PacBio Q1 GAAP net loss $426M on restructuring; consumable revenue record, non-GAAP loss narrows

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2025-Q1 EPS reported -$1.44 revenue$37,153,000

Revenue $37.2M, down 4% YoY; consumable revenue record $20.1M (+26% YoY).
GAAP net loss $426.1M ($1.44 EPS) includes $381.8M restructuring charges; non-GAAP net loss $44.4M ($0.15).
Restructuring plan targets $45-50M annualized non-GAAP opex reduction by end of 2025; focuses on long-read business.
Shipped 28 Vega and 12 Revio systems (Revio down from 28 YoY); non-GAAP gross margin improved to 40% from 33%.
Independent investigation of employee allegations may delay Q1 10-Q filing; company sees no material financial impact.

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