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PacBio announces first quarter 2024 financial results

PacBio announced financial results for the quarter ended March 31, 2024.

First quarter results:

  • Revenue of$38.8 million compared with $38.9 million in the prior-year period.
  • Instrument revenue of $19.0 million compared with $20.7 million in the prior-year period. Instrument revenue in the first quarter of 2024 included 28 RevioTM sequencing systems.
  • Consumables revenue of $16.0 million compared with $14.0 million in the prior-year period.
  • Service and other revenue of $3.8 million compared with $4.2 million in the prior-year period.

Gross profit for the first quarter of 2024 was $11.3 million, representing a 16% increase compared with $9.8 million for the first quarter of 2023 and a gross margin of 29% in the first quarter of 2024 compared to 25% for the first quarter of 2023.

Operating expenses totaled $92.6 million for the first quarter of 2024, compared to $101.0 million for the first quarter of 2023. Operating expenses for the first quarter of 2024 and the first quarter of 2023 included non-cash share-based compensation of $17.4 million and $16.0 million, respectively.

Net loss for the first quarter of 2024 was $78.2 million, compared to a net loss of $88.0 million for the first quarter of 2023.

Net loss per share for the first quarter of 2024 was $0.29, compared to net loss per share of $0.36 for the first quarter of 2023.

Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at March 31, 2024, totaled $561.9 million, compared to $631.4 million at December 31, 2023.

Non-GAAP first quarter results (see accompanying tables for reconciliations of GAAP and non-GAAP measures):

Non-GAAP gross profit for the first quarter of 2024 was $12.6 million, representing a 27% increase compared with $9.9 million for the first quarter of 2023 and a non-GAAP gross margin of 33% in the first quarter of 2024 compared to 26% for the first quarter of 2023.

Non-GAAP operating expenses totaled $87.2 million for the first quarter of 2024, compared to $88.7 million for the first quarter of 2023.

Non-GAAP net loss for the first quarter of 2024 was $71.4 million, compared to a non-GAAP net loss of $75.5 million for the first quarter of 2023.

Non-GAAP net loss per share for the first quarter of 2024 was $0.26 compared to a non-GAAP net loss per share of $0.31 for the first quarter of 2023.
MB Bureau

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