Pacific Biosciences of California(US:PACB)2024-05-09 23:38Financial Performance & Guidance - Q1 2024 revenue was $38.8 million, approximately flat compared to Q1 2023[5, 83] - Q1 2024 Non-GAAP gross margin was approximately 33%, compared to 26% in Q1 2023[83] - PacBio expects full-year 2024 revenue to be between $170 million and $200 million[12, 64] - Non-GAAP operating expenses for 2024 are expected to decline compared to $355 million in 2023, landing between approximately $300 million and $310 million[86] - The company anticipates non-GAAP annualized restructuring savings to exceed $75 million by the end of the year[69] - PacBio projects ending cash, cash equivalents, and investments to be between $435 million and $450 million, representing a cash burn of $189 million at the midpoint[69] Business Updates - Consumable revenue increased by 15% year-over-year, but fell short of expectations[17, 83] - Instrument revenue was $19.0 million, a decrease of 8% year-over-year[83] - The installed base of Revio systems reached 201 as of March 31, 2024, with 28 new installations since December 31, 2023[63] - PacBio is focused on four strategic priorities, including improving commercial execution, reducing operating expenses, continuing platform development, and expanding gross margins[31, 58, 59, 80, 81, 103] - Long-read data generated from PacBio sequencers increased by approximately 2.5x year-over-year, indicating continued market share gain for long-reads[50]