PacBio Expects Q4, FY24 Revenues To Decline

(RTTNews) - PacBio (PACB), Tuesday announced preliminary revenue for the fourth quarter of 2024 and full year 2024 of $39.2 million and $154.0 million representing a year-over-year decline of 33% and 23%, respectively.

"Though challenging, 2024 was a productive year for PacBio as we launched groundbreaking products, strengthened our balance sheet, and made significant progress in reducing cash burn," said Christian Henry, President and CEO of PacBio. "I believe PacBio is on track to gain market share in 2025 and further enhance our financial position. The early feedback on the Vega System and SPRQ chemistry has been encouraging, and our expansion into the clinical market is beginning to take shape."

Preliminary instrument revenue for the fourth quarter of 2024 is expected to be approximately $15.3 million, compared with $35.1 million for the fourth quarter of 2023. Preliminary instrument revenue in the fourth quarter of 2024 included 23 Revio sequencing systems and 7 Vega sequencing systems.

Preliminary consumables revenue for the fourth quarter of 2024 is expected to be approximately $18.8 million, compared with $18.9 million for the fourth quarter of 2023. Revio annualized pull through in the fourth quarter is expected to be approximately $240,000.