Menlo Park, California, USA
August 2, 2023
PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2023.
Second quarter results
- Revenue of $47.6 million, a 34% increase compared with $35.5 million in the prior year-period.
- Recognized revenue on 47 sequencing systems in the second quarter, including 45 Revio systems and 2 Sequel IIe systems, compared to 36 Sequel II/IIe systems in the prior-year period.
- Instrument revenue of $29.9 million compared with $15.6 million in the prior-year period.
- Consumables revenue of $13.7 million compared with $14.6 million in the prior-year period.
- Service and other revenue of $3.9 million compared with $5.3 million in the prior-year period.
Gross profit for the second quarter of 2023 was $15.5 million, representing a 4% decrease compared with $16.2 million for the second quarter of 2022 and a gross margin of 33% in the second quarter of 2023 compared to 46% for the second quarter of 2022. Non-GAAP gross profit for the second quarter of 2023 was $15.7 million and represented a non-GAAP gross margin of 33% in the second quarter of 2023, compared to a non-GAAP gross profit of $16.4 million in the second quarter of 2022 which represented a non-GAAP gross margin of 46% (see accompanying tables for reconciliations of GAAP and non-GAAP measures).
Operating expenses totaled $88.7 million for the second quarter of 2023, compared to $84.2 million for the second quarter of 2022. Non-GAAP operating expenses totaled $86.7 million for the second quarter of 2023, compared to $89.6 million for the second quarter of 2022. Operating expenses for the second quarter of 2023 and the second quarter of 2022 included non-cash share-based compensation of $16.7 million and $18.0 million, respectively.
Net loss for the second quarter of 2023 was $69.8 million, compared to a net loss of $71.4 million for the second quarter of 2022. Non-GAAP net loss was $65.6 million for the second quarter of 2023, compared to $76.6 million for the second quarter of 2022.
Net loss per share for the second quarter of 2023 was $0.28 compared to net loss per share of $0.32 for the second quarter of 2022. Non-GAAP net loss per share for the second quarter of 2023 was $0.26 compared to $0.34 for the second quarter of 2022.
Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at June 30, 2023, totaled $829.9 million, compared to $772.3 million at December 31, 2022.
Updates since our last earnings release
- Commenced shipping of the Onso platform, an innovative benchtop short-read DNA sequencing system that provides users with an extraordinary level of accuracy using PacBio’s proprietary sequencing by binding (SBB) technology. PacBio expects to complete the installation of the first Onso instrument and ship related consumables later this month. The milestone payment associated with PacBio’s acquisition of Omniome will be triggered once both the Onso instrument and related consumables have been shipped.
- Entered into an agreement to acquire Apton Biosystems, Inc. (Apton), a private company developing a high-throughput short-read sequencer. PacBio plans to integrate SBB chemistry with Apton’s advanced optics and imaging technologies to accelerate our development of a highly accurate, high throughput, short-read sequencer.
- Announced that Bioscientia, a leading global provider of clinical laboratory testing services for diagnostics based in Germany, implemented Revio to sequence several thousand human genomes per year.
- Collaborated with Radboud University Medical Center (Radboudumc), one of Europe’s largest academic centers for human genetics, to explore genetic causes of rare and genetic diseases. Radboudumc plans to study the potential clinical utility and better understand the health economics of bringing highly accurate HiFi sequencing in a clinical setting on a large scale.
- Appointed Olga Troyanskaya, Ph.D., Professor of Computer Science and the Lewis Sigler Institute for Integrative Genomics at Princeton University to PacBio’s Scientific Advisory Board (SAB) and Jay Shendure, Ph.D., Professor of Genome Sciences at the University of Washington, as Chair. SAB provides guidance to the research and development efforts at PacBio, including critical feedback, advice, and expertise on future technological and scientific direction to inform PacBio’s priorities and roadmaps for current and future products.
- Issued $441 million principal amount of 1.375% Convertible Senior Notes due 2030 in exchange for $441 million principal amount of 1.50% Convertible Senior Notes due 2028 (2028 Notes) in a privately negotiated exchange deal with a holder of PacBio’s 2028 Notes.
"PacBio continued to gain momentum in the second quarter as Revio demand drove record quarterly revenue," said Christian Henry, President and Chief Executive Officer. "The team continues to execute on scaling manufacturing and delivering the new product to customers, and we’re seeing customers ramp sequencing on Revio. I’m also pleased to share that we’ve commenced shipment of Onso today, our highly differentiated short-read benchtop sequencer developed as a result of our acquisition of Omniome in 2021. I’m also excited to announce that we entered into an agreement to acquire Apton, enabling us to accelerate the development of a high-throughput instrument capable of sequencing billions of reads per flow cell."
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