Pacific Biosciences of California, Inc. (PACB) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

went to brand new customers, and one third were to LDT diagnostic or hospital labs, encouraging signs that Hi-Fi is gaining share in these labs, replacing a number of legacy technologies. This is especially true in genetic and rare disease testing. A few recent examples include Variantix, a diagnostics lab based in Boston and a new to PAC Bio customer that is seeking to improve key genetic disease assays by using Revio and PacBio Hi-Fi sequencing in lieu of legacy sequencing technologies. GeneDx also added another Revio to its fleet in the second quarter and plans to incorporate our pure target chemistry to further advance key tests. Additionally, we placed additional Revio systems into hospital systems in northern Europe where Hi-Fi is being used to advance the understanding and improve solve rates for rare disease at scale. Turning to Vega, the PacBio team has built a robust platform. We're extremely pleased with the system's continued momentum and strong performance in the field. In the second quarter, nearly 60% of Vega shipments were to new PacBio customers. And since launching in very late Q4 last year, Vega has brought over 40 new laboratories into the PacBio ecosystem, a number we expect to grow into the future. Importantly, Vega is not just broadening our customer base, it's also expanding the range of applications Hi-Fi can support. We're seeing strong adoption among smaller labs and new market segments. And approximately 70% of Vega customers are using the platform for non-whole genome applications, including small amplicon sequencing, targeted panels, and microbial genomics. That's exactly the kind of accessibility and versatility we designed Vega to deliver, and it's performing exceptionally well. Customer runs consistently exceed our specifications acro...