secwatch.observer — SEC 8-K summary
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Issuer:     PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB)
CIK:        0001299130
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001299130-24-000109
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/0001299130-24-000109-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1299130/000129913024000109/pacb-20240509.htm
  HTML page:      https://secwatch.observer/filing/0001299130-24-000109

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