PacBio Announces Record Revenue in First Quarter 2023

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., May 2, 2023 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst quarter results\nRevenue of $38.9 million, a 17% increase compared with $33.2 million in the prior year period.Shipped 38 sequencing systems in the first quarter, including 32 Revio systems and 6 Sequel IIe systems.Instrument revenue of $20.7 million compared with $15.6 million in the prior-year period. Consumables revenue of $14.0 million compared with $12.7 million in the prior-year period. Service and other revenue of $4.2 million compared with $4.9 million in the prior-year period.Gross profit for the first quarter of 2023 was $9.8 million, representing a 31% decrease compared with $14.2 million for the first quarter of 2022 and a gross margin of 25% in the first quarter of 2023 compared to 43% for the first quarter of 2022. Non-GAAP gross profit for the first quarter of 2023 was $9.9 million and represented a non-GAAP gross margin of 26% in the first quarter of 2023, compared to 43% for the first quarter of 2022 (see accompanying tables for reconciliations of GAAP and non-GAAP measures). \nOperating expenses totaled $101.0 million for the first quarter of 2023, compared to $91.7 million for the first quarter of 2022. Non-GAAP operating expenses totaled $88.7 million for the first quarter of 2023, compared to $92.7 million for the first quarter of 2022. Operating expenses for the first quarter of 2023 and the first quarter of 2022 included non-cash share-based compensation of $16.0 million and $20.9 million, respectively.\nNet loss for the first quarter of 2023 was $88.0 million, compared to a net loss of $81.5 million for the first quarter of 2022. Non-GAAP net loss was $75.5 million for the first quarter of 2023, compared to $82.3 million for the first quarter of 2022. \nNet loss per share for the first quarter of 2023 was $0.36 compared to net loss per share of $0.37 for the first quarter of 2022. Non-GAAP net loss per share for the first quarter of 2023 was $0.31 compared to $0.37 for the first quarter of 2022.\nGAAP and non-GAAP gross profit, net loss, and net loss per share in the first quarter of 2023 reflect adjustments of approximately $3.5 million for excess consumables inventory primarily resulting from the decline in demand for Sequel II/IIe ...

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