PacBio reports record Q1 revenue $38.9M (+17% YoY) but net loss widens to $88.0M

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2023-Q1 EPS reported -$0.36 revenue$38,900,000

Q1 revenue $38.9M (+17% YoY); net loss $88.0M ($0.36 loss per share) vs $81.5M loss prior year.
Shipped 38 sequencing systems (32 Revio, 6 Sequel IIe); Revio launch exceeding expectations with record backlog.
GAAP gross margin fell to 25% from 43% YoY due partly to $3.5M charge for excess Sequel II/IIe consumables.
Cash and investments $874.9M at March 31 vs $772.3M at Dec 31, 2022.
Received first orders for Onso short-read system; introduced new workflows and DNA extraction kits.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. reported the quarter ended March 31, 2023 results: revenue $38.9 million, net income Net loss for the first quarter of 2023 was $88.0 million, EPS Net loss per share for the first quarter of 2023 was $0.36.

Period: the quarter ended March 31, 2023
Revenue: $38.9 million
Net income: Net loss for the first quarter of 2023 was $88.0 million
EPS: Net loss per share for the first quarter of 2023 was $0.36
Result: reported results

Exact text from the filing

Quarter 2023 Menlo Park, Calif. – May 2, 2023 – PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2023. First quarter results • Revenue of $38.9 million, a 17% increase compared with $33.2 million in the prior year period. • Shipped 38 sequencing systems in the first quarter, including 32 Revio systems and 6 Sequel IIe systems. •

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Source: SEC EDGAR

accession 0001299130-23-000047

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