PacBio Q1 revenue flat at $38.8M; net loss $78.2M; cuts 195 jobs to reduce expenses

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

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

Revenue $38.8M (flat YoY); instrument revenue down 8% to $19.0M; consumables up 14% to $16.0M.
GAAP net loss $78.2M ($0.29 loss per share) vs $88.0M loss ($0.36) in Q1 2023; non-GAAP loss $71.4M ($0.26).
Cash and investments $561.9M at March 31, 2024, down from $631.4M at Dec 31, 2023.
Announced ~195 headcount reduction to cut non-GAAP annualized expense run rate by >$75M by end of 2024.
Management cites increasing customer delays in instrument purchases; targeting positive cash flows by end of 2026.

item 2.02 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 first quarter ended March 31, 2024 results: net income Net loss for the first quarter of 2024 was $78.2 million, compared to a net loss of $88.0 million for the first quarter, EPS Net loss per share for the first quarter of 2024 was $0.29, compared to net loss per share of $0.36 for the first quarte.

Period: first quarter ended March 31, 2024
Net income: Net loss for the first quarter of 2024 was $78.2 million, compared to a net loss of $88.0 million for the first quarter
EPS: Net loss per share for the first quarter of 2024 was $0.29, compared to net loss per share of $0.36 for the first quarte
Result: reported results

Exact text from the filing

Revenue of $38.8 million compared with $38.9 million in the prior-year period.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Period: first quarter ended March 31, 2024
Net income: Net loss for the first quarter of 2024 was $78.2 million, compared to a net loss of $88.0 million for the first quarter
EPS: Net loss per share for the first quarter of 2024 was $0.29, compared to net loss per share of $0.36 for the first quarte
Result: reported results

Exact text from the filing

Net loss for the first quarter of 2024 was $78.2 million, compared to a net loss of $88.0 million for the first quarter of 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. updated its end of 2024 guidance (raised).

Period: end of 2024
Guidance: raised
Result: guidance update

Exact text from the filing

Initiated activities to reduce annualized run-rate operating expenses and the Company expects to achieve above the high end of our previously provided range of non-GAAP reduction of $50 million to $75 million by the end of 2024 compared to our prior guidance of 5% operating expense growth.

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Source: SEC EDGAR

accession 0001299130-24-000109

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