Pacific Biosciences of California (PACB) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following ...

Table of Contents UNITED STATES (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 | --- | --- | |------------------------|----------------------------------------------------------------------------------------------------------------------------------| | Washington, D.C. 20549 | SECURITIES AND EXCHANGE COMMISSION _____________________________________________________________________________________________ | | Fo ...

Core Viewpoint - Pacific Biosciences of California, Inc. (PacBio) reported mixed results for the second quarter of 2024, with adjusted loss per share beating estimates while revenues fell short of expectations [11]. Revenue Analysis - PacBio generated revenues of $36 million in Q2 2024, a decrease of 24.3% year over year, missing the Zacks Consensus Estimate by 11.2% [2]. - Revenue breakdown by region showed: - Americas: $20.8 million, down 13% year over year [3]. - Asia-Pacific: $8.2 million, down 36% year over year [3]. - EMEA: $7 million, down 35% year over year [3]. Segmental Performance - Product revenues were $31.7 million, down 27.3% from the previous year [4]. - Instrument revenues fell to $14.7 million, a 51% decline year over year due to lower Revio unit shipments [4]. - Consumables revenues increased to $17 million, up 24% from the prior year [4]. - Service and other revenues totaled $4.3 million, reflecting a 9% year-over-year increase [5]. Margin and Expense Trends - Adjusted gross profit decreased by 15.9% to $13.2 million, but adjusted gross margin improved by 400 basis points to 37% year over year [6]. - Sales, general and administrative expenses rose by 13.1% to $45.9 million [6]. - Research and development expenses decreased by 16.7% to $38.5 million [6]. - Total operating loss was $175.8 million, wider than the loss of $73.2 million in the prior year [7]. Financial Position - As of the end of Q2 2024, PacBio had cash, cash equivalents, and investments totaling $509.8 million, down from $561.9 million at the end of Q1 2024 [8]. Guidance - PacBio updated its revenue outlook for 2024, expecting revenues to be around the lower end of the $170-$200 million range, with the Zacks Consensus Estimate at $177.5 million [10]. - The company anticipates $80 million in instrument revenues for fiscal 2024, including 115 Revio shipments, and consumable revenues of $72 million [10]. Strategic Developments - In July 2024, PacBio announced a collaboration with Novogene to utilize its Revio long-read sequencing system in a new lab in Munich, Germany [13]. - The company also partnered with Form Bio to advance initiatives in the Adeno-associated virus industry [13]. - In March 2024, PacBio introduced the PureTarget repeat expansion panel, enabling thorough examination of genes linked to severe neurological conditions [14].

Pacific Biosciences of California (PACB) came out with a quarterly loss of $0.20 per share versus the Zacks Consensus Estimate of a loss of $0.24. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this maker of genetic analysis technology would post a loss of $0.26 per share when it actually produced a loss of $0.26, delivering no surprise. Over the last ...

| --- | --- | --- | --- | |-----------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | PacBio Q2 2024 Earnings | | | | | | | | | | Presentation August 7, 2024 Second 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, ...

Pacific Biosciences of California, Inc. (NASDAQ:PACB) Q2 2024 Earnings Conference Call August 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 Dan Brennan - TD Cowen Jack Meehan - Nephron Research Madeline Mollman - Wolfe Research Sung Ji Nam - Scotia Bank Matt Sykes - Goldman Sachs Operator Good day and welcome to the PacBio Second Quarter 202 ...

Revenue Performance - Revenue for Q2 2024 was $36.0 million, down 24% from $47.6 million in Q2 2023[2] - Total revenue for the three months ended June 30, 2024, was $36,013 thousand, a decrease of 24% compared to $47,573 thousand for the same period in 2023[11] - Product revenue for the three months ended June 30, 2024, was $31,746 thousand, down 27% from $43,655 thousand in the prior year[12] Profit and Loss - Gross profit for Q2 2024 was $5.9 million, significantly lower than $15.5 million in Q2 2023, impacted by $4.6 million in restructuring expenses[2] - Gross profit for the three months ended June 30, 2024, was $5,938 thousand, representing a decline of 62% from $15,546 thousand in the same quarter of 2023[12] - Net loss for Q2 2024 was $173.3 million, compared to a net loss of $69.8 million in Q2 2023, with a net loss per share of $0.64[2] - GAAP net loss for the three months ended June 30, 2024, was $173,319 thousand, compared to a loss of $69,833 thousand for the same period in 2023[15] Operating Expenses - Operating expenses surged to $181.8 million, compared to $88.7 million in Q2 2023, including a $93.2 million goodwill impairment charge[2] - Total operating expenses for the three months ended June 30, 2024, were $181,784 thousand, significantly higher than $88,721 thousand in the same period of 2023[15] - Non-GAAP total operating expenses for the three months ended June 30, 2024, were $70,984 thousand, compared to $86,701 thousand in the same period last year[15] Goodwill Impairment - Goodwill impairment recorded during the three months ended June 30, 2024, was $93,200 thousand, attributed to a sustained decrease in the company's share price[13] - Goodwill impairment of $93,200 thousand was recorded during the three and six months ended June 30, 2024, due to a sustained decrease in the company's share price[16] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $38,485 thousand, down from $46,173 thousand in the same quarter of 2023[12] Non-GAAP Metrics - Non-GAAP gross profit was $13.2 million with a gross margin of 37%, compared to $15.7 million and 33% in Q2 2023[3] - Non-GAAP net loss for Q2 2024 was $55.2 million, an improvement from a non-GAAP net loss of $65.6 million in Q2 2023[3] - Non-GAAP gross profit for the three months ended June 30, 2024, was $13,216 thousand, compared to $15,729 thousand in the same period last year, with a gross profit margin of 37%[15] Cash and Assets - Total assets as of June 30, 2024, were $1,509,491 thousand, a decrease from $1,746,013 thousand as of December 31, 2023[14] - Cash and investments as of June 30, 2024, were $509,802 thousand, down from $631,416 thousand at the end of 2023[14] - Stockholders' equity as of June 30, 2024, was $492,700 thousand, a decrease from $701,304 thousand as of December 31, 2023[14] Product Development and Strategic Initiatives - The Revio HiFi sequencing system was selected for Singapore's Long-Read Sequencing Flagship Project, enhancing precision medicine efforts[4] - PacBio aims to reduce annual run rate expenses by over $75 million while maintaining key product development programs[6] Restructuring Costs - Restructuring costs for the three months ended June 30, 2024, amounted to $18,028 thousand, primarily related to employee separation costs and leasehold improvements[15][16] Fair Value Adjustments - The change in fair value of contingent consideration was due to fair value adjustments of milestone payments payable upon the achievement of respective milestone events[16]

Pacific Biosciences of California (PACB) ended the recent trading session at $2.05, demonstrating no swing from the preceding day's closing price. This change was narrower than the S&P 500's 0.5% loss on the day. Elsewhere, the Dow saw an upswing of 0.5%, while the tech-heavy Nasdaq depreciated by 1.28%. Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.91 per share and revenue of $177.46 million, indicating changes of +18.02% and -11.5%, respectively, compared to the previou ...

In the latest trading session, Pacific Biosciences of California (PACB) closed at $1.88, marking a +1.62% move from the previous day. This change outpaced the S&P 500's 2.32% loss on the day. Meanwhile, the Dow experienced a drop of 1.25%, and the technology-dominated Nasdaq saw a decrease of 3.64%. Investors will be eagerly watching for the performance of Pacific Biosciences of California in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 7, 2024. The company ...

The new lab at the Innovation and Start-Up Center for Biotechnology (IZB) in Munich serves as a strategic hub for Novogene's European operations and builds on its global network of labs across the UK, US, Singapore, Japan and China. The addition of the Revio will complement Novogene's existing sequencing portfolio, giving customers answers where other technologies have been unable to, due to depth or accuracy limitations. As well as rare disease and cancer research, Novogene anticipates high demand for the ...