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Pacific Biosciences of California, Inc. Announces Preliminary Fourth Quarter 2020 Revenue
MENLO PARK, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (the “Company”) (NASDAQ: PACB), a leading provider of
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (the “Company”) (NASDAQ: PACB), a leading provider of high-quality sequencing platforms, today announced unaudited preliminary revenue of approximately $27 million for its fourth quarter ended December 31, 2020. The Company’s full financial results for the fourth quarter and the fiscal year ended December 31, 2020 are not yet available. Financial and Operational Highlights Preliminary fourth quarter revenue is expected to be approximately $27 million, representing an estimated increase of approximately 41% sequentially compared with $19.1 million for the third quarter of 2020.The Company placed 35 Sequel II/IIe Systems during the fourth quarter, bringing the total installed base of Sequel II/IIe systems up to 203 as of December 31, 2020, compared with 168 as of September 30, 2020.In October 2020, the Company launched the Sequel IIe System, the latest instrument evolution based on the Company’s Single Molecule, Real-Time (SMRT®) Sequencing technology.In November 2020, the Company received approximately $94 million in net proceeds from an underwritten public offering of its common stock and ended the quarter with a balance of over $318 million in unrestricted cash and investments.During the fourth quarter, the Wellcome Sanger Institute committed to purchase seven new Sequel IIe systems to support the Darwin Tree of Life initiative, making it one of the world’s largest SMRT sequencing facilities.The Company expanded its senior management team, naming Mark Van Oene as Chief Operating Officer and Peter Fromen as Chief Commercial Officer. Preliminary Unaudited Revenue AnalysisThe Company expects fourth quarter 2020 revenue of approximately $27 million, an estimated increase of 41% compared with $19.1 million in the third quarter of 2020, and an estimated decrease of 3% compared with $27.9 million in the fourth quarter of 2019. Preliminary instrument revenue for the fourth quarter of 2020 is expected to be approximately $13.5 million, compared with $7.7 million for the third quarter of 2020, and compared with $15.3 million for the fourth quarter of 2019. Preliminary consumables revenue for the fourth quarter of 2020 is expected to be approximately $10.0 million, compared with $8.0 million for the third quarter of 2020, and compared with $9.3 m...