Ships a record number of PacBio sequencers
in 2023, including 173 Revio™ systems, and announces record fourth
quarter preliminary consumable revenue of $18.9 million as demand for long-read sequencing
grows and increased capacity from the Revio system drives sample
elasticity
MENLO
PARK, Calif., Jan. 8, 2024
/PRNewswire/ -- PacBio (NASDAQ: PACB), a leading developer of
high-quality, highly accurate sequencing solutions, announced
preliminary unaudited revenue for the fourth quarter 2023 and full
year 2023 of $58.4 million and
$200.5 million representing
year-over-year growth of 113% and 56%, respectively.
"2023 was a landmark year for PacBio. The launch of the Revio
system for scalable, accurate, long read sequencing and Onso, a
short read sequencer with groundbreaking accuracy enabled PacBio to
reach more customers than ever before and, in the process, achieve
record financial results," said Christian
Henry, President and CEO of PacBio. "Our new platforms are
enabling researchers to reimagine the study of genomics, increasing
their ability to see more of, and deeper into, the genome. In 2024,
I am excited to see how our customers leverage the power of our
platforms, particularly as new large-scale genomics projects are
initiated leveraging the power and economics of the Revio platform
and as customers realize Onso's extraordinary accuracy in a broad
range of short-read applications."
Business Updates:
- Announced that the GREGoR (Genomics Research to Elucidate the
Genetics of Rare Diseases) consortium, in collaboration with the
University of California Irvine, plans
to sequence thousands of genomes utilizing HiFi technology to
improve our understanding of genetics in rare disease.
- Released SMRT Link 13.0 software on the Revio system which
includes the adaptive loading feature for consistent run
performance, run preview for improved lab efficiency, and expanded
application support with functionality to sequence shorter and
longer fragments of DNA.
- Commenced shipment of Kinnex RNA kits enabling scalable,
cost-effective full-length RNA sequencing on PacBio Revio and
Sequel IIe and received orders from over 70 customers through
December 31.
- Expect fourth quarter 2023 and annual consumable revenue of
approximately $18.9 million and
$63.4 million, respectively, with
approximately 67% of consumable revenue from Revio in the fourth
quarter for an annualized pull-through of approximately
$385 thousand.
- Shipped 44 Revio sequencing systems for revenue during the
fourth quarter of 2023, bringing the Revio installed base to 173
systems as of December 31, 2023.
Shipped 20 Sequel IIe systems for revenue for the full year 2023,
bringing the cumulative systems shipped to 532 as of December 31, 2023.
PacBio reported preliminary, unaudited revenue of approximately
$58.4 million for its fourth quarter
ended December 31,
2023. Preliminary instrument revenue for the fourth quarter of
2023 is expected to be approximately $35.1
million, compared with $6.1
million for the fourth quarter of 2022. Preliminary
consumables revenue for the fourth quarter of 2023 is expected to
be approximately $18.9 million,
compared with $16.7 million for the
fourth quarter of 2022. Preliminary service and other revenue for
the fourth quarter of 2023 is expected to be approximately
$4.4 million, compared with
$4.6 million for the fourth quarter
of 2022.
Total preliminary cash, cash equivalents, and investments
balance as of December 31, 2023, is
expected to be approximately $631
million.
PacBio is scheduled to present at the 42nd Annual
J.P. Morgan Healthcare Conference on January
10, 2024, at 1:30 p.m. Pacific
Time. PacBio plans to make the presentation available on the
Events & Presentations Section of PacBio's website at
investor.pacificbiosciences.com. The information posted on or that
can be accessed through PacBio's website, including PacBio's
updated corporate presentation, is not incorporated by reference
into this press release, and the inclusion of PacBio's website
address is an inactive textual reference only.
The preliminary unaudited financial information set forth above
is subject to revision and is anticipated to be finalized in
February 2024. PacBio's final,
audited 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 December 31, 2023, or
any future period. Accordingly, you should not place undue reliance
on these preliminary estimates. PacBio expects to report its fourth
quarter 2023 results during a conference call in February, at which
point it will discuss its 2023 financial results in more
detail.
Guidance
PacBio continues to target compound annual revenue growth of 40%
to 50% through 2026 based on a 2022 revenue base of $128.3 million, representing a 2026 revenue
target of over $500 million.
PacBio expects to share 2024 guidance on its fourth-quarter
earnings conference call in February
2024.
About PacBio
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier
life science technology company that designs, develops, and
manufactures advanced sequencing solutions that enable scientists
and clinical researchers to improve their understanding of the
genome and, ultimately, resolve genetically complex problems. Our
products and technology under development stem from two highly
differentiated core technologies focused on accuracy, quality, and
completeness, which include our HiFi long-read sequencing
technology and our short-read Sequencing by Binding (SBB™)
technology. Our products address solutions across a broad set of
applications, including human genetics, 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.
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, including statements relating to PacBio's preliminary
unaudited financial information as of and for the periods ended
December 31, 2023 as well as our
expectations for future operating results, revenue and guidance;
the availability or timing of PacBio's final financial results as
of and for the periods ended December 31,
2023; the future availability, uses, accuracy, coverage,
advantages, quality or performance of, or benefits or expected
benefits of using, PacBio products or technologies, including Revio
and Onso; and other future events. Reported results and orders
for Revio should not be considered an indication of future
performance or results. 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; potential product
performance and quality issues and potential delays in development
and commercialization timelines; assumptions, risks and
uncertainties related to the ability to attract new customers and
retain and grow sales from existing customers; rapidly changing
technologies and extensive competition in genomic sequencing that
could make the products PacBio is developing obsolete or
non-competitive; supply chain risks; customers and prospective
customers curtailing or suspending activities utilizing PacBio's
products; the impact of U.S. export restrictions on the shipment of
PacBio products to certain countries; the possible loss of key
employees, customers, or suppliers; third-party claims alleging
infringement of patents and proprietary rights or seeking to
invalidate PacBio's patents or proprietary rights; and other risks
associated with macroeconomic conditions such as uncertain capital
markets, pandemic-related lockdowns, heightened inflation, and
geopolitical conflicts. 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, 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:
Todd
Friedman
650.521.8450
ir@pacb.com
Media:
Lizelda Lopez
pr@pacb.com
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SOURCE Pacific Biosciences of California, Inc.