PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB): restructuring charge — Pacific Biosciences estimates $27M in charges for expense reduction plan; San Diego office closure

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Total charges estimated at $27M in fiscal 2024, including $10M compensation, $12M lease costs, $4M inventory.
Cash expenses of ~$21M: $10M severance and benefits, $11M San Diego office closure and lease costs.
Substantially all charges expected in Q2 and Q3 2024; company had previously disclosed plan on April 16, 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. announced a restructuring with charges of approximately $27 million affecting Pacific Biosciences of California, Inc..

Type: restructuring
Charge: approximately $27 million
Affected area: Pacific Biosciences of California, Inc.

Exact text from the filing

the Company expects to incur charges related to the Expense Reduction Plan to be approximately $27 million in fiscal 2024

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PACIFIC BIOSCIENCES OF CALIFORNIA, INC. filing history →

Source: SEC EDGAR

accession 0001299130-24-000165

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