---
schema_version: "secwatch.filing_event.v1"
accession: "0001299130-24-000109"
form_type: "8-K"
ticker: "PACB"
cik: "0001299130"
company_name: "PACIFIC BIOSCIENCES OF CALIFORNIA, INC."
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T05:02:32.867410+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001299130-24-000109
- form_type: 8-K
- ticker: PACB
- cik: 0001299130
- company_name: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
- filed_at: 2024-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/0001299130-24-000109-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/pacb-20240509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001299130-24-000109
- JSON: https://secwatch.observer/filing/0001299130-24-000109.json
- Plain text: https://secwatch.observer/filing/0001299130-24-000109.txt

## Key facts
- Earnings Releases
  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
  source text: Revenue of $38.8 million compared with $38.9 million in the prior-year period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/0001299130-24-000109-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/0001299130-24-000109-index.htm
- Earnings Releases
  PACIFIC BIOSCIENCES OF CALIFORNIA, INC. updated its end of 2024 guidance (raised).
  - Period: end of 2024
  - Guidance: raised
  - Result: guidance update
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/0001299130-24-000109-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.