PacBio Q2 revenue down 24% to $36M; GAAP net loss $173M includes $93M goodwill impairment

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2024-Q2 EPS reported -$0.93 revenue$74,823,000

Revenue of $36.0M vs $47.6M YoY; instrument revenue fell to $14.7M from $29.9M.
GAAP net loss $173.3M (-$0.64/sh); non-GAAP net loss $55.2M (-$0.20/sh).
Goodwill impairment charge of $93.2M; restructuring expenses of $18.0M included.
Cash $509.8M, down from $631.4M at Dec 31, 2023.
CEO expects revenue acceleration in H2; targeting >$75M annual expense reduction.

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