PacBio Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
PacBio Reports Second Quarter 2024 Financial Results
Menlo Park, Calif., Aug. 7, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ:PACB) announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics (In Millions)
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $36.0 | $47.6 | -24.4% |
| Gross Profit | $5.9 | $15.5 | -61.9% |
| Operating Expenses | $181.8 | $88.7 | 105.0% |
| Net Loss | $173.3 | $69.8 | 148.3% |
| Earnings Per Share (EPS) | -$0.64 | -$0.28 | 128.6% |
| Cash, Cash Equivalents, and Investments | $509.8 | $631.4 (Dec. 31, 2023) | N/A |
Interpretation: PacBio's total revenue declined significantly year-over-year, driven by a substantial drop in instrument revenue. Increased operating expenses, including a significant goodwill impairment charge, led to a widened net loss.
Revenue Breakdown by Segment (In Millions)
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Instrument Revenue | $14.7 | $29.9 | -50.9% |
| Consumables Revenue | $17.0 | $13.7 | 24.1% |
| Service and Other Revenue | $4.3 | $3.9 | 10.3% |
Interpretation: The instrument revenue experienced a steep decline, whereas consumables and service revenue saw improvements. The significant drop in instrument revenue may be attributed to market headwinds, particularly in Europe and Asia. Conversely, the rise in consumables and service revenues reflects better performance in ongoing customer needs and support services.
Executive Summary and Comments
Christian Henry, President and CEO, highlighted several positive developments, including new collaborations and the adoption of PacBio’s Revio system across various key projects. Despite market headwinds, Henry expressed confidence in revenue growth for the second half of 2024 and into 2025, driven by recent strategic implementations and demand for PacBio's technology in population genomic programs and clinical research.
Announced Dividends or Share Repurchase Program
No announcements on dividends or share repurchase programs were reported.
Forward Guidance
Christian Henry stated that PacBio expects revenue to accelerate in the latter half of 2024 and into 2025 due to strategic initiatives, though explicit forward guidance figures were not provided.
Stock Price Movement
Following the earnings release, PacBio's stock experienced a decline of 4.38%.
Conference Call Details
PacBio management will host a conference call to discuss the second quarter results on Aug 7, 2024, at 4:30 p.m. Eastern Time. The call will be available for replay on the company’s website.
For more information, visit PacBio’s official website or follow their updates on @PacBio.
Disclaimer: This summary includes unaudited financial information and forward-looking statements. All statements other than statements of historical fact are forward-looking statements, subject to risks, uncertainties, and changes that could cause actual outcomes to differ materially. Total data should be reviewed in conjunction with PacBio's complete financial statements.
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