PacBio Announces Fourth Quarter and Fiscal Year 2022 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Feb. 16, 2023 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth quarter results \nReceived record orders in the fourth quarter, including orders for 96 instruments, which included orders for 76 Revio systems from 43 customers across 13 countries and representing a broad set of applications.Revenue of $27.4 million, a 24% decrease compared with $36.0 million in the prior year period.Instrument revenue of $6.1 million, compared with $16.2 million in the prior-year period. Consumables revenue of $16.7 million compared with $15.0 million in the prior year period. Sequel II and IIe consumables represented approximately 94% of our total consumable revenue in the fourth quarter of 2022, with the rest from older systems and other consumables.Service and other revenue of $4.6 million compared with $4.8 million in the prior year period.Delivered 18 Sequel IIe systems, compared with 48 Sequel II/IIe systems in the prior year period.Installed base of 512 Sequel II/IIe systems as of December 31, 2022, compared with 374 as of December 31, 2021.Gross profit for the fourth quarter of 2022 was $5.1 million, representing a 69% decrease compared with $16.8 million for the fourth quarter of 2021 and a gross margin of 19% in the fourth quarter of 2022 compared to 47% for the fourth quarter of 2021. Non-GAAP gross profit for the fourth quarter of 2022 was $5.3 million and represented a non-GAAP gross margin of 19% in the fourth quarter of 2022, compared to 47% for the fourth quarter of 2021 (see accompanying tables for reconciliations of GAAP and non-GAAP measures). \nOperating expenses totaled $92.2 million for the fourth quarter of 2022, compared to $81.4 million for the fourth quarter of 2021. Non-GAAP operating expenses totaled $87.6 million for the fourth quarter of 2022, compared to $79.9 million for the fourth quarter of 2021. Operating expenses for the fourth quarter of 2022 and the fourth quarter of 2021 included non-cash share-based compensation of $16.8 million and $17.5 million, respectively.\nNet loss for the fourth quarter of 2022 was $84.4 million, compared to a net loss of $69.3 million for the fourth quarter of 2021. Non-GAAP net loss was $79.6 million for the fourth quarter of 2022, compared to $66.4 mi...

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