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PacBio Announces Fourth Quarter and Fiscal Year 2024 Financial Results
PACBPacific Biosciences of California(PACB) GlobeNewswire·2025-02-13 21:05

Core Insights - PacBio reported financial results for the fourth quarter and fiscal year ended December 31, 2024, highlighting a challenging year with significant changes in revenue and expenses [1][11]. Financial Performance - The company achieved a GAAP gross margin of 26% in Q4 2024, up from 16% in Q4 2023, while the non-GAAP gross margin increased to 31% from 19% [3]. - GAAP operating expenses for Q4 2024 totaled 161.9million,comparedto161.9 million, compared to 97.1 million in Q4 2023. Non-GAAP operating expenses were 68.6million,downfrom68.6 million, down from 88.4 million in the same period [4]. - GAAP net income for Q4 2024 was 3.6million,asignificantimprovementfromanetlossof3.6 million, a significant improvement from a net loss of 82.0 million in Q4 2023. Basic net income per share was 0.01comparedtoalossof0.01 compared to a loss of 0.31 per share in the prior year [6]. - Total revenue for Q4 2024 was 39.2million,representinga3339.2 million, representing a 33% decrease from 58.4 million in Q4 2023. Instrument revenue fell to 15.3millionfrom15.3 million from 35.1 million, while consumables revenue remained relatively stable at 18.8million[9].StrategicDevelopments−ThecompanyacceleratedthelaunchofitsVegabenchtopsequencingplatform,whichaimstobroadenaccesstoHiFilong−readsequencing[10].−AclinicalcollaborationwithBerryGenomicswasestablished,deliveringVegasystemstosupportprenatalhealthandscreeningprogramsinChina[10].−TheintroductionofSPRQchemistryallowsforsub−18.8 million [9]. Strategic Developments - The company accelerated the launch of its Vega benchtop sequencing platform, which aims to broaden access to HiFi long-read sequencing [10]. - A clinical collaboration with Berry Genomics was established, delivering Vega systems to support prenatal health and screening programs in China [10]. - The introduction of SPRQ chemistry allows for sub-500 HiFi long-read human genome sequencing, significantly reducing DNA input requirements and increasing sample throughput [10]. Financial Position - As of December 31, 2024, cash, cash equivalents, and investments totaled 389.9million,downfrom389.9 million, down from 631.4 million a year earlier [7]. - The company executed a convertible note exchange, reducing the outstanding principal balance by 259million,whichincludedreplacing259 million, which included replacing 459 million in convertible notes due 2028 with 200millioninnewnotesdueAugust2029[16].ImpairmentCharges−Thefinancialresultsincludedestimatedpreliminarynon−cashimpairmentchargesofapproximately200 million in new notes due August 2029 [16]. Impairment Charges - The financial results included estimated preliminary non-cash impairment charges of approximately 90.1 million related to goodwill and in-process research and development, driven by macroeconomic headwinds [5][32].