Business
PacBio Announces Fourth Quarter and Fiscal Year 2023 Financial Results
MENLO PARK, Calif., Feb. 15, 2024 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31,
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Feb. 15, 2024 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFourth quarter results\nRevenue of $58.4 million, a 113% increase compared with $27.4 million in the prior-year period.Instrument revenue of $35.1 million compared with $6.1 million in the prior-year period.Consumables revenue of $18.9 million compared with $16.7 million in the prior-year period.Service and other revenue of $4.4 million compared with $4.6 million in the prior-year period.Shipped 44 RevioTM sequencing systems in the fourth quarter of 2023, bringing the installed base as of December 31, 2023, to 173 systems.Gross profit for the fourth quarter of 2023 was $9.6 million, representing an 86% increase compared with $5.1 million for the fourth quarter of 2022 and a gross margin of 16% in the fourth quarter of 2023 compared to 19% for the fourth quarter of 2022. Non-GAAP gross profit for the fourth quarter of 2023 was $11.1 million and represented a non-GAAP gross margin of 19% in the fourth quarter of 2023, compared to a non-GAAP gross profit of $5.3 million in the fourth quarter of 2022, which represented a non-GAAP gross margin of 19% (see accompanying tables for reconciliations of GAAP and non-GAAP measures). \nOperating expenses totaled $97.1 million for the fourth quarter of 2023, compared to $92.2 million for the fourth quarter of 2022. Non-GAAP operating expenses totaled $88.4 million for the fourth quarter of 2023, compared to $87.6 million for the fourth quarter of 2022. Operating expenses for the fourth quarter of 2023 and the fourth quarter of 2022 included non-cash share-based compensation of $15.4 million and $16.8 million, respectively.\nNet loss for the fourth quarter of 2023 was $82.0 million, compared to a net loss of $84.4 million for the fourth quarter of 2022. Non-GAAP net loss was $72.5 million for the fourth quarter of 2023, compared to $79.6 million for the fourth quarter of 2022.\nNet loss per share for the fourth quarter of 2023 was $0.31 compared to net loss per share of $0.37 for the fourth quarter of 2022. Non-GAAP net loss per share for the fourth quarter of 2023 was $0.27 compared to $0.35 for the fourth quarter of 2022.\nGAAP and non-GAAP gross profit, gross margin, net loss and net loss per share for th...