PacBio reports preliminary Q1 rev $38.8M (flat YoY), slashes FY2024 guidance to $170-200M, cuts costs $50-75M

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2024-Q1 EPS reported -$0.29 revenue$38,810,000

Preliminary Q1 2024 revenue $38.8M, roughly flat vs $38.9M in prior-year period.
Revio shipments 28 systems in Q1; installed base reached 201 as of March 31, 2024.
FY2024 revenue guidance reduced to $170-200M; long-term $500M 2026 goal unlikely.
Plan to reduce annualized non-GAAP operating expense run rate by $50M-$75M by end of 2024.
Cash, cash equivalents & investments expected to be $435-450M by year-end, down from $562M at Q1 end.

item 2.02 item 2.05 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. reported the quarter ended March 31, 2024 results: revenue $38.8 million. Guidance lowered.

Period: the quarter ended March 31, 2024
Revenue: $38.8 million
Guidance: lowered
Result: preliminary results

Exact text from the filing

– PacBio (NASDAQ: PACB) today announced preliminary, unaudited revenue for the quarter ended March 31, 2024. Preliminary First Quarter Results · Preliminary revenue of $38.8 million, roughly flat compared with $38.9 million in the prior-year period. · Instrument revenue of $19.0 million compared with $20.7 million in the prior-year period. · Consumables

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. reported 2024 results: revenue $170 million to $200 million. Guidance lowered.

Period: 2024
Revenue: $170 million to $200 million
Guidance: lowered
Result: guidance update

Exact text from the filing

PacBio now expects 2024 revenue to be in the range of $170 million to $200 million.

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Source: SEC EDGAR

accession 0001104659-24-047511

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