Pacific Biosciences Clocks 14% Jump In Q1 Revenues

  • Pacific Biosciences of California Inc's PACB Q1 sales increased 14% Y/Y to $33.2 million, driven by sales of instruments and consumables and beating the consensus of $32.82 million.
  • Instrument revenue was $15.6 million, compared with $14.9 million a year ago. Consumables revenue was $12.7 million, up from $10.4 million in Q1 2021. Service & other revenue were $4.9 million, compared with $3.7 million a year ago.
  • The company placed 50 Sequel II or IIe systems in the quarter, bringing the total installed base to 424 instruments as of March 31, compared to 244 instruments at the end of the year-ago quarter.
  • The adjusted gross margin decreased to 43% from 45% in Q1 FY21.
  • "Our team continued to make progress expanding our installed base with our third consecutive quarter of record Sequel II/IIe placements," PacBio CEO Christian Henry said. 
  • "As expected, COVID-19 restrictions created challenges for both our customers and our team which lowered system utilization, but we believe those challenges are transitory and our continued strength in system placements and our recent Sequel IIe platform enhancements can enable more customers to realize the benefits of our technology than ever before," he added. 
  • PacBio's Non-GAAP EPS loss of $(0.37) widened from a loss of $(0.18) a year ago and missed the consensus of $(0.31).
  • As of March 31, 2022, the company held $962.8 million in cash and equivalents.
  • Price Action: PACB shares traded lower by 2.06% at $7.14 on the last check Thursday.
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