PacBio Announces First Quarter 2025 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2025. First quarter results: Q1 2025Q1 2024Revenue$37.2 million$38.8 millionInstrument revenue$11.0 million$19.0 millionConsumable revenue$20.1 million$16.0 millionService and other revenue$6.0 million$3.8 millionRevio™ systems1228Vega™ systems28—Annualized Revio pull-through per system~$236,000~$254,000Cash, cash equivalents, and investments$343.1 million$561.9 million Gross margin, operating expenses, net loss, and net loss per share are reported on a GAAP and non-GAAP basis. The non-GAAP measures are described below and reconciled to the corresponding GAAP measures at the end of this release. GAAP gross profit for the first quarter of 2025 was negative $1.4 million, which included charges related to our restructuring announced on April 9, 2025, compared to a gross profit of $11.3 million for the first quarter of 2024. GAAP gross margin in the first quarter of 2025 included $7.7 million in restructuring-related inventory charges, $4.3 million of amortization of acquired intangible assets, and a $4.1 million loss on purchase commitments. Non-GAAP gross profit for the first quarter of 2025 was $15.0 million compared to $12.6 million for the first quarter of 2024 and a non-GAAP gross margin of 40% in the first quarter of 2025 compared to 33% for the first quarter of 2024. GAAP operating expenses totaled $427.6 million for the first quarter of 2025, compared to $92.6 million for the first quarter of 2024. Non-GAAP operating expenses totaled $61.7 million for the first quarter of 2025, compared to $87.2 million for the first quarter of 2024. First quarter 2025 GAAP operating expenses include $381.8 million of charges associated with the Company’s restructuring efforts and re-focus on its long-read business, partially offset by an $18.7 million decrease in the change in the fair value of the contingent consideration. GAAP and non-GAAP operating expenses for the first quarter of 2025 and the first quarter of 2024 included non-cash share-based compensation of $8.0 million and $17.4 million, respectively. GAAP net loss for the first quarter of 2025 was $426.1 million, compared to $78.2 million for the first quarter of 2024. Non-GAAP net loss for the first quarter of 2025 was $44.4 million, compare...

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