Pacific Biosciences Q3 Revenues Jump 83 Percent

Original from: Genomeweb

Pacific Biosciences said after the close of the market on Tuesday that its third quarter revenues rose 83 percent, driven by growth in sequencing instruments and consumables.  

For the three months ended Sept. 30, PacBio reported total revenues of $34.9 million, up from $19.1 million during the same quarter last year and beating the average Wall Street estimate of $33.2 million.

Of those total sales, product revenues were $30.5 million, nearly double the $15.7 million from a year ago, and service and other revenues were $4.4 million, up 33 percent from $3.3 million a year ago.

Product revenue consisted of $15.9 million in instrument revenue, more than double the $7.7 million from a year ago, and $14.6 million in consumables revenue, compared to $8.0 million in Q3 2020. 

PacBio placed 44 Sequel II or IIe systems during Q3, growing the installed base to 326 instruments as of Sept. 30, 2021.

"Our focus on execution enabled us to achieve another record quarter, highlighted by Sequel II/IIe installations at an all-time high," PacBio President and CEO Christian Henry said in a statement. "With approximately 700 global employees, an expanding commercial presence, and groundbreaking short- and long-read products in development, PacBio is in prime position to deliver on its mission to enable the promise of genomics to better human health."

PacBio's R&D expenses for the quarter totaled $27.5 million, up 67 percent from $16.5 million a year ago, and SG&A costs were $31.6 million, more than double costs of $14.8 million in Q3 2020.

The company's net income in Q3 was $16.5 million, or $.08 per share, compared to a loss of $23.7 million, or $.14 per share, during the year-ago quarter. Excluding merger-related expenses, an income tax benefit resulting from the acquisitions of Omniome and Circulomics, fair value inventory adjustments, and amortization of intangible assets, non-GAAP net loss was $47.2 million. On an adjusted basis, loss per share was $.23, missing the Wall Street estimate of a $.22 loss per share.

PacBio finished the quarter with $1.08 billion in cash and investments.

Source: Pacific Biosciences Q3 Revenues Jump 83 Percent