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Sep 30, 2024
Pacific Biosciences Q3 2024 Earnings Report
Announced financial results for the quarter ended September 30, 2024.
Key Takeaways
PacBio reported a net loss of $60.7 million for Q3 2024, compared to a net loss of $66.9 million for Q3 2023. The company saw positive signs, including sequential growth in consumables and continued Revio adoption, and is committed to being cash flow positive exiting 2026.
Gross profit for the third quarter of 2024 was $10.0 million, compared with $17.9 million for the third quarter of 2023.
Operating expenses totaled $74.1 million for the third quarter of 2024, compared to $100.4 million for the third quarter of 2023.
Net loss for the third quarter of 2024 was $60.7 million, compared to a net loss of $66.9 million for the third quarter of 2023.
Non-GAAP net loss per share for the third quarter of 2024 was $0.17 compared to a non-GAAP net loss per share of $0.27 for the third quarter of 2023.
Forward Guidance
PacBio is on the path to return to growth in 2025 and beyond and remains committed to its goal of being cashflow positive exiting 2026.
Positive Outlook
- Sequential growth in consumables with growing sequencing data output.
- Continued Revio adoption from new customers.
- A record quarter for Onso.
- Decrease cash burn.
- Strengthening balance sheet by reducing total debt.
Challenges Ahead
- Difficult macro environment for capital purchases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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