Pacific Biosciences of California(PACB) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 revenue was $38.4 million, a decrease of 4% from $40.0 million in Q3 2024[3] - Total revenue for the three months ended September 30, 2025, was $38,441,000, a decrease of 3.8% compared to $39,967,000 for the same period in 2024[22] - Product revenue for the three months ended September 30, 2025, was $32,597,000, down 7.6% from $35,296,000 in the prior year[22] - Non-GAAP gross profit for Q3 2025 was $16.2 million, with a gross margin of 42%, up from 33% in Q3 2024[4] - Gross profit for the three months ended September 30, 2025, was $15,901,000, representing a gross profit margin of 41%[26] - GAAP net loss for Q3 2025 was $38.0 million, an improvement from a net loss of $60.7 million in Q3 2024[6] - Net loss for the three months ended September 30, 2025, was $(38,000,000), compared to $(60,725,000) in the prior year[22] - Operating loss for the three months ended September 30, 2025, was $(38,877,000), compared to $(64,077,000) for the same period in 2024[22] Revenue Breakdown - Instrument revenue fell to $11.3 million from $16.8 million year-over-year, while consumable revenue increased to $21.3 million from $18.5 million[3] - Annualized Revio pull-through per system was approximately $236,000, down from $255,000 in the previous year[3] Operating Expenses - Operating expenses decreased to $54.8 million in Q3 2025 from $74.1 million in Q3 2024[5] - Total operating expenses for the three months ended September 30, 2025, were $54,778,000, down from $74,081,000 in the prior year[26] - Research and development expenses for the three months ended September 30, 2025, were $22,846,000, a decrease from $25,516,000 in the same period of 2024[22] Assets and Equity - Cash and investments as of September 30, 2025, totaled $298,654,000, a decrease from $389,931,000 at the end of 2024[24] - Total assets as of September 30, 2025, were $803,158,000, significantly lower than $1,260,447,000 at the end of 2024[24] - Stockholders' equity as of September 30, 2025, was $36,090,000, down from $506,594,000 at the end of 2024[24] Product Development and Approvals - The company launched new SPRQ-Nx sequencing chemistry, expected to reduce sequencing costs by up to 40%[7] - The Sequel® II CNDx system received Class III Medical Device Registration approval in China[7] - The Revio system was selected for the National Institute on Aging's Long Life Family Study to sequence up to 7,800 whole genomes[7] Strategic Goals - The company aims to make its long-read sequencing technology more accessible worldwide, emphasizing disciplined growth[8]