PacBio Announces Preliminary First Quarter 2025 Revenue and Reiterates 2025 Revenue Guidance of $155 Million to $170 Million
PacBio (NASDAQ: PACB) reported preliminary Q1 2025 revenue of $36.9 million, down from $38.8 million in Q1 2024. The quarter saw mixed results with:
- Instrument revenue declined to $10.8 million (vs $19.0M)
- Record consumable revenue increased to $20.1 million (vs $16.0M)
- Service revenue grew to $6.0 million (vs $3.8M)
The company shipped 12 Revio and 28 Vega systems, with Revio pull-through at ~$236,000. To address market uncertainty, PacBio announced cost-cutting measures to reduce annual operating expenses by $45-50 million. The company maintains its 2025 revenue guidance of $155-170 million and expects non-GAAP gross margin between 35-40%.
PacBio (NASDAQ: PACB) ha riportato un fatturato preliminare per il primo trimestre del 2025 di $36,9 milioni, in calo rispetto ai $38,8 milioni del primo trimestre del 2024. Il trimestre ha mostrato risultati misti con:
- I ricavi da strumenti sono diminuiti a $10,8 milioni (rispetto a $19,0M)
- I ricavi da consumabili hanno raggiunto un record di $20,1 milioni (rispetto a $16,0M)
- I ricavi da servizi sono aumentati a $6,0 milioni (rispetto a $3,8M)
L'azienda ha spedito 12 sistemi Revio e 28 sistemi Vega, con un valore medio di vendita per Revio di circa ~$236.000. Per affrontare l'incertezza del mercato, PacBio ha annunciato misure di riduzione dei costi per abbattere le spese operative annuali di $45-50 milioni. L'azienda mantiene la sua previsione di fatturato per il 2025 di $155-170 milioni e si aspetta un margine lordo non-GAAP tra il 35% e il 40%.
PacBio (NASDAQ: PACB) reportó ingresos preliminares para el primer trimestre de 2025 de $36.9 millones, una disminución desde los $38.8 millones en el primer trimestre de 2024. El trimestre mostró resultados mixtos con:
- Los ingresos por instrumentos cayeron a $10.8 millones (frente a $19.0M)
- Los ingresos por consumibles alcanzaron un récord de $20.1 millones (frente a $16.0M)
- Los ingresos por servicios crecieron a $6.0 millones (frente a $3.8M)
La compañía envió 12 sistemas Revio y 28 sistemas Vega, con un promedio de ingresos por Revio de aproximadamente ~$236,000. Para abordar la incertidumbre del mercado, PacBio anunció medidas de reducción de costos para disminuir los gastos operativos anuales en $45-50 millones. La empresa mantiene su pronóstico de ingresos para 2025 de $155-170 millones y espera un margen bruto no-GAAP entre el 35% y el 40%.
PacBio (NASDAQ: PACB)는 2025년 1분기 예비 수익이 $36.9 백만으로, 2024년 1분기 $38.8 백만에서 감소했다고 보고했습니다. 이번 분기는 혼합된 결과를 보였습니다:
- 기기 수익은 $10.8 백만으로 감소했습니다 (대비 $19.0M)
- 소비재 수익은 $20.1 백만으로 증가했습니다 (대비 $16.0M)
- 서비스 수익은 $6.0 백만으로 성장했습니다 (대비 $3.8M)
회사는 12개의 Revio 시스템과 28개의 Vega 시스템을 출하했으며, Revio의 평균 수익은 약 ~$236,000입니다. 시장의 불확실성을 해결하기 위해 PacBio는 연간 운영 비용을 $45-50 백만 줄이기 위한 비용 절감 조치를 발표했습니다. 회사는 2025년 수익 가이던스를 $155-170 백만으로 유지하며, 비-GAAP 총 마진은 35%에서 40% 사이일 것으로 예상합니다.
PacBio (NASDAQ: PACB) a annoncé des revenus préliminaires pour le premier trimestre 2025 de $36,9 millions, en baisse par rapport à $38,8 millions au premier trimestre 2024. Le trimestre a montré des résultats mitigés avec :
- Les revenus des instruments ont diminué à $10,8 millions (contre $19,0M)
- Les revenus des consommables ont atteint un niveau record de $20,1 millions (contre $16,0M)
- Les revenus des services ont augmenté à $6,0 millions (contre $3,8M)
L'entreprise a expédié 12 systèmes Revio et 28 systèmes Vega, avec un revenu moyen par Revio d'environ ~$236,000. Pour faire face à l'incertitude du marché, PacBio a annoncé des mesures de réduction des coûts pour diminuer les dépenses d'exploitation annuelles de $45-50 millions. L'entreprise maintient ses prévisions de revenus pour 2025 entre $155-170 millions et s'attend à une marge brute non-GAAP comprise entre 35% et 40%.
PacBio (NASDAQ: PACB) berichtete über vorläufige Einnahmen für das erste Quartal 2025 in Höhe von $36,9 Millionen, ein Rückgang von $38,8 Millionen im ersten Quartal 2024. Das Quartal zeigte gemischte Ergebnisse mit:
- Die Einnahmen aus Geräten sanken auf $10,8 Millionen (gegenüber $19,0M)
- Die Einnahmen aus Verbrauchsmaterialien stiegen auf einen Rekord von $20,1 Millionen (gegenüber $16,0M)
- Die Einnahmen aus Dienstleistungen wuchsen auf $6,0 Millionen (gegenüber $3,8M)
Das Unternehmen versendete 12 Revio- und 28 Vega-Systeme, wobei der durchschnittliche Umsatz pro Revio bei etwa ~$236.000 lag. Um der Marktentwicklung Rechnung zu tragen, kündigte PacBio Kostensenkungsmaßnahmen an, um die jährlichen Betriebskosten um $45-50 Millionen zu senken. Das Unternehmen hält an seiner Umsatzprognose für 2025 von $155-170 Millionen fest und erwartet eine nicht-GAAP Bruttomarge zwischen 35% und 40%.
- Record consumable revenue of $20.1M, up 25.6% YoY
- Service revenue increased 57.9% to $6.0M
- Strong Vega system orders acceleration in Q1
- Healthy cash position of $343.1M
- Cost reduction plan to save $45-50M annually
- Total revenue declined 4.9% YoY to $36.9M
- Instrument revenue dropped 43.2% to $10.8M
- Revio system shipments decreased from 28 to 12 units YoY
- Cash position declined 39% YoY from $561.9M
- Revio pull-through decreased to $236,000 from $254,000
Insights
PacBio's Q1 results reveal a mixed financial picture with strategic adjustments to navigate challenging market conditions. Overall revenue of
The planned
The shift in product mix is telling - Revio placements dropped from 28 to 12 units, while the newer, lower-priced Vega system saw 28 placements. This suggests customers are opting for more affordable options in the current funding-constrained environment. The maintained full-year guidance of
The stable Revio pull-through rate (
PacBio's quarterly results reflect broader industry dynamics affecting the life sciences tools sector. The differential performance between instruments and consumables illustrates a classic pattern seen during funding constraints - capital purchases are delayed while operating expenses for existing research continue.
The accelerating adoption of Vega systems, despite the challenging environment, validates PacBio's strategic expansion into the mid-throughput market segment. At a lower price point than Revio, Vega appears to be capturing demand from budget-conscious research groups and potentially opening new application areas for long-read sequencing.
The restructuring to focus on three key priorities - accelerating HiFi adoption, improving gross margins, and advancing platform innovations - makes technical sense. The
The references to NIH funding uncertainty, economic headwinds, and new tariffs highlight multiple external pressures beyond company control. These factors are affecting the entire genomics sector, not just PacBio. The company's reorganization of its commercial organization suggests an attempt to optimize customer acquisition costs during this challenging period while maintaining critical customer relationships.
The continued pull-through performance on Revio systems indicates that researchers who have invested in PacBio's technology remain committed to its use, which bodes well for long-term platform viability despite near-term placement challenges.
Implements Plan to Reduce Annualized Operating Expense Run Rate by
Q1 2025 Earnings Conference Call Scheduled for May 8, 2025
MENLO PARK, Calif., April 09, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced preliminary, unaudited revenue for the quarter ended March 31, 2025.
Preliminary First Quarter Results
| Preliminary Q1 2025 | Q1 2024 | |
| Revenue | ||
| Instrument revenue | ||
| Consumable revenue | ||
| Service and other revenue | ||
| Revio systems | 12 | 28 |
| Vega systems | 28 | - |
| Annualized Revio pull-through per system | ~ | ~ |
| Cash, cash equivalents, and investments |
Our preliminary revenue for the first quarter met our expectations despite impacts from ongoing uncertainty in NIH funding in the United States and broader economic headwinds affecting the industry.
Vega system orders accelerated in the first quarter as compared to the fourth quarter of 2024 as the combination of system capability and its attractive price point enabled purchases from both new and existing customers.
Preliminary consumable revenue reached a company record. Annualized Revio pull-through per system was approximately
In response to ongoing market uncertainty, PacBio is executing a plan to reduce both headcount across all functions and non-headcount related expenses to lower its annualized non-GAAP operating expense run-rate by
Commentary by Christian Henry, President and CEO of PacBio:
“We are pleased with our start to the year as revenue met our expectations and we achieved record levels of consumable revenue. The Vega launch is progressing well, attracting more customers to HiFi sequencing and is expanding our addressable applications. While the funding and general macroeconomic environment is having an impact on our ability to place more instruments, particularly Revio systems at academic customers, we are encouraged by the consistent Revio utilization and annualized consumable pull-through, which remain in line with our expectations.”
“We believe we are on pace to achieve the financial goals we set earlier this year. However, given the persistent uncertainty surrounding academic and NIH funding, along with the introduction of new tariffs, we are taking strategic steps to reduce spending and reinforce our plan to reach positive cash flow by the end of 2027.”
“As a result of the reductions, we plan to focus on three key priorities:
- Accelerating the adoption of HiFi sequencing,
- Investing in initiatives that are targeted to improve gross margin, and
- Advancing innovation in our long-read sequencing portfolio to enhance platform scalability and reduce costs.”
“We are also restructuring our commercial organization to streamline management and improve sales force efficiency, while maintaining our commitment to serving customers across all segments and product lines.”
Guidance and Financial Outlook
The company reiterates its previous financial guidance including:
- Full-year 2025 revenue to be
$155 million to$170 million . - Growth in Vega shipments offsetting a year-over-year decline in Revio system shipments with annualized pull-through per Revio system in the low to mid
$200,000 s range. - 2025 non-GAAP gross margin to be between
35% and40% .
As a result of the expected cost savings associated with the operating expense reductions, the company now expects its 2025 non-GAAP operating expenses to be lower compared to its previous guidance of
The preliminary unaudited financial information set forth above is subject to revision and is anticipated to be finalized in May 2025. PacBio’s financial results could differ materially from the preliminary estimates above, which are not a comprehensive statement of PacBio’s financial results and are not necessarily indicative of the results to be expected as of or for the fiscal period ended March 31, 2025, or any future period. Accordingly, you should not place undue reliance on these preliminary estimates.
Quarterly Conference Call Information
PacBio will hold its quarterly conference call on Thursday, May 8, 2025, at 4:30 p.m. Eastern Time to discuss its first quarter 2025 financial results. The call will be webcast and may be accessed at PacBio’s website at https://investor.pacificbiosciences.com/.
Date: Thursday, May 8, 2025, at 4:30 pm ET (1:30 pm PT)
Listen live via internet or replay: https://investor.pacificbiosciences.com/
Toll-free: 1-888-349-0136
International: 1-412-317-0459
If using the dial-in option, please dial into the call ten minutes prior to start time using the appropriate number above and ask to join the “PacBio Q1 Earnings Call.”
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 stem from two highly differentiated core technologies focused on accuracy, quality and completeness which include our HiFi long-read sequencing and our SBB® short-read sequencing technologies. Our products 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-GAAP financial measures
This press release refers to non-GAAP gross margins and operating expenses, which PacBio reports in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP. Additional details on PacBio’s definition of non-GAAP gross margins and operating expenses can be found in the tables accompanying our fourth quarter 2024 earnings press release dated February 13, 2025. PacBio is unable to reconcile the non-GAAP gross margins and operating expense numbers included in this press release because certain items that impact these measures are out of PacBio’s control and/or cannot be reasonably predicted at this time.
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 information is not superior to financial measures calculated in accordance with GAAP, 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’s non-GAAP financial measures as tools for comparison.
Forward-Looking Statements
This press release contains “forward-looking statements” 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 statements relating to PacBio’s preliminary unaudited financial information as of and for the period ended March 31, 2025; the availability or timing of PacBio’s final financial results as of and for the period ended March 31, 2025; PacBio’s expectations for future operating results, revenue and guidance; PacBio’s cost-saving plans and initiatives as well as the expected financial impact and timing of these plans and initiatives; risks that the operating expense reductions may have an adverse impact on PacBio’s business and results of operations; risks that charges associated with PacBio’s operating expense reductions may be greater than anticipated; the availability, uses, accuracy, coverage, advantages, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies; and anticipated demand for PacBio’s products and technologies in future periods. 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 that could cause actual outcomes and results to differ materially from currently anticipated results. These risks include, but are 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 lengthening sales cycles; risks related to PacBio's ability to successfully execute and realize the benefits of acquisitions; the estimated size and estimated growth for the markets for PacBio’s products may be smaller than expected; risks related to reductions in government funding for research grants or contracts; the impact of U.S. export restrictions and tariffs on the shipment of PacBio products to and sourcing of materials from certain countries; 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 and commercialization 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 “Risk Factors.” These forward-looking statements, including PacBio’s preliminary unaudited financial information and PacBio’s financial guidance, 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.
Contacts
Investors and Media:
Todd Friedman
650.521.8450
ir@pacb.com
FAQ
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