PacBio Announces Second Quarter 2025 Financial Results
PacBio (NASDAQ: PACB) reported Q2 2025 financial results with total revenue of $39.8 million, up from $36.0 million in Q2 2024. The quarter showed mixed performance with 15 Revio鈩� and 38 Vega鈩� systems placed. Revenue breakdown included $14.2 million from instruments, $18.9 million from consumables, and $6.7 million from service and other revenue.
The company reported a GAAP net loss of $41.9 million ($0.14 per share) compared to $173.3 million ($0.64 per share) in Q2 2024. Non-GAAP net loss improved to $40.0 million ($0.13 per share). Cash position stood at $314.7 million. Notable achievements included publishing the Platinum Pedigree benchmark in Nature Methods and expanding distribution in China through Haorui Gene.
PacBio (NASDAQ: PACB) ha riportato i risultati finanziari del secondo trimestre 2025 con un fatturato totale di 39,8 milioni di dollari, in aumento rispetto ai 36,0 milioni di dollari del secondo trimestre 2024. Il trimestre ha mostrato una performance mista con 15 sistemi Revio鈩� e 38 sistemi Vega鈩� venduti. La ripartizione del fatturato includeva 14,2 milioni di dollari provenienti dagli strumenti, 18,9 milioni di dollari dai consumabili e 6,7 milioni di dollari dai servizi e altre entrate.
L'azienda ha registrato una perdita netta GAAP di 41,9 milioni di dollari (0,14 dollari per azione) rispetto a 173,3 milioni di dollari (0,64 dollari per azione) nel secondo trimestre 2024. La perdita netta non GAAP 猫 migliorata a 40,0 milioni di dollari (0,13 dollari per azione). La posizione di cassa si attestava a 314,7 milioni di dollari. Tra i risultati pi霉 importanti, la pubblicazione del benchmark Platinum Pedigree su Nature Methods e l'espansione della distribuzione in Cina tramite Haorui Gene.
PacBio (NASDAQ: PACB) inform贸 los resultados financieros del segundo trimestre de 2025 con ingresos totales de 39,8 millones de d贸lares, frente a los 36,0 millones de d贸lares del segundo trimestre de 2024. El trimestre mostr贸 un desempe帽o mixto con la colocaci贸n de 15 sistemas Revio鈩� y 38 sistemas Vega鈩�. La distribuci贸n de ingresos incluy贸 14,2 millones de d贸lares por instrumentos, 18,9 millones de d贸lares por consumibles y 6,7 millones de d贸lares por servicios y otros ingresos.
La compa帽铆a report贸 una p茅rdida neta GAAP de 41,9 millones de d贸lares (0,14 d贸lares por acci贸n) en comparaci贸n con 173,3 millones de d贸lares (0,64 d贸lares por acci贸n) en el segundo trimestre de 2024. La p茅rdida neta no GAAP mejor贸 a 40,0 millones de d贸lares (0,13 d贸lares por acci贸n). La posici贸n de efectivo se situ贸 en 314,7 millones de d贸lares. Logros destacados incluyeron la publicaci贸n del benchmark Platinum Pedigree en Nature Methods y la expansi贸n de la distribuci贸n en China a trav茅s de Haorui Gene.
PacBio (NASDAQ: PACB)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頄堨溂氅�, 齑� 毵れ稖鞚� 3,980毵� 雼煬搿� 2024雲� 2攵勱赴鞚� 3,600毵� 雼煬鞐愳劀 歃濌皜頄堨姷雼堧嫟. 鞚措矆 攵勱赴電� 15雽�鞚� Revio鈩� 鞁滌姢韰滉臣 38雽�鞚� Vega鈩� 鞁滌姢韰�鞚� 靹れ箻霅橂┌ 順柬暕霅� 靹标臣毳� 氤挫榾鞀惦媹雼�. 毵れ稖 甑劚鞚� 旮瓣赴鞐愳劀 1,420毵� 雼煬, 靻岆頀堨棎靹� 1,890毵� 雼煬, 靹滊箘鞀� 氚� 旮绊儉 靾橃澋鞐愳劀 670毵� 雼煬毳� 旮半頄堨姷雼堧嫟.
须岇偓电� GAAP 旮办 靾滌啇鞁� 4,190毵� 雼煬(欤茧嫻 0.14雼煬)毳� 氤搓碃頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴鞚� 1鞏� 7,330毵� 雼煬(欤茧嫻 0.64雼煬)鞐愳劀 韥矊 臧滌劆霅� 靾橃箻鞛呺媹雼�. 牍凣AAP 靾滌啇鞁れ潃 4,000毵� 雼煬(欤茧嫻 0.13雼煬)搿� 臧滌劆霅橃棃鞀惦媹雼�. 順勱笀 氤挫湢鞎§潃 3鞏� 1,470毵� 雼煬鞓�鞀惦媹雼�. 欤检殧 靹标臣搿滊姅 Nature Methods鞐� Platinum Pedigree 氩れ箻毵堩伂毳� 氚滍憸頃橁碃 Haorui Gene鞚� 韱淀暅 欷戧淡 雮� 鞙犿喌 頇曤寑臧� 韽暔霅╇媹雼�.
PacBio (NASDAQ : PACB) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un chiffre d'affaires total de 39,8 millions de dollars, en hausse par rapport 脿 36,0 millions de dollars au deuxi猫me trimestre 2024. Le trimestre a pr茅sent茅 des performances mitig茅es avec la mise en place de 15 syst猫mes Revio鈩� et 38 syst猫mes Vega鈩�. La r茅partition du chiffre d'affaires comprenait 14,2 millions de dollars provenant des instruments, 18,9 millions de dollars des consommables et 6,7 millions de dollars des services et autres revenus.
L'entreprise a d茅clar茅 une perte nette GAAP de 41,9 millions de dollars (0,14 dollar par action) contre 173,3 millions de dollars (0,64 dollar par action) au deuxi猫me trimestre 2024. La perte nette non GAAP s'est am茅lior茅e 脿 40,0 millions de dollars (0,13 dollar par action). La tr茅sorerie s'茅levait 脿 314,7 millions de dollars. Parmi les r茅alisations notables figurent la publication du benchmark Platinum Pedigree dans Nature Methods et l'expansion de la distribution en Chine via Haorui Gene.
PacBio (NASDAQ: PACB) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Gesamtumsatz von 39,8 Millionen US-Dollar, gegen眉ber 36,0 Millionen US-Dollar im zweiten Quartal 2024. Das Quartal zeigte eine gemischte Leistung mit 15 Revio鈩�- und 38 Vega鈩�-Systemen, die platziert wurden. Die Umsatzaufteilung umfasste 14,2 Millionen US-Dollar aus Instrumenten, 18,9 Millionen US-Dollar aus Verbrauchsmaterialien und 6,7 Millionen US-Dollar aus Service- und sonstigen Einnahmen.
Das Unternehmen meldete einen GAAP-Nettogesamtverlust von 41,9 Millionen US-Dollar (0,14 US-Dollar pro Aktie) im Vergleich zu 173,3 Millionen US-Dollar (0,64 US-Dollar pro Aktie) im zweiten Quartal 2024. Der Non-GAAP-Nettogesamtverlust verbesserte sich auf 40,0 Millionen US-Dollar (0,13 US-Dollar pro Aktie). Die Barreserve belief sich auf 314,7 Millionen US-Dollar. Zu den bemerkenswerten Erfolgen geh枚rten die Ver枚ffentlichung des Platinum Pedigree Benchmark in Nature Methods und die Erweiterung des Vertriebs in China durch Haorui Gene.
- Revenue grew both sequentially and year-over-year to $39.8 million
- Consumable revenue increased to $18.9 million from $17.0 million YoY
- Non-GAAP gross margin improved to 38% from 37% YoY
- Significant reduction in GAAP operating expenses from $181.8M to $59.5M YoY
- Strong cash position of $314.7 million
- Revio system placements declined to 15 units from 24 units YoY
- Revio pull-through decreased to ~$219,000 from ~$251,000 YoY
- Instrument revenue declined to $14.2M from $14.7M YoY
- Cash position decreased from $509.8M to $314.7M YoY
- Continued GAAP net loss of $41.9 million
Insights
PacBio shows mixed Q2 results with revenue growth but declining Revio placements and pull-through, while narrowing losses and reducing expenses.
PacBio's Q2 2025 financial results reveal a 10.6
The most concerning metric is the significant drop in Revio system placements from 24 units in Q2 2024 to just 15 in Q2 2025, a 37.5
On the positive side, GAAP gross profit improved substantially from
This disciplined cost management has substantially narrowed losses. GAAP net loss improved from
However, the cash position has deteriorated significantly, with cash and investments at
The strategic updates show continued scientific advancement and market expansion, particularly in China and the Middle East, which could drive future revenue growth. However, the core business metrics present a mixed picture with declining Revio placements partially offset by Vega adoption and improved operational efficiency.
MENLO PARK, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2025.
Second quarter results:
| 听 | Q2 2025 | Q2 2024 |
| Revenue | ||
| Instrument revenue | ||
| Consumable revenue | ||
| Service and other revenue | ||
| Revio鈩⑻齭ystems | 15 | 24 |
| Vega鈩⑻齭ystems | 38 | 鈥� |
| Annualized Revio pull-through per system | ~ | ~ |
| Cash, cash equivalents, and investments |
Gross margin, operating expenses, net loss, and net loss per share are reported on a GAAP and non-GAAP basis. The non-GAAP measures are described below and reconciled to the corresponding GAAP measures at the end of this release.
GAAP gross profit for the second quarter of 2025 was
GAAP operating expenses totaled
GAAP net loss for the second quarter of 2025 was
GAAP net loss per share for the second quarter of 2025 was
Updates since PacBio's last earnings release
- Published the Platinum Pedigree benchmark in Nature Methods, the most known comprehensive family-based variant dataset to date, developed using PacBio HiFi sequencing. The benchmark improves AI-based variant calling accuracy and establishes a new standard for evaluating complex genomic variation.
- Joined the 1000 Genomes Long Read Project to contribute isoform-level transcriptome sequencing using the Kinnex RNA kit and Revio long-read sequencing system, expanding access to full-length isoform data across diverse populations.
- Expanded distribution in China through a new agreement with Haorui Gene, providing access to clinical lab networks and supporting the use of PacBio HiFi sequencing in clinical and research settings, with a focus on transfusion medicine and hematology.
- HiFi sequencing powered the first Arab human pangenome, enabling a more comprehensive understanding of genetic diversity in Middle Eastern populations and demonstrating the power of PacBio technology in large-scale population genomics.
鈥淧acBio returned to both sequential and year-over-year revenue growth in the second quarter, while also continuing to reduce operating expenses and cash burn,鈥� said Christian Henry, President and Chief Executive Officer. 鈥淭his performance reflects solid execution across the company, from disciplined cost management to growing adoption of our HiFi sequencing platforms. We鈥檙e especially encouraged by Revio鈥檚 momentum in clinical settings and Vega鈥檚 continued expansion into new markets. With our focus on innovation and operational efficiency, we believe PacBio is well-positioned for sustainable growth.鈥�
Quarterly Conference Call Information
Management will host a quarterly conference call today at 5:00 p.m. Eastern Time to review financial results for the second quarter ended June听30, 2025. Investors can access the call by dialing 1-888-349-0136 (or 1-412-317-0459 for international callers) and requesting to join the 鈥淧acBio Q2 Earnings Call". The call will be webcast live and available for replay at PacBio's website at https://investor.pacificbiosciences.com.
About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technologies, which include our HiFi long-read sequencing, address solutions across a broad set of research applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for Research Use Only. Not for use in diagnostic procedures.
Statement regarding use of non鈥怗AAP financial measures
PacBio reports non鈥怗AAP results for basic net income and loss per share, net income, net loss, gross margins, gross profit (loss) and operating expenses in addition to, and not as a substitute for, or because it believes that such information is superior to, financial measures calculated in accordance with GAAP. PacBio believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of PacBio鈥檚 non-GAAP financial measures as tools for comparison.
PacBio's financial measures under GAAP include substantial charges that are listed in the itemized reconciliations between GAAP and non鈥怗AAP financial measures included in this press release. PacBio excludes recurring charges from its non-GAAP financial statements, including amortization of intangible assets and changes in fair value of contingent consideration, and further excludes infrequent and limited charges including impairment charges, restructuring related expenses for discrete restructuring events and benefits from income taxes.
Management has excluded the effects of these items in non鈥怗AAP measures to assist investors in analyzing and assessing past and future operating performance. In addition, management uses non-GAAP measures to compare PacBio鈥檚 performance relative to forecasts and strategic plans and to benchmark its performance externally against competitors.
PacBio encourages investors to carefully consider its results under GAAP, as well as its supplemental non鈥怗AAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of PacBio鈥檚 non-GAAP financial measures to their most directly comparable financial measure stated in accordance with GAAP has been provided in the financial statement tables included in this press release. PacBio is unable to reconcile future-looking non-GAAP guidance included in this press release without unreasonable effort because certain items that impact this measure are out of PacBio's control and/or cannot be reasonably predicted at this time.
Forward-Looking Statements
This press release contains 鈥渇orward-looking statements鈥� within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements relating to PacBio鈥檚 cost-saving plans and initiatives as well as the expected financial impact and timing of these plans and initiatives; PacBio鈥檚 financial guidance and expectations for future periods; continued reception of PacBio鈥檚 products and their expansion into new or existing markets; developments affecting our industry and the markets in which we compete, including the impact of new products and technologies and tariffs; anticipated future customer use of our products; and the availability, uses, accuracy, coverage, advantages, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies. Reported results and orders for any instrument system should not be considered an indication of future performance. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results, including, but not limited to, challenges inherent in developing, manufacturing, launching, marketing and selling new products, and achieving anticipated new sales; potential cancellation of existing instrument orders; assumptions, risks and uncertainties related to the ability to attract new customers and retain and grow sales from existing customers; risks related to PacBio's ability to successfully execute and realize the benefits of acquisitions; the impact of new, increased or enhanced tariffs and export restrictions; rapidly changing technologies and extensive competition in genomic sequencing; unanticipated increases in costs or expenses; interruptions or delays in the supply of components or materials for, or manufacturing of, PacBio products and products under development; potential product performance and quality issues and potential delays in development timelines; the possible loss of key employees, customers, or suppliers; customers and prospective customers curtailing or suspending activities using PacBio's products; third-party claims alleging infringement of patents and proprietary rights or seeking to invalidate PacBio's patents or proprietary rights; risks associated with international operations; and other risks associated with general macroeconomic conditions and geopolitical instability. Additional factors that could materially affect actual results can be found in PacBio's most recent filings with the Securities and Exchange Commission, including PacBio's most recent reports on Forms 8-K, 10-K, and 10-Q, and include those listed under the caption 鈥淩isk Factors.鈥� These forward-looking statements are based on current expectations and speak only as of the date hereof; except as required by law, PacBio disclaims any obligation to revise or update these forward-looking statements to reflect events or circumstances in the future, even if new information becomes available.
The unaudited condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in PacBio's Quarterly Report on Form 10-Q when filed with the Securities and Exchange Commission.
Contacts
Investors:
Todd Friedman
[email protected]
Media:
[email protected]
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||
| 听 | |||||||||||
| 听 | Three Months Ended | ||||||||||
| (in thousands, except per share amounts) | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | ||||||
| Revenue: | 听 | 听 | 听 | 听 | 听 | ||||||
| Product revenue | $ | 33,083 | 听 | 听 | $ | 31,113 | 听 | 听 | $ | 31,746 | 听 |
| Service and other revenue | 听 | 6,683 | 听 | 听 | 听 | 6,040 | 听 | 听 | 听 | 4,267 | 听 |
| Total revenue | 听 | 39,766 | 听 | 听 | 听 | 37,153 | 听 | 听 | 听 | 36,013 | 听 |
| Cost of Revenue: | 听 | 听 | 听 | 听 | 听 | ||||||
| Cost of product revenue (1) | 听 | 20,022 | 听 | 听 | 听 | 26,333 | 听 | 听 | 听 | 23,083 | 听 |
| Cost of service and other revenue | 听 | 4,853 | 听 | 听 | 听 | 3,778 | 听 | 听 | 听 | 3,366 | 听 |
| Amortization of acquired intangible assets | 听 | 183 | 听 | 听 | 听 | 4,345 | 听 | 听 | 听 | 2,628 | 听 |
| Loss on purchase commitment (1) | 听 | 24 | 听 | 听 | 听 | 4,068 | 听 | 听 | 听 | 998 | 听 |
| Total cost of revenue | 听 | 25,082 | 听 | 听 | 听 | 38,524 | 听 | 听 | 听 | 30,075 | 听 |
| Gross profit (loss) | 听 | 14,684 | 听 | 听 | 听 | (1,371 | ) | 听 | 听 | 5,938 | 听 |
| Operating Expense: | 听 | 听 | 听 | 听 | 听 | ||||||
| Research and development (1) | 听 | 22,529 | 听 | 听 | 听 | 29,053 | 听 | 听 | 听 | 38,485 | 听 |
| Sales, general and administrative (1) | 听 | 36,175 | 听 | 听 | 听 | 40,168 | 听 | 听 | 听 | 45,877 | 听 |
| Impairment charges (2) | 听 | 鈥� | 听 | 听 | 听 | 15,000 | 听 | 听 | 听 | 93,200 | 听 |
| Amortization of acquired intangible assets (3) | 听 | 833 | 听 | 听 | 听 | 362,042 | 听 | 听 | 听 | 4,222 | 听 |
| Change in fair value of contingent consideration (4) | 听 | 鈥� | 听 | 听 | 听 | (18,700 | ) | 听 | 听 | 鈥� | 听 |
| Total operating expense | 听 | 59,537 | 听 | 听 | 听 | 427,563 | 听 | 听 | 听 | 181,784 | 听 |
| Operating loss | 听 | (44,853 | ) | 听 | 听 | (428,934 | ) | 听 | 听 | (175,846 | ) |
| Interest expense | 听 | (1,738 | ) | 听 | 听 | (1,737 | ) | 听 | 听 | (3,542 | ) |
| Other income, net | 听 | 4,696 | 听 | 听 | 听 | 4,294 | 听 | 听 | 听 | 6,069 | 听 |
| Loss before income taxes | 听 | (41,895 | ) | 听 | 听 | (426,377 | ) | 听 | 听 | (173,319 | ) |
| Income tax provision (benefit) | 听 | 35 | 听 | 听 | 听 | (302 | ) | 听 | 听 | 鈥� | 听 |
| Net loss | $ | (41,930 | ) | 听 | $ | (426,075 | ) | 听 | $ | (173,319 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Net loss per share: | 听 | 听 | 听 | 听 | 听 | ||||||
| Basic | $ | (0.14 | ) | 听 | $ | (1.44 | ) | 听 | $ | (0.64 | ) |
| Diluted | $ | (0.14 | ) | 听 | $ | (1.44 | ) | 听 | $ | (0.64 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | ||||||
| Weighted average shares outstanding used in calculating net loss per share: | 听 | 听 | 听 | 听 | 听 | ||||||
| Basic | 听 | 300,162 | 听 | 听 | 听 | 296,858 | 听 | 听 | 听 | 272,385 | 听 |
| Diluted | 听 | 300,162 | 听 | 听 | 听 | 296,858 | 听 | 听 | 听 | 272,385 | 听 |
| (1) | Balances include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| 听 | 听 |
| (2) | In-process research and development ("IPR&D") impairment charge during the three months ended March 31, 2025 was driven primarily by macroeconomic factors and restructuring initiatives, including the focus on long-read innovation, resulting in changes to the timing and amounts of cash flows. Goodwill impairment charge during the three months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| 听 | 听 |
| (3) | Balance for the three months ended March 31, 2025 includes accelerated amortization of acquired intangible assets related to restructuring initiatives. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| 听 | 听 |
| (4) | Change in fair value of contingent consideration for the three months ended March 31, 2025 was due to fair value adjustments of a milestone payment payable upon the achievement of a milestone event. |
| 听 | 听 |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
| 听 | |||||||||||||||
| 听 | Three Months Ended | 听 | Six Months Ended | ||||||||||||
| (in thousands, except per share amounts) | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| Revenue: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Product revenue | $ | 33,083 | 听 | 听 | $ | 31,746 | 听 | 听 | $ | 64,196 | 听 | 听 | $ | 66,755 | 听 |
| Service and other revenue | 听 | 6,683 | 听 | 听 | 听 | 4,267 | 听 | 听 | 听 | 12,723 | 听 | 听 | 听 | 8,068 | 听 |
| Total revenue | 听 | 39,766 | 听 | 听 | 听 | 36,013 | 听 | 听 | 听 | 76,919 | 听 | 听 | 听 | 74,823 | 听 |
| Cost of Revenue: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Cost of product revenue (1) | 听 | 20,022 | 听 | 听 | 听 | 23,083 | 听 | 听 | 听 | 46,355 | 听 | 听 | 听 | 45,530 | 听 |
| Cost of service and other revenue | 听 | 4,853 | 听 | 听 | 听 | 3,366 | 听 | 听 | 听 | 8,631 | 听 | 听 | 听 | 7,104 | 听 |
| Amortization of acquired intangible assets | 听 | 183 | 听 | 听 | 听 | 2,628 | 听 | 听 | 听 | 4,528 | 听 | 听 | 听 | 3,971 | 听 |
| Loss on purchase commitment (1) | 听 | 24 | 听 | 听 | 听 | 998 | 听 | 听 | 听 | 4,092 | 听 | 听 | 听 | 998 | 听 |
| Total cost of revenue | 听 | 25,082 | 听 | 听 | 听 | 30,075 | 听 | 听 | 听 | 63,606 | 听 | 听 | 听 | 57,603 | 听 |
| Gross profit | 听 | 14,684 | 听 | 听 | 听 | 5,938 | 听 | 听 | 听 | 13,313 | 听 | 听 | 听 | 17,220 | 听 |
| Operating Expense: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Research and development (1) | 听 | 22,529 | 听 | 听 | 听 | 38,485 | 听 | 听 | 听 | 51,582 | 听 | 听 | 听 | 81,940 | 听 |
| Sales, general and administrative (1) | 听 | 36,175 | 听 | 听 | 听 | 45,877 | 听 | 听 | 听 | 76,343 | 听 | 听 | 听 | 89,630 | 听 |
| Impairment charges (2) | 听 | 鈥� | 听 | 听 | 听 | 93,200 | 听 | 听 | 听 | 15,000 | 听 | 听 | 听 | 93,200 | 听 |
| Amortization of acquired intangible assets (3) | 听 | 833 | 听 | 听 | 听 | 4,222 | 听 | 听 | 听 | 362,875 | 听 | 听 | 听 | 9,728 | 听 |
| Change in fair value of contingent consideration (4) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (18,700 | ) | 听 | 听 | (70 | ) |
| Total operating expense | 听 | 59,537 | 听 | 听 | 听 | 181,784 | 听 | 听 | 听 | 487,100 | 听 | 听 | 听 | 274,428 | 听 |
| Operating loss | 听 | (44,853 | ) | 听 | 听 | (175,846 | ) | 听 | 听 | (473,787 | ) | 听 | 听 | (257,208 | ) |
| Interest expense | 听 | (1,738 | ) | 听 | 听 | (3,542 | ) | 听 | 听 | (3,475 | ) | 听 | 听 | (7,117 | ) |
| Other income, net | 听 | 4,696 | 听 | 听 | 听 | 6,069 | 听 | 听 | 听 | 8,990 | 听 | 听 | 听 | 12,828 | 听 |
| Loss before income taxes | 听 | (41,895 | ) | 听 | 听 | (173,319 | ) | 听 | 听 | (468,272 | ) | 听 | 听 | (251,497 | ) |
| Income tax provision (benefit) | 听 | 35 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (267 | ) | 听 | 听 | 鈥� | 听 |
| Net loss | $ | (41,930 | ) | 听 | $ | (173,319 | ) | 听 | $ | (468,005 | ) | 听 | $ | (251,497 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net loss per share: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | $ | (0.14 | ) | 听 | $ | (0.64 | ) | 听 | $ | (1.57 | ) | 听 | $ | (0.93 | ) |
| Diluted | $ | (0.14 | ) | 听 | $ | (0.64 | ) | 听 | $ | (1.57 | ) | 听 | $ | (0.93 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Weighted average shares outstanding used in calculating net loss per share: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 300,162 | 听 | 听 | 听 | 272,385 | 听 | 听 | 听 | 298,519 | 听 | 听 | 听 | 270,982 | 听 |
| Diluted | 听 | 300,162 | 听 | 听 | 听 | 272,385 | 听 | 听 | 听 | 298,519 | 听 | 听 | 听 | 270,982 | 听 |
| (1) | Balances include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| 听 | 听 |
| (2) | In-process research and development ("IPR&D") impairment charge during the six months ended June 30, 2025 was driven primarily by macroeconomic factors and restructuring initiatives, including the focus on long-read innovation, resulting in changes to the timing and amounts of cash flows. Goodwill impairment charge during the three and six months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| 听 | 听 |
| (3) | Balance for the six months ended June 30, 2025 includes accelerated amortization of acquired intangible assets related to restructuring initiatives. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| 听 | 听 |
| (4) | Change in fair value of contingent consideration during the six months ended June 30, 2025 and 2024 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| 听 | 听 |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets | ||||||
| 听 | ||||||
| (in thousands) | 听 | June 30, 2025 | 听 | December 31, 2024 | ||
| Assets | 听 | 听 | 听 | 听 | ||
| Cash and investments | 听 | $ | 314,735 | 听 | $ | 389,931 |
| Accounts receivable, net | 听 | 听 | 32,257 | 听 | 听 | 27,524 |
| Inventory, net | 听 | 听 | 53,839 | 听 | 听 | 58,755 |
| Prepaid expenses and other current assets | 听 | 听 | 12,266 | 听 | 听 | 18,781 |
| Property and equipment, net | 听 | 听 | 23,102 | 听 | 听 | 30,505 |
| Operating lease right-of-use assets, net | 听 | 听 | 43,504 | 听 | 听 | 16,091 |
| Restricted cash | 听 | 听 | 1,832 | 听 | 听 | 2,222 |
| Intangible assets, net | 听 | 听 | 17,163 | 听 | 听 | 389,572 |
| Goodwill | 听 | 听 | 317,761 | 听 | 听 | 317,761 |
| Other long-term assets | 听 | 听 | 9,011 | 听 | 听 | 9,305 |
| Total Assets | 听 | $ | 825,470 | 听 | $ | 1,260,447 |
| 听 | 听 | 听 | 听 | 听 | ||
| Liabilities and Stockholders' Equity | 听 | 听 | 听 | 听 | ||
| Accounts payable | 听 | $ | 15,055 | 听 | $ | 16,590 |
| Accrued expenses | 听 | 听 | 26,541 | 听 | 听 | 22,595 |
| Deferred revenue | 听 | 听 | 20,572 | 听 | 听 | 19,764 |
| Operating lease liabilities | 听 | 听 | 52,785 | 听 | 听 | 24,940 |
| Contingent consideration liability | 听 | 听 | 鈥� | 听 | 听 | 18,700 |
| Convertible senior notes, net | 听 | 听 | 646,436 | 听 | 听 | 647,494 |
| Other liabilities | 听 | 听 | 2,592 | 听 | 听 | 3,770 |
| Stockholders' equity | 听 | 听 | 61,489 | 听 | 听 | 506,594 |
| Total Liabilities and Stockholders' Equity | 听 | $ | 825,470 | 听 | $ | 1,260,447 |
| 听 | ||||||
| Pacific Biosciences of California, Inc. Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| 听 | ||||||||||||||||||||
| 听 | 听 | Three Months Ended | 听 | Six Months Ended | ||||||||||||||||
| (in thousands, except per share amounts) | 听 | June 30, 2025 | 听 | March 31, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||||
| GAAP net loss | 听 | $ | (41,930 | ) | 听 | $ | (426,075 | ) | 听 | $ | (173,319 | ) | 听 | $ | (468,005 | ) | 听 | $ | (251,497 | ) |
| Change in fair value of contingent consideration (1) | 听 | 听 | 鈥� | 听 | 听 | 听 | (18,700 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (18,700 | ) | 听 | 听 | (70 | ) |
| Impairment charges (2) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 93,200 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 93,200 | 听 |
| Amortization of acquired intangible assets | 听 | 听 | 1,016 | 听 | 听 | 听 | 7,128 | 听 | 听 | 听 | 6,850 | 听 | 听 | 听 | 8,144 | 听 | 听 | 听 | 13,699 | 听 |
| Income tax benefit (3) | 听 | 听 | 鈥� | 听 | 听 | 听 | (546 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (546 | ) | 听 | 听 | 鈥� | 听 |
| Restructuring (4) | 听 | 听 | 963 | 听 | 听 | 听 | 393,788 | 听 | 听 | 听 | 18,028 | 听 | 听 | 听 | 394,751 | 听 | 听 | 听 | 18,028 | 听 |
| Non-GAAP net loss | 听 | $ | (39,951 | ) | 听 | $ | (44,405 | ) | 听 | $ | (55,241 | ) | 听 | $ | (84,356 | ) | 听 | $ | (126,640 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP basic net loss per share | 听 | $ | (0.14 | ) | 听 | $ | (1.44 | ) | 听 | $ | (0.64 | ) | 听 | $ | (1.57 | ) | 听 | $ | (0.93 | ) |
| Change in fair value of contingent consideration (1) | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.06 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.06 | ) | 听 | 听 | 鈥� | 听 |
| Impairment charges (2) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.34 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.34 | 听 |
| Amortization of acquired intangible assets | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.02 | 听 | 听 | 听 | 0.03 | 听 | 听 | 听 | 0.03 | 听 | 听 | 听 | 0.05 | 听 |
| Restructuring (4) | 听 | 听 | 鈥� | 听 | 听 | 听 | 1.33 | 听 | 听 | 听 | 0.07 | 听 | 听 | 听 | 1.32 | 听 | 听 | 听 | 0.07 | 听 |
| Other adjustments and rounding differences | 听 | 听 | 0.01 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Non-GAAP basic net loss per share | 听 | $ | (0.13 | ) | 听 | $ | (0.15 | ) | 听 | $ | (0.20 | ) | 听 | $ | (0.28 | ) | 听 | $ | (0.47 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP gross profit (loss) | 听 | $ | 14,684 | 听 | 听 | $ | (1,371 | ) | 听 | $ | 5,938 | 听 | 听 | $ | 13,313 | 听 | 听 | $ | 17,220 | 听 |
| Amortization of acquired intangible assets | 听 | 听 | 183 | 听 | 听 | 听 | 4,345 | 听 | 听 | 听 | 2,628 | 听 | 听 | 听 | 4,528 | 听 | 听 | 听 | 3,971 | 听 |
| Restructuring (4) | 听 | 听 | 348 | 听 | 听 | 听 | 12,027 | 听 | 听 | 听 | 4,650 | 听 | 听 | 听 | 12,375 | 听 | 听 | 听 | 4,650 | 听 |
| Non-GAAP gross profit | 听 | $ | 15,215 | 听 | 听 | $ | 15,001 | 听 | 听 | $ | 13,216 | 听 | 听 | $ | 30,216 | 听 | 听 | $ | 25,841 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP gross profit (loss) % | 听 | 听 | 37 | % | 听 | (4)听听听听听听听听% | 听 | 听 | 16 | % | 听 | 听 | 17 | % | 听 | 听 | 23 | % | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Non-GAAP gross profit % | 听 | 听 | 38 | % | 听 | 听 | 40 | % | 听 | 听 | 37 | % | 听 | 听 | 39 | % | 听 | 听 | 35 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| GAAP total operating expense | 听 | $ | 59,537 | 听 | 听 | $ | 427,563 | 听 | 听 | $ | 181,784 | 听 | 听 | $ | 487,100 | 听 | 听 | $ | 274,428 | 听 |
| Change in fair value of contingent consideration (1) | 听 | 听 | 鈥� | 听 | 听 | 听 | 18,700 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 18,700 | 听 | 听 | 听 | 70 | 听 |
| Impairment charges (2) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (93,200 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (93,200 | ) |
| Amortization of acquired intangible assets | 听 | 听 | (833 | ) | 听 | 听 | (2,783 | ) | 听 | 听 | (4,222 | ) | 听 | 听 | (3,616 | ) | 听 | 听 | (9,728 | ) |
| Restructuring (4) | 听 | 听 | (615 | ) | 听 | 听 | (381,761 | ) | 听 | 听 | (13,378 | ) | 听 | 听 | (382,376 | ) | 听 | 听 | (13,378 | ) |
| Non-GAAP total operating expense | 听 | $ | 58,089 | 听 | 听 | $ | 61,719 | 听 | 听 | $ | 70,984 | 听 | 听 | $ | 119,808 | 听 | 听 | $ | 158,192 | 听 |
| (1) | Change in fair value of contingent consideration during the three months ended March 31, 2025 and six months ended June 30, 2025 and 2024 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| 听 | 听 |
| (2) | Goodwill impairment charge during the three and six months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| 听 | 听 |
| (3) | A deferred income tax benefit during the three months ended March 31, 2025 and six months ended June 30, 2025 is primarily related to the change in the deferred tax liability balance resulting from the accelerated amortization of acquired intangible assets and impairment of IPR&D. |
| 听 | 听 |
| (4) | Restructuring costs related to the 2025 plan during the three months ended March 31, 2025 and June 30, 2025 and six months ended June 30, 2025 consist primarily of costs included in cost of revenue related to excess inventory and purchase commitment losses, as well as costs included in operating expenses related to employee separation, accelerated depreciation, IPR&D impairment, and accelerated amortization of acquired intangibles. Restructuring costs related to the 2024 plan during the three and six months ended June 30, 2024 consist primarily of employee separation costs, accelerated amortization and depreciation for right-of-use assets, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office, including charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives during the three months ended June 30, 2024. |
| 听 | 听 |
FAQ
What were PacBio's (PACB) Q2 2025 earnings results?
How many Revio systems did PacBio sell in Q2 2025 compared to Q2 2024?
What is PacBio's current cash position as of Q2 2025?
How did PacBio's revenue segments perform in Q2 2025?
What strategic developments did PacBio announce in Q2 2025?
