PacBio Announces Third Quarter 2025 Financial Results

Core Insights - PacBio reported a slight decline in total revenue for Q3 2025, amounting to $38.4 million compared to $40.0 million in Q3 2024, with notable changes in instrument and consumable revenues [2][7] - The company achieved a record in consumable revenue and improved gross margins while reducing operating expenses [7] - The introduction of new SPRQ-Nx sequencing technology is expected to significantly lower sequencing costs and enhance competitiveness against short-read platforms [6][7] Financial Performance - Total revenue for Q3 2025 was $38.4 million, down from $40.0 million in Q3 2024 [2] - Instrument revenue decreased to $11.3 million from $16.8 million, while consumable revenue increased to $21.3 million from $18.5 million [2] - Service and other revenue rose to $5.8 million from $4.7 million [2] - GAAP gross profit for Q3 2025 was $15.9 million, up from $10.0 million in Q3 2024, with a non-GAAP gross profit of $16.2 million compared to $13.0 million [3] - GAAP operating expenses decreased to $54.8 million from $74.1 million, while non-GAAP operating expenses fell to $53.9 million from $62.4 million [4] - GAAP net loss for Q3 2025 was $38.0 million, an improvement from $60.7 million in Q3 2024, with a non-GAAP net loss of $36.8 million compared to $46.0 million [5] Product and Technology Developments - The new SPRQ-Nx sequencing chemistry is anticipated to reduce sequencing costs by up to 40% and enable high-accuracy long-read genomes for under $300 per genome [6] - The Sequel® II CNDx system received Class III Medical Device Registration approval in China [6] - The expanded PureTarget portfolio of long-read HiFi assays supports throughput for up to approximately 100,000 samples per Revio system annually [6] - The Revio system was selected for significant studies, including the National Institute on Aging's Long Life Family Study [6] Market Position and Strategy - The company emphasizes disciplined growth and aims to make its long-read sequencing technology more accessible globally [7] - PacBio's focus on innovation and cost reduction is expected to enhance its competitive position in the genomic sequencing market [6][7]