Menlo Park, California, USA
May 2, 2023
PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2023.
First quarter results
- Revenue of $38.9 million, a 17% increase compared with $33.2 million in the prior year period.
- Shipped 38 sequencing systems in the first quarter, including 32 Revio systems and 6 Sequel IIe systems.
- Instrument revenue of $20.7 million compared with $15.6 million in the prior-year period.
- Consumables revenue of $14.0 million compared with $12.7 million in the prior-year period.
- Service and other revenue of $4.2 million compared with $4.9 million in the prior-year period.
Gross profit for the first quarter of 2023 was $9.8 million, representing a 31% decrease compared with $14.2 million for the first quarter of 2022 and a gross margin of 25% in the first quarter of 2023 compared to 43% for the first quarter of 2022. Non-GAAP gross profit for the first quarter of 2023 was $9.9 million and represented a non-GAAP gross margin of 26% in the first quarter of 2023, compared to 43% for the first quarter of 2022 (see accompanying tables for reconciliations of GAAP and non-GAAP measures).
Operating expenses totaled $101.0 million for the first quarter of 2023, compared to $91.7 million for the first quarter of 2022. Non-GAAP operating expenses totaled $88.7 million for the first quarter of 2023, compared to $92.7 million for the first quarter of 2022. Operating expenses for the first quarter of 2023 and the first quarter of 2022 included non-cash share-based compensation of $16.0 million and $20.9 million, respectively.
Net loss for the first quarter of 2023 was $88.0 million, compared to a net loss of $81.5 million for the first quarter of 2022. Non-GAAP net loss was $75.5 million for the first quarter of 2023, compared to $82.3 million for the first quarter of 2022.
Net loss per share for the first quarter of 2023 was $0.36 compared to net loss per share of $0.37 for the first quarter of 2022. Non-GAAP net loss per share for the first quarter of 2023 was $0.31 compared to $0.37 for the first quarter of 2022.
GAAP and non-GAAP gross profit, net loss, and net loss per share in the first quarter of 2023 reflect adjustments of approximately $3.5 million for excess consumables inventory primarily resulting from the decline in demand for Sequel II/IIe consumables due to customers’ product transition to Revio.
Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at March 31, 2023, totaled $874.9 million, compared to $772.3 million at December 31, 2022.
Updates since our last earnings release
- Commenced commercial shipment of the Revio sequencing system and shipped 32 systems in the first quarter.
- Received our first orders for the Onso short-read sequencing system.
- Released new workflows in collaboration with Corteva Agriscience that enable the sequencing of thousands of plant and microbial genome samples annually.
- Introduced new Nanobind DNA Extraction kits, compatible with leading automation platforms, that facilitate high-quality DNA extraction from diverse samples in a high throughput setting.
- Launched ‘Paraphase,’ an informatics method that accurately genotypes gene paralogs and pseudogenes, allowing for improved variant calling, copy number analysis, and phasing.
"PacBio is off to a strong start this year with record quarterly revenue. The Revio launch is exceeding our expectations with our customers achieving performance above our specifications for the system," said Christian Henry, President and Chief Executive Officer. "We’ve shipped to dozens of customers worldwide who’ve shared their excitement for deploying Revio’s paradigm-changing throughput and economics. Strong customer demand continued in the first quarter and we ended Q1 with our second consecutive quarter of record backlog."
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