Business
PacBio Announces Preliminary Fourth Quarter and Full Year Revenue
Commenced shipment of the Vega™ benchtop system ahead of schedule, bringing HiFi sequencing to more customers Launched SPRQ chemistry, enabling the sub-$500
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"Commenced shipment of the Vega™ benchtop system ahead of schedule, bringing HiFi sequencing to more customers Launched SPRQ chemistry, enabling the sub-$500 HiFi genome on the Revio® system MENLO PARK, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing solutions, announced preliminary unaudited revenue for the fourth quarter of 2024 and full year 2024 of $39.2 million and $154.0 million representing a year-over-year decline of 33% and 23%, respectively. \"Though challenging, 2024 was a productive year for PacBio as we launched groundbreaking products, strengthened our balance sheet, and made significant progress in reducing cash burn,” said Christian Henry, President and CEO of PacBio. “I believe PacBio is on track to gain market share in 2025 and further enhance our financial position. The early feedback on the Vega System and SPRQ chemistry has been encouraging, and our expansion into the clinical market is beginning to take shape.\" Business updates: Expanded long-read sequencing portfolio: Launched the Vega system, an innovative benchtop sequencing platform designed to make HiFi long-reads accessible to a broader customer base.Enhanced the Revio platform: Launched SPRQ chemistry, unlocking the sub-$500 HiFi long-read human genome and enabling Revio customers to sequence more samples with 4-fold lower DNA input requirements.Advanced clinical market strategy: Delivered our first Vega systems to Berry Genomics as part of an early access agreement, supporting their efforts to develop targeted assays for prenatal health and carrier and newborn screening programs in China and other global markets.Strengthened financial position: Enhanced our balance sheet by exchanging $459 million in aggregate principal of the 1.5% convertible senior notes due 2028 for $200 million in newly issued 1.5% convertible senior notes due August 2029, along with approximately 20.5 million shares of common stock and $50 million in cash. Preliminary fourth quarter results: Preliminary, unaudited revenue for the fourth quarter of 2024 is expected to be approximately $39.2 million compared with $58.4 million in the prior-year period.Preliminary instrument revenue for the fourth quarter of 2024 is expected to be approximately $15.3 million, compared with $35.1 million for the fourth...