PacBio Announces Third Quarter 2024 Financial Results
PacBio reported Q3 2024 financial results with revenue of $40.0 million, down from $55.7 million in Q3 2023. Instrument revenue was $16.8 million, including 22 Revio systems sold. The company reported a net loss of $60.7 million ($0.22 per share). Notable developments include the announcement of SPRQ chemistry for Revio, increasing throughput by 33%, and the launch of Vega, a new long-read benchtop sequencer priced at $169,000. Cash position stood at $471.1 million as of September 30, 2024. The company also announced a private convertible note exchange transaction of $459 million.
PacBio ha riportato i risultati finanziari del Q3 2024 con entrate di 40,0 milioni di dollari, in calo rispetto ai 55,7 milioni di dollari nel Q3 2023. Le entrate da strumenti ammontano a 16,8 milioni di dollari, inclusi 22 sistemi Revio venduti. L'azienda ha registrato una perdita netta di 60,7 milioni di dollari (0,22 dollari per azione). Sviluppi degni di nota includono l'annuncio della chimica SPRQ per Revio, che aumenta il throughput del 33%, e il lancio di Vega, un nuovo sequenziatore da banco per letture lunghe, con un prezzo di 169.000 dollari. La posizione di cassa si attestava a 471,1 milioni di dollari al 30 settembre 2024. L'azienda ha anche annunciato una transazione di scambio di note convertibili private di 459 milioni di dollari.
PacBio informó los resultados financieros del tercer trimestre de 2024, con ingresos de 40 millones de dólares, disminuyendo desde los 55,7 millones de dólares en el tercer trimestre de 2023. Los ingresos por instrumentos fueron de 16,8 millones de dólares, incluyendo 22 sistemas Revio vendidos. La empresa reportó una pérdida neta de 60,7 millones de dólares (0,22 dólares por acción). Los desarrollos notables incluyen el anuncio de la química SPRQ para Revio, que aumentó el rendimiento en un 33%, y el lanzamiento de Vega, un nuevo secuenciador de banco para lecturas largas con un precio de 169.000 dólares. La posición de efectivo se situó en 471,1 millones de dólares a partir del 30 de septiembre de 2024. La empresa también anunció una transacción privada de intercambio de notas convertibles por 459 millones de dólares.
PacBio는 2024년 3분기 재무 결과를 발표했으며 매출은 4천만 달러로, 2023년 3분기 5천570만 달러에서 감소했습니다. 기기 매출은 1천680만 달러로, 22개의 Revio 시스템이 판매되었습니다. 회사는 순손실 6천70만 달러 ($0.22 주당)로 보고했습니다. 주목할 만한 발전 사항으로는 Revio의 SPRQ 화학 발표가 있으며, 이를 통해 처리량이 33% 증가했으며, 169,000달러에 가격이 책정된 새로운 장기 읽기 벤치탑 염기서열 분석기인 Vega가 출시되었습니다. 2024년 9월 30일 기준으로 현금 보유액은 4억7천110만 달러였습니다. 회사는 또한 4억5천900만 달러 규모의 사모 전환사채 교환 거래를 발표했습니다.
PacBio a annoncé ses résultats financiers pour le troisième trimestre 2024, avec un revenu de 40,0 millions de dollars, en baisse par rapport à 55,7 millions de dollars au troisième trimestre 2023. Les revenus des instruments s'élevaient à 16,8 millions de dollars, incluant 22 systèmes Revio vendus. La société a déclaré une perte nette de 60,7 millions de dollars (0,22 dollar par action). Les développements notables comprennent l'annonce de la chimie SPRQ pour Revio, qui augmente le débit de 33 %, et le lancement de Vega, un nouveau séquenceur de bureau à lecture longue au prix de 169.000 dollars. La position de trésorerie s'élevait à 471,1 millions de dollars au 30 septembre 2024. L'entreprise a également annoncé une transaction privée d'échange de notes convertibles de 459 millions de dollars.
PacBio hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit Einnahmen von 40,0 Millionen Dollar, ein Rückgang von 55,7 Millionen Dollar im 3. Quartal 2023. Die Einnahmen aus Instrumenten betrugen 16,8 Millionen Dollar, einschließlich 22 verkaufter Revio-Systeme. Das Unternehmen berichtete von einem Nettoverlust von 60,7 Millionen Dollar (0,22 Dollar pro Aktie). Nennenswerte Entwicklungen umfassen die Ankündigung der SPRQ-Chemie für Revio, die den Durchsatz um 33 % erhöht, sowie die Einführung von Vega, einem neuen Langlesesequenzierer, der zum Preis von 169.000 Dollar angeboten wird. Die liquiden Mittel beliefen sich zum 30. September 2024 auf 471,1 Millionen Dollar. Das Unternehmen gab auch eine private Umtauschanleihe von 459 Millionen Dollar bekannt.
- Consumables revenue increased to $18.5M from $16.9M YoY
- Operating expenses reduced to $74.1M from $100.4M YoY
- Net loss per share improved to $0.22 from $0.26 YoY
- Non-GAAP gross margin improved to 33% from 32% YoY
- Total revenue declined 28.2% YoY to $40.0M from $55.7M
- Instrument revenue decreased 51.6% YoY to $16.8M from $34.7M
- Cash position decreased to $471.1M from $631.4M since December 2023
- Reported net loss of $60.7M
Insights
PacBio's Q3 results reveal concerning trends with
The debt restructuring through convertible note exchange of
The introduction of SPRQ chemistry for the Revio system represents a significant technological advancement, enabling
Strategic partnerships with A*STAR, Macrogen and various research institutions demonstrate market penetration efforts in key areas like fertility research and oncology. However, these initiatives may take time to materialize into significant revenue streams, particularly in the current challenging funding environment for research institutions.
MENLO PARK, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended September 30, 2024.
Third quarter results:
- Revenue of
$40.0 million compared with$55.7 million in the prior-year period. - Instrument revenue of
$16.8 million compared with$34.7 million in the prior-year period. Instrument revenue in the third quarter of 2024 included 22 Revio™ sequencing systems. - Consumables revenue of
$18.5 million compared with$16.9 million in the prior-year period. - Service and other revenue of
$4.7 million compared with$4.1 million in the prior-year period.
Gross profit, 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.
Gross profit for the third quarter of 2024 was
Operating expenses totaled
Net loss for the third quarter of 2024 was
Net loss per share for the third quarter of 2024 was
Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at September 30, 2024, totaled
Non-GAAP third quarter results (see accompanying tables for reconciliations of GAAP and non-GAAP measures):
Non-GAAP gross profit for the third quarter of 2024 was
Non-GAAP operating expenses totaled
Non-GAAP net loss for the third quarter of 2024 was
Non-GAAP net loss per share for the third quarter of 2024 was
Updates since PacBio's last earnings release
- Announced SPRQ chemistry for the Revio sequencing system, increasing throughput by
33% and enabling sub-$500 whole genome sequencing. This advancement raises Revio’s capacity to 2,500 human genomes per year while reducing DNA input requirements fourfold to 500ng, allowing more samples to be sequenced on the platform. The update also enhances and expands methylation detection capabilities. - Unveiled Vega™, a new long-read benchtop sequencer offering customers the extraordinary data accuracy of HiFi technology and a fast turnaround time, with simplified and integrated consumables delivering up to 60 gigabases per run, all at a U.S. list price of
$169,000 per system. - Introduced the SMRT Link Cloud software, expected to be available in early 2025, allowing customers to access, store, and analyze their HiFi data without local hardware, making it easier for new and existing customers to ramp up their PacBio sequencing.
- Collaborated with the Agency for Science, Technology, and Research (A*STAR) and Macrogen to open a state-of-the-art joint laboratory in Singapore, providing the local research community with access to cutting-edge long-read sequencing technology and support for the National Precision Medicine (NPM) program's long-read sequencing needs.
- Announced the formation of the HiFi Solves Sub-fertility Consortium, which unites leading experts and leverages HiFi sequencing technology alongside DNAstack’s federated data platform to advance the diagnosis and treatment of subfertility and recurrent pregnancy loss.
- Partnered with the University Hospital of Münster to use long-read whole genome sequencing in advancing research on male infertility and rare diseases.
- Joined the 10x Genomics Compatible Partner Program, expanding the range of applications Onso can address, particularly in the fast-growing fields of single-cell and spatial biology.
- Signed a Research Collaboration Agreement with the National Cancer Centre of Singapore to use Onso to profile the genomic landscape of prevalent cancers in Asia.
- Announced a private convertible note exchange transaction of
$459 million principal amount of1.50% convertible Senior Notes due 2028, meaningfully reducing and extending the duration of our long-term debt while balancing shareholder dilution and impact to our cash, which is anticipated to close on or about November 21, 2024.
"While PacBio continued to operate in a difficult macro environment for capital purchases in the third quarter, we saw several positive signs that lead us to believe that we are on the path to return to growth in 2025 and beyond," said Christian Henry, President and Chief Executive Officer. "We're seeing sequential growth in consumables with growing sequencing data output, continued Revio adoption from new customers, and a record quarter for Onso. Meanwhile, we continue to decrease our cash burn and remain committed to our goal of being cashflow positive exiting 2026. Additionally, we’re strengthening our balance sheet by reducing our total debt while balancing dilution through our recently announced note exchange with SoftBank. With the launch of our SPRQ chemistry and the Vega benchtop system, PacBio is delivering on its strategy to bring a suite of advanced platforms and solutions to the market and expand HiFi's ability to reach more customers than ever before.”
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its third quarter ended September 30, 2024, results today at 4:30 p.m. Eastern Time. Investors may listen to the call by dialing 1-888-349-0136, if outside the U.S., by dialing 1-412-317-0459, requesting to join the “PacBio Q3 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 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
PacBio reports non‐GAAP results for basic and diluted net income and loss per share, net income, net loss, gross margins, gross profit 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’s 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‐GAAP financial measures included in this press release. PacBio excludes recurring charges from its non-GAAP financial statements, including amortization of intangible assets, changes in fair value of contingent consideration and restructuring related expenses, and further excludes infrequent and limited charges including impairment charges and gains or losses on the extinguishment of debt. The amortization of acquired intangible assets excluded from GAAP financial measures relates to acquired intangible assets that were recorded as part of the purchase accounting during the year ended December 31, 2021. The amortization related to these intangible assets will occur in future periods until they are fully amortized.
Management has excluded the effects of these items in non‐GAAP measures to assist investors in analyzing and assessing past and future operating performance. In addition, management uses non-GAAP measures to compare PacBio’s 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‐GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of PacBio’s 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 “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 note exchange transaction and its anticipated financial impact and closing timing; cost-saving plans and initiatives as well as the expected financial impact and timing of these plans and initiatives; PacBio’s financial guidance and expectations for future periods; developments affecting our industry and the markets in which we compete, including the impact of new products and technologies; 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; and, the impact of new products and 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, 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 U.S. export restrictions on the shipment of PacBio products to 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 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 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
ir@pacb.com
Media:
pr@pacb.com
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||
| Three Months Ended | |||||||||||
| (in thousands, except per share amounts) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||
| Revenue: | |||||||||||
| Product revenue | $ | 35,296 | $ | 31,746 | $ | 51,562 | |||||
| Service and other revenue | 4,671 | 4,267 | 4,129 | ||||||||
| Total revenue | 39,967 | 36,013 | 55,691 | ||||||||
| Cost of Revenue: | |||||||||||
| Cost of product revenue(1) | 23,278 | 23,083 | 33,551 | ||||||||
| Cost of service and other revenue(2) | 3,484 | 3,366 | 4,054 | ||||||||
| Amortization of acquired intangible assets | 3,201 | 2,628 | 184 | ||||||||
| Loss on purchase commitment | — | 998 | — | ||||||||
| Total cost of revenue | 29,963 | 30,075 | 37,789 | ||||||||
| Gross profit | 10,004 | 5,938 | 17,902 | ||||||||
| Operating Expense: | |||||||||||
| Research and development(1) | 25,516 | 38,485 | 47,514 | ||||||||
| Sales, general and administrative(1) | 43,746 | 45,877 | 43,431 | ||||||||
| Goodwill impairment(3) | — | 93,200 | — | ||||||||
| Merger-related expenses(4) | — | — | 8,979 | ||||||||
| Amortization of acquired intangible assets | 3,649 | 4,222 | 741 | ||||||||
| Change in fair value of contingent consideration(5) | 1,170 | — | (271 | ) | |||||||
| Total operating expense | 74,081 | 181,784 | 100,394 | ||||||||
| Operating loss | (64,077 | ) | (175,846 | ) | (82,492 | ) | |||||
| Interest expense | (3,538 | ) | (3,542 | ) | (3,588 | ) | |||||
| Other income, net | 6,890 | 6,069 | 8,505 | ||||||||
| Loss before benefit from income taxes | (60,725 | ) | (173,319 | ) | (77,575 | ) | |||||
| Benefit from income taxes(6) | — | — | (10,706 | ) | |||||||
| Net loss | $ | (60,725 | ) | $ | (173,319 | ) | $ | (66,869 | ) | ||
| Net loss per share: | |||||||||||
| Basic | $ | (0.22 | ) | $ | (0.64 | ) | $ | (0.26 | ) | ||
| Diluted | $ | (0.22 | ) | $ | (0.64 | ) | $ | (0.26 | ) | ||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||
| Basic | 272,915 | 272,385 | 255,001 | ||||||||
| Diluted | 272,915 | 272,385 | 255,001 | ||||||||
| (1) | Balances for the three months ended September 30, 2024 and June 30, 2024 include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (2) | Balance for the three months ended June 30, 2024 includes restructuring costs of |
| (3) | Goodwill impairment during the three months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (4) | Merger-related expenses for the three months ended September 30, 2023 consists of |
| (5) | Change in fair value of contingent consideration during the three months ended September 30, 2024 and September 30, 2023 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| (6) | A deferred income tax benefit during the three months ended September 30, 2023 is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Apton acquisition. |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| (in thousands, except per share amounts) | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 35,296 | $ | 51,562 | $ | 102,051 | $ | 129,871 | |||||||
| Service and other revenue | 4,671 | 4,129 | 12,739 | 12,293 | |||||||||||
| Total revenue | 39,967 | 55,691 | 114,790 | 142,164 | |||||||||||
| Cost of Revenue: | |||||||||||||||
| Cost of product revenue(1) | 23,278 | 33,551 | 68,808 | 87,147 | |||||||||||
| Cost of service and other revenue(2) | 3,484 | 4,054 | 10,588 | 11,258 | |||||||||||
| Amortization of acquired intangible assets | 3,201 | 184 | 7,172 | 550 | |||||||||||
| Loss on purchase commitment | — | — | 998 | — | |||||||||||
| Total cost of revenue | 29,963 | 37,789 | 87,566 | 98,955 | |||||||||||
| Gross profit | 10,004 | 17,902 | 27,224 | 43,209 | |||||||||||
| Operating Expense: | |||||||||||||||
| Research and development(1) | 25,516 | 47,514 | 107,456 | 142,626 | |||||||||||
| Sales, general and administrative(1) | 43,746 | 43,431 | 133,376 | 123,822 | |||||||||||
| Goodwill impairment(3) | — | — | 93,200 | — | |||||||||||
| Merger-related expenses(4) | — | 8,979 | — | 8,979 | |||||||||||
| Amortization of acquired intangible assets | 3,649 | 741 | 13,377 | 741 | |||||||||||
| Change in fair value of contingent consideration(5) | 1,170 | (271 | ) | 1,100 | 13,960 | ||||||||||
| Total operating expense | 74,081 | 100,394 | 348,509 | 290,128 | |||||||||||
| Operating loss | (64,077 | ) | (82,492 | ) | (321,285 | ) | (246,919 | ) | |||||||
| Loss on extinguishment of debt(6) | — | — | — | (2,033 | ) | ||||||||||
| Interest expense | (3,538 | ) | (3,588 | ) | (10,655 | ) | (10,772 | ) | |||||||
| Other income, net | 6,890 | 8,505 | 19,718 | 24,301 | |||||||||||
| Loss before benefit from income taxes | (60,725 | ) | (77,575 | ) | (312,222 | ) | (235,423 | ) | |||||||
| Benefit from income taxes(7) | — | (10,706 | ) | — | (10,706 | ) | |||||||||
| Net loss | $ | (60,725 | ) | $ | (66,869 | ) | $ | (312,222 | ) | $ | (224,717 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic | $ | (0.22 | ) | $ | (0.26 | ) | $ | (1.15 | ) | $ | (0.90 | ) | |||
| Diluted | $ | (0.22 | ) | $ | (0.26 | ) | $ | (1.15 | ) | $ | (0.90 | ) | |||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||||||
| Basic | 272,915 | 255,001 | 271,631 | 249,082 | |||||||||||
| Diluted | 272,915 | 255,001 | 271,631 | 249,082 | |||||||||||
| (1) | Balances for the three and nine months ended September 30, 2024 include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (2) | Balance for the nine months ended September 30, 2024 includes restructuring costs of |
| (3) | Goodwill impairment during the nine months ended September 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (4) | Merger-related expenses for the three and nine months ended September 30, 2023 consists of |
| (5) | Change in fair value of contingent consideration during the three and nine months ended September 30, 2024 and September 30, 2023 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| (6) | Loss on extinguishment of debt during the nine months ended September 30, 2023 is related to the exchange of a portion of the Company's |
| (7) | A deferred income tax benefit during the three and nine months ended September 30, 2023 is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Apton acquisition. |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets | ||||||
| (in thousands) | September 30, 2024 | December 31, 2023 | ||||
| Assets | ||||||
| Cash and investments | $ | 471,147 | $ | 631,416 | ||
| Accounts receivable, net | 29,383 | 36,615 | ||||
| Inventory, net | 65,737 | 56,676 | ||||
| Prepaid and other current assets | 17,277 | 17,040 | ||||
| Property and equipment, net | 31,952 | 36,432 | ||||
| Operating lease right-of-use assets, net | 17,344 | 32,593 | ||||
| Restricted cash | 2,222 | 2,722 | ||||
| Intangible assets, net | 436,426 | 456,984 | ||||
| Goodwill | 369,061 | 462,261 | ||||
| Other long-term assets | 9,503 | 13,274 | ||||
| Total Assets | $ | 1,450,052 | $ | 1,746,013 | ||
| Liabilities and Stockholders' Equity | ||||||
| Accounts payable | $ | 12,064 | $ | 15,062 | ||
| Accrued expenses | 19,183 | 45,708 | ||||
| Deferred revenue | 22,747 | 21,872 | ||||
| Operating lease liabilities | 27,608 | 41,197 | ||||
| Contingent consideration liability | 20,650 | 19,550 | ||||
| Convertible senior notes, net | 893,144 | 892,243 | ||||
| Other liabilities | 1,534 | 9,077 | ||||
| Stockholders' equity | 453,122 | 701,304 | ||||
| Total Liabilities and Stockholders' Equity | $ | 1,450,052 | $ | 1,746,013 | ||
| Pacific Biosciences of California, Inc. Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| (in thousands, except per share amounts) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| GAAP net loss | $ | (60,725 | ) | $ | (173,319 | ) | $ | (66,869 | ) | $ | (312,222 | ) | $ | (224,717 | ) | |||||
| Change in fair value of contingent consideration(1) | 1,170 | — | (271 | ) | 1,100 | 13,960 | ||||||||||||||
| Goodwill impairment(2) | — | 93,200 | — | 93,200 | — | |||||||||||||||
| Amortization of acquired intangible assets | 6,850 | 6,850 | 939 | 20,549 | 1,395 | |||||||||||||||
| Merger-related expenses(3) | — | — | 8,979 | — | 8,979 | |||||||||||||||
| Loss on extinguishment of debt(4) | — | — | — | — | 2,033 | |||||||||||||||
| Income tax benefit(5) | — | — | (10,706 | ) | — | (10,706 | ) | |||||||||||||
| Restructuring(6) | 6,701 | 18,028 | — | 24,729 | — | |||||||||||||||
| Non-GAAP net loss | $ | (46,004 | ) | $ | (55,241 | ) | $ | (67,928 | ) | $ | (172,644 | ) | $ | (209,056 | ) | |||||
| GAAP net loss per share | $ | (0.22 | ) | $ | (0.64 | ) | $ | (0.26 | ) | $ | (1.15 | ) | $ | (0.90 | ) | |||||
| Change in fair value of contingent consideration(1) | — | — | — | — | 0.06 | |||||||||||||||
| Goodwill impairment(2) | — | 0.34 | — | 0.34 | — | |||||||||||||||
| Amortization of acquired intangible assets | 0.03 | 0.03 | — | 0.08 | — | |||||||||||||||
| Merger-related expenses(3) | — | — | 0.04 | — | 0.04 | |||||||||||||||
| Loss on extinguishment of debt(4) | — | — | — | — | 0.01 | |||||||||||||||
| Income tax benefit(5) | — | — | (0.04 | ) | — | (0.04 | ) | |||||||||||||
| Restructuring(6) | 0.02 | 0.07 | — | 0.09 | — | |||||||||||||||
| Other adjustments and rounding differences | — | — | (0.01 | ) | — | (0.01 | ) | |||||||||||||
| Non-GAAP net loss per share | $ | (0.17 | ) | $ | (0.20 | ) | $ | (0.27 | ) | $ | (0.64 | ) | $ | (0.84 | ) | |||||
| GAAP gross profit | $ | 10,004 | $ | 5,938 | $ | 17,902 | $ | 27,224 | $ | 43,209 | ||||||||||
| Amortization of acquired intangible assets | 3,201 | 2,628 | 184 | 7,172 | 550 | |||||||||||||||
| Restructuring(6) | (207 | ) | 4,650 | — | 4,443 | — | ||||||||||||||
| Non-GAAP gross profit | $ | 12,998 | $ | 13,216 | $ | 18,086 | $ | 38,839 | $ | 43,759 | ||||||||||
| GAAP gross profit % | 25 | % | 16 | % | 32 | % | 24 | % | 30 | % | ||||||||||
| Non-GAAP gross profit % | 33 | % | 37 | % | 32 | % | 34 | % | 31 | % | ||||||||||
| GAAP total operating expense | $ | 74,081 | $ | 181,784 | $ | 100,394 | $ | 348,509 | $ | 290,128 | ||||||||||
| Change in fair value of contingent consideration(1) | (1,170 | ) | — | 271 | (1,100 | ) | (13,960 | ) | ||||||||||||
| Goodwill impairment(2) | — | (93,200 | ) | — | (93,200 | ) | — | |||||||||||||
| Amortization of acquired intangible assets | (3,649 | ) | (4,222 | ) | (755 | ) | (13,377 | ) | (845 | ) | ||||||||||
| Merger-related expenses(3) | — | — | (8,979 | ) | — | (8,979 | ) | |||||||||||||
| Restructuring(6) | (6,908 | ) | (13,378 | ) | — | (20,286 | ) | — | ||||||||||||
| Non-GAAP total operating expense | $ | 62,354 | $ | 70,984 | $ | 90,931 | $ | 220,546 | $ | 266,344 | ||||||||||
| (1) | Change in fair value of contingent consideration was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| (2) | Goodwill impairment during the three months ended June 30, 2024 and nine months ended September 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (3) | Merger-related expenses for the three and nine months ended September 30, 2023 consists of |
| (4) | Loss on extinguishment of debt during the nine months ended September 30, 2023 is related to the exchange of a portion of the Company's |
| (5) | A deferred income tax benefit during the three and nine months ended September 30, 2023 is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Apton acquisition. |
| (6) | Restructuring costs 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. |
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