PacBio Announces Second Quarter 2023 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Aug. 2, 2023 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond quarter results\nRevenue of $47.6 million, a 34% increase compared with $35.5 million in the prior year-period.Recognized revenue on 47 sequencing systems in the second quarter, including 45 Revio systems and 2 Sequel IIe systems, compared to 36 Sequel II/IIe systems in the prior-year period.Instrument revenue of $29.9 million compared with $15.6 million in the prior-year period.Consumables revenue of $13.7 million compared with $14.6 million in the prior-year period.Service and other revenue of $3.9 million compared with $5.3 million in the prior-year period.Gross profit for the second quarter of 2023 was $15.5 million, representing a 4% decrease compared with $16.2 million for the second quarter of 2022 and a gross margin of 33% in the second quarter of 2023 compared to 46% for the second quarter of 2022. Non-GAAP gross profit for the second quarter of 2023 was $15.7 million and represented a non-GAAP gross margin of 33% in the second quarter of 2023, compared to a non-GAAP gross profit of $16.4 million in the second quarter of 2022 which represented a non-GAAP gross margin of 46% (see accompanying tables for reconciliations of GAAP and non-GAAP measures).\nOperating expenses totaled $88.7 million for the second quarter of 2023, compared to $84.2 million for the second quarter of 2022. Non-GAAP operating expenses totaled $86.7 million for the second quarter of 2023, compared to $89.6 million for the second quarter of 2022. Operating expenses for the second quarter of 2023 and the second quarter of 2022 included non-cash share-based compensation of $16.7 million and $18.0 million, respectively.\nNet loss for the second quarter of 2023 was $69.8 million, compared to a net loss of $71.4 million for the second quarter of 2022. Non-GAAP net loss was $65.6 million for the second quarter of 2023, compared to $76.6 million for the second quarter of 2022.\nNet loss per share for the second quarter of 2023 was $0.28 compared to net loss per share of $0.32 for the second quarter of 2022. Non-GAAP net loss per share for the second quarter of 2023 was $0.26 compared to $0.34 for the second quarter of 2022.\nCash, cash equivalents, and investments, excluding short- and...

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