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Pacific Biosciences of California(PACB) - 2024 Q2 - Quarterly Results
PACBPacific Biosciences of California(PACB)2024-08-07 20:08

Revenue Performance - Revenue for Q2 2024 was 36.0million,down2436.0 million, down 24% from 47.6 million in Q2 2023[2] - Total revenue for the three months ended June 30, 2024, was 36,013thousand,adecreaseof2436,013 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 31,746thousand,down2731,746 thousand, down 27% from 43,655 thousand in the prior year[12] Profit and Loss - Gross profit for Q2 2024 was 5.9million,significantlylowerthan5.9 million, significantly lower than 15.5 million in Q2 2023, impacted by 4.6millioninrestructuringexpenses[2]−GrossprofitforthethreemonthsendedJune30,2024,was4.6 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 15,546thousandinthesamequarterof2023[12]−NetlossforQ22024was15,546 thousand in the same quarter of 2023[12] - Net loss for Q2 2024 was 173.3 million, compared to a net loss of 69.8millioninQ22023,withanetlosspershareof69.8 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 173,319thousand,comparedtoalossof173,319 thousand, compared to a loss of 69,833 thousand for the same period in 2023[15] Operating Expenses - Operating expenses surged to 181.8million,comparedto181.8 million, compared to 88.7 million in Q2 2023, including a 93.2milliongoodwillimpairmentcharge[2]−TotaloperatingexpensesforthethreemonthsendedJune30,2024,were93.2 million goodwill impairment charge[2] - Total operating expenses for the three months ended June 30, 2024, were 181,784 thousand, significantly higher than 88,721thousandinthesameperiodof2023[15]−Non−GAAPtotaloperatingexpensesforthethreemonthsendedJune30,2024,were88,721 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 86,701thousandinthesameperiodlastyear[15]GoodwillImpairment−GoodwillimpairmentrecordedduringthethreemonthsendedJune30,2024,was86,701 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 93,200thousandwasrecordedduringthethreeandsixmonthsendedJune30,2024,duetoasustaineddecreaseinthecompany′sshareprice[16]ResearchandDevelopment−ResearchanddevelopmentexpensesforthethreemonthsendedJune30,2024,were93,200 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 46,173thousandinthesamequarterof2023[12]Non−GAAPMetrics−Non−GAAPgrossprofitwas46,173 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 15.7millionand3315.7 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 65.6millioninQ22023[3]−Non−GAAPgrossprofitforthethreemonthsendedJune30,2024,was65.6 million in Q2 2023[3] - Non-GAAP gross profit for the three months ended June 30, 2024, was 13,216 thousand, compared to 15,729thousandinthesameperiodlastyear,withagrossprofitmarginof3715,729 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 1,746,013thousandasofDecember31,2023[14]−CashandinvestmentsasofJune30,2024,were1,746,013 thousand as of December 31, 2023[14] - Cash and investments as of June 30, 2024, were 509,802 thousand, down from 631,416thousandattheendof2023[14]−Stockholders′equityasofJune30,2024,was631,416 thousand at the end of 2023[14] - Stockholders' equity as of June 30, 2024, was 492,700 thousand, a decrease from 701,304thousandasofDecember31,2023[14]ProductDevelopmentandStrategicInitiatives−TheRevioHiFisequencingsystemwasselectedforSingapore′sLong−ReadSequencingFlagshipProject,enhancingprecisionmedicineefforts[4]−PacBioaimstoreduceannualrunrateexpensesbyover701,304 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]