PacBio Announces Fourth Quarter and Fiscal Year 2024 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31, 2024. Fourth quarter results Revenue of $39.2 million, a 33% decrease compared with $58.4 million in the prior-year period.Instrument revenue of $15.3 million compared with $35.1 million in the prior-year period. Instrument revenue in the fourth quarter of 2024 included 23 Revio® sequencing systems and 7 Vega™ sequencing systems.Consumables revenue of $18.8 million compared with $18.9 million in the prior-year period.Service and other revenue of $5.1 million compared with $4.4 million in the prior-year period. Gross margin, operating expenses, net income (loss), and net income (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 margin of 26% in the fourth quarter of 2024 compared to 16% for the fourth quarter of 2023. Non-GAAP gross margin of 31% in the fourth quarter of 2024 compared to 19% in the fourth quarter of 2023. GAAP operating expenses totaled $161.9 million for the fourth quarter of 2024, compared to $97.1 million for the fourth quarter of 2023. Non-GAAP operating expenses totaled $68.6 million for the fourth quarter of 2024, compared to $88.4 million for the fourth quarter of 2023. GAAP and non-GAAP operating expenses for the fourth quarter of 2024 and the fourth quarter of 2023 included non-cash share-based compensation of $14.8 million and $15.4 million, respectively. Operating expenses, net income, and basic net income per share for the quarter ended December 31, 2024 include the impact of estimated preliminary non-cash impairment charges of approximately $90.1 million related to goodwill and in-process research and development. The impairments were driven by macroeconomic headwinds and a revised outlook on future cash flows, among other factors. These preliminary estimates are subject to finalization as the Company completes its interim assessment and year-end financial reporting procedures. The final impairment charges reported in the Annual Report on Form 10-K may differ materially from these estimates. GAAP net income for the fourth quarter of 2024 was $3.6 million, compared to a GAAP net loss of $82.0 million for t...

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