancer, microbes, and agriculture [1][2] Company Overview - PacBio is a leading life science technology company focused on developing advanced sequencing solutions to address complex genetic problems, utilizing both HiFi long-read and SBB short-read sequencing technologies [4] - Novogene is a prominent provider of genomic services with significant sequencing capacity and expertise, operating globally with nearly 2,000 employees and a strong publication record [7] Strategic Developments - The new lab at the Innovation and Start-Up Center for Biotechnology in Munich will serve as a strategic hub for Novogene's European operations, complementing its existing global network [2] - Novogene anticipates high demand for the Revio system particularly in the rare disease and cancer research sectors, due to its ability to detect complex genomic features that other technologies may miss [2][3] Technological Advancements - The Revio system is expected to enhance the efficiency of genomic research by integrating more automation into its workflows, making long-read data more accessible to a broader customer base [2] - The collaboration between PacBio and Novogene aims to support advanced genomic applications that can improve human health and environmental sustainability [3]

The call will be webcast and may be accessed at PacBio's website at https://investor.pacificbiosciences.com/. If using the dial-in option, please join the call ten minutes before the start time using the appropriate number above and ask to join the "PacBio Q2 Earnings Call." Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically c ...

MENLO PARK, Calif., July 15, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) announced today that it will hold its quarterly conference call to discuss its second quarter 2024 financial results on Wednesday, August 7, 2024, at 4:30 pm Eastern Time. Date: Wednesday, August 7, 2024, at 4:30 pm ET (1:30 pm PT) Listen live via internet or replay: https://investor.pacificbiosciences.com/ Toll-free: 1-888-349-0136 International: 1-412-317-0459 About PacBio PacBio products are provided for Research Use Only. Not fo ...

Pacific Biosciences of California (PACB) , popularly known as PacBio and Form Bio, a provider of advanced computational life sciences technology, recently collaborated and announced a range of new initiatives intended toward advancing and unifying the Adeno-associated virus (AAV) industry. The initiatives, including an AAV data dictionary, open-source tools and more, are being driven by a new AAV Working Group, jointly assembled by Form Bio and PacBio and composed of leading AAV experts across industry and ...