Core Insights - PacBio reported an adjusted loss per share of 17 cents for Q3 2024, an improvement from a loss of 27 cents in the same quarter last year, beating the Zacks Consensus Estimate by 15% [1] - Total revenues for the quarter were $40 million, down 28.2% year over year, and missed the Zacks Consensus Estimate by 4.6% [2] Revenue Breakdown - Revenues from the Americas were $20.1 million, a decline of 31% year over year, primarily due to decreased Revio shipments [3] - Asia-Pacific revenues totaled $10.8 million, reflecting a 32% year-over-year decline [3] - EMEA region revenues were $9.1 million, down 17% year over year [3] - Product revenues increased to $35.3 million, up 11.2% from the previous year [4] - Instrument revenues fell to $16.8 million, a decrease of 51.6% year over year due to lower Revio unit shipments [4] - Consumable revenues reached $18.5 million, up 9.5% from the prior year [4] - Service and other revenues amounted to $4.7 million, also up 9.5% year over year [5] Margin and Expenses - Adjusted gross profit decreased by 28.1% to $13 million, but adjusted gross margin expanded by 100 basis points year over year to 33% [6] - Sales, general and administrative expenses rose by 0.7% to $43.7 million [6] - Research and development expenses declined by 46.3% year over year to $25.5 million [6] - Adjusted total operating expenses were $62.4 million, down 31% year over year [6] Financial Position - PacBio ended Q3 2024 with cash, cash equivalents, and investments of $471.1 million, down from $509.8 million at the end of Q2 2024 [8] - The company revised its revenue outlook for 2024, expecting fourth-quarter revenues to be flat to slightly up compared to Q3 2024 [8] - Full-year revenues are anticipated to be lower than the previous estimate of $170 million, with the Zacks Consensus Estimate at $168.1 million [9] Market Performance - Despite mixed results, with earnings beating estimates but revenues missing, shares fell by 14.7% in after-market trading [10] - Year-to-date, PacBio's stock has declined by 75.1%, contrasting with the industry's 6.3% growth and the S&P 500's 24.7% increase [14]

| --- | --- | --- | |-----------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | PacBio Q3 2024 Earnings | | | | | | | | Presentation | | | | November 7, 2024 Third 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, gross profit and operating expenses in add ...

Pacific Biosciences of California, Inc. (NASDAQ:PACB) Q3 2024 Earnings Conference Call November 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 Tejas Savant - Morgan Stanley Kyle Nixon - Canaccord Mason Carrico - Stephens Dan Brennan - TD Cowen Jack Meehan - Nephron Research Subbu Nambi - Guggenheim Securities Madeline Mollman - Wolfe Research ...

Pacific Biosciences of California (PACB) reported $39.97 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 28.2%. EPS of -$0.17 for the same period compares to -$0.27 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $41.9 million, representing a surprise of -4.60%. The company delivered an EPS surprise of +15.00%, with the consensus EPS estimate being -$0.20.While investors scrutinize revenue and earnings changes year-over-year and h ...

Pacific Biosciences of California (PACB) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15%. A quarter ago, it was expected that this maker of genetic analysis technology would post a loss of $0.24 per share when it actually produced a loss of $0.20, delivering a surprise of 16.67%.Over the ...

Exhibit 99.1 PacBio Announces Third Quarter 2024 Financial Results MENLO PARK, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) – PacBio (NASDAQ: PACB) today announced financial results for the quarter ended September 30, 2024. Third quarter results: • Revenue of $40.0 million compared with $55.7 million in the prior-year period. • Instrument revenue of $16.8 million compared with $34.7 million in the prior-year period. Instrument revenue in the third quarter of 2024 included 22 Revio sequencing systems. • Consumable ...

Core Viewpoint - PacBio has launched the Vega™ system, a benchtop long-read sequencing platform that combines affordability and precision, aimed at expanding access to advanced sequencing technology for researchers [1][2]. Product Features - The Vega system is priced at $169,000 and offers high data accuracy with HiFi technology, fast turnaround times, and compatibility with existing HiFi ecosystems for library preparation and data analysis [1][2]. - It can process 600 full-length RNA samples per year, 9,600 samples using the PureTarget repeat expansion panel, or 200 human genomes per run [2]. - The system features an integrated workflow with only two consumables and is supported by SMRT Link Cloud software for easier management [4]. Market Impact - The Vega system is expected to enhance the capabilities of researchers in various applications, including targeted sequencing, RNA sequencing, and small genome sequencing [2][5]. - Initial testing has shown that the Vega instrument is fast and simple, making it suitable for clinical applications, particularly in China [3]. - The launch is seen as a significant step in making HiFi long-read sequencing technology more accessible to a broader range of researchers [4][6]. Company Strategy - PacBio's strategy includes building a portfolio of innovative products that meet diverse research demands, following the launch of the Revio system in early 2023 [2]. - The company aims to empower researchers to explore new scientific frontiers by raising the bar for data quality and accessibility [2].

MENLO PARK, Calif., Oct. 22, 2024 (GLOBE NEWSWIRE) -- PacBio (Nasdaq: PACB), a leading developer of high-quality, highly accurate genomic sequencing solutions, today announced the inclusion of the Onso short-read sequencing platform in the 10x Genomics Compatible Partner Program. The 10x Genomics Compatible Partner Program recognizes instruments and workflows compatible with 10x Genomics’ products and applications, thereby broadening the range of sequencing solutions available to researchers worldwide. The ...

Pacific Biosciences of California (PACB) closed the latest trading day at $2.06, indicating a -1.9% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 0.47% for the day. Elsewhere, the Dow saw an upswing of 0.79%, while the tech-heavy Nasdaq appreciated by 0.28%. Shares of the maker of genetic analysis technology witnessed a gain of 12.3% over the previous month, beating the performance of the Medical sector with its loss of 4.27% and the S&P 500's gain o ...

Pacific Biosciences of California, Inc. (PACB) , popularly known as PacBio, has been gaining from its continued focus on research and development. The optimism, led by decent second-quarter 2024 earnings and product development activities, is expected to contribute further. However, stiff competition and macroeconomic concerns persist. In the year-to-date period, this Zacks Rank #3 (Hold) company's shares have lost 79.1% against 6.6% growth of the industry. The S&P 500 composite has also gained 21.9% in the ...