Pacific Biosciences of California(US:PACB)2025-11-06 21:04Revenue and Profit - Total revenue for the nine months ended September 30, 2025, was $115.4 million, a slight increase of 0.5% compared to $114.8 million during the same period in 2024[134] - Gross profit for the nine months ended September 30, 2025, was $29.2 million, up from $27.2 million in the same period of 2024, reflecting growth in consumable revenue[134] - Instrument revenue for the third quarter of 2025 was $32.6 million, a decrease of 8% from $35.3 million in the same quarter of 2024, primarily due to a lower number of Revio systems sold[142] - Consumables revenue increased by 15% to $21.5 million in the third quarter of 2025, driven by higher Revio consumables sales[147] - Total revenue for the nine months ended September 30, 2025, was $115.36 million, a slight increase of $0.57 million or approximately 0.5% compared to $114.79 million in 2024[161] - Product revenue decreased by $5.26 million, or 5%, primarily due to a 28% decline in instrument revenue, offset by a 46% increase in service and other revenue[165] - Gross profit increased by $2.0 million, or 7%, during the nine months ended September 30, 2025, driven mainly by growth in consumable revenue[172] - Gross profit for the third quarter of 2025 increased by 59% to $15.9 million, compared to $10.0 million in the same quarter of 2024[154] Operating Expenses - Operating loss increased to $512.7 million for the nine months ended September 30, 2025, compared to $321.3 million during the same period in 2024, primarily due to a $193.4 million increase in operating expenses[134] - Research and development expenses decreased by 10% to $22.8 million in the third quarter of 2025, compared to $25.5 million in the same quarter of 2024[155] - Research and development expenses decreased by $33.0 million, or 31%, due to lower personnel costs and reduced product development expenses[173] - Sales, general, and administrative expenses decreased by 29% to $31.1 million in the third quarter of 2025, compared to $43.7 million in the same quarter of 2024[156] - Sales, general, and administrative expenses decreased by $25.9 million, or 19%, primarily due to reduced personnel and related expenses[174] Cash and Investments - Cash, cash equivalents, and short-term investments decreased by 23% to $298.7 million at September 30, 2025, compared to $389.9 million at December 31, 2024[141] - As of September 30, 2025, the company had cash, cash equivalents, and investments totaling $298.7 million, down from $389.9 million at the end of 2024[182] - Cash provided by investing activities during the nine months ended September 30, 2025, was primarily from $280.1 million of maturities of investments[191] - Cash provided by investing activities for the nine months ended September 30, 2024, was $488.5 million from maturities and sales of investments, partially offset by $418.2 million in purchases of investments[192] - Cash provided by financing activities during the nine months ended September 30, 2024, was $7.7 million from the issuance of common stock through equity compensation plans[194] - As of September 30, 2025, cash equivalents and available-for-sale securities amounted to $298.7 million[204] - A hypothetical 100 basis-point increase or decrease in interest rates would have affected the fair value of the investment portfolio by approximately $1.6 million[205] Impairments and Charges - The company recorded impairment charges of $15.0 million related to in-process research and development during the nine months ended September 30, 2025[175] - Amortization of acquired intangible assets included $359.3 million of accelerated amortization related to developed technology from the 2021 Omniome acquisition[177] - The company reported a goodwill impairment charge of $93.2 million as part of the net loss for the nine months ended September 30, 2024[190] Other Financial Information - Net cash used in operating activities was $92.14 million, a decrease from $175.41 million in the same period of 2024[187] - Cash used in operating activities for the nine months ended September 30, 2024, was $175.4 million, primarily due to a net loss of $312.2 million, which included a goodwill impairment charge of $93.2 million[190] - Cash flow impact from changes in net operating assets and liabilities was primarily driven by an increase in inventory and decreases in accrued expenses[190] - There were no material changes to contractual obligations during the nine months ended September 30, 2025[195] - The company has not incurred costs to defend lawsuits or settle claims related to indemnification agreements as of September 30, 2025[200]