PacBio Announces Third Quarter 2022 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Nov. 7, 2022 /PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird quarter results\nRevenue of $32.3 million, a 7% decrease compared with $34.9 million in the prior year period.Instrument revenue of $11.4 million, compared with $15.9 million in the prior year period. Consumables revenue of $16.1 million compared with $14.6 million in the prior year period. Service and other revenue of $4.8 million, compared with $4.4 million in the prior year period.Delivered 34 Sequel IIe systems, compared with 44 Sequel II/IIe systems in the prior year period.Installed base of 494 Sequel II/IIe systems as of September 30, 2022, compared with 326 as of September 30, 2021.Gross profit for the third quarter of 2022 was $13.5 million, representing a 12% decrease compared with $15.4 million for the third quarter of 2021, and gross margin was 42% in the third quarter of 2022 compared to 44% for the third quarter of 2021. Excluding amortization of intangible assets, non-GAAP gross profit for the third quarter of 2022 was $13.7 million and represented a non-GAAP gross margin of 42% in the third quarter of 2022, compared to 45% for the third quarter of 2021, which also excluded a fair value inventory adjustment (see accompanying tables for reconciliations of GAAP and non-GAAP measures). \nOperating expenses totaled $88.2 million for the third quarter of 2022, compared to $89.8 million for the third quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible assets, non-GAAP operating expenses totaled $83.8 million for the third quarter of 2022, compared to $59.1 million for the third quarter of 2021, which excluded merger-related expenses and amortization of intangible assets. Operating expenses for the third quarter of 2022 and the third quarter of 2021 included non-cash stock-based compensation of $18.0 million and $26.6 million, respectively. Excluding merger-related expenses, non-GAAP operating expenses in the third quarter of 2021 included $15.1 million of non-cash stock-based compensation.\nNet loss for the third quarter of 2022 was $77.0 million, compared to net income of $16.5 million for the third quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible asse...

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