What factors drove the changes in Pacific Biosciences's revenue and profit?

What is Pacific Biosciences's gross profit margin?

What guidance did Pacific Biosciences's management provide for the next earnings period?

What is Pacific Biosciences's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Pacific Biosciences year over year?

What is the market's earnings forecast for Pacific Biosciences next quarter?

What were the key takeaways from Pacific Biosciences’s earnings call?

Did Pacific Biosciences beat or miss consensus estimates last quarter?

- **Revenue Growth**: Q4 2025 revenue up 14% YoY to $44.6M, driven by record consumables (+15% YoY) and 42 Vega placements.
- **Clinical Momentum**: Clinical/hospital consumables +55% YoY, EMEA revenue +45% YoY in Q4.
- **SPRQ-Nx Impact**: 2026 launch of sub-$300 genome pricing, beta shows 25% higher throughput.
- **Gross Margin Expansion**: 2025 non-GAAP gross margin 40% (vs. 33% in 2024), 2026 target 100-400 bps improvement.
- **Cash Flow Breakeven**: 2026 focus on disciplined OpEx ($230M in 2025) and SPRQ-Nx gross margin expansion.

**【CEO Summary Section】**
- Q4 2025 revenue grew 14% YoY to $44.6 million, driven by record consumables revenue and strong instrument placements (21 Revio, 42 Vega systems). Full year 2025 revenue was $160 million (+4% YoY). 
- Consumables revenue grew 15% YoY in Q4, with clinical/hospital customers driving 55% YoY growth in 2025. Revio pull-through per system was $242,000.
- SPRQ-Nx chemistry beta shows 25% higher throughput and sub-$300 genome pricing, set to launch broadly in 2026.
- 2026 revenue guidance: $165-180 million (+8% midpoint), with focus on clinical adoption and SPRQ-Nx expansion.

**【CFO Financial Commentary】**
- Q4 2025 non-GAAP gross margin improved to 40% (vs. 31% in Q4 2024), driven by consumables mix and cost reductions.
- Full year 2025 non-GAAP operating expenses decreased 35% YoY to $230 million, with headcount reduced to 485 employees.
- 2026 outlook: 100-400 bps gross margin expansion, disciplined OpEx management, and cash flow breakeven target.

**【Q&A Key Highlights】**
- **Revio Pull-Through**: Stable at $225-250k, SPRQ-Nx expected to increase utilization without pulling revenue forward.
- **Clinical Growth**: EMEA revenue +45% YoY in Q4, U.S. clinical growth lagging due to targeted sequencing panel adoption.
- **SPRQ-Nx Rollout**: Beta expanding to EMEA/APAC in Q1, aiming to balance elasticity with pricing discipline.
- **OpEx Management**: Focus on R&D efficiency, G&A reduction, and in-sourcing to maintain 2025 cost discipline.
- **Industrial Weakness**: Agricultural market softness offset by clinical growth, SPRQ-Nx to expand nonhuman market share.

Pacific Biosciences of California, Inc. (PACB) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: Q3 consumables revenue hit $21.3 million (+15% YoY), offsetting instrument softness. Q4 revenue growth expected at ~10%.
- **Clinical Breakthroughs**: China's first clinical-grade long-read sequencer approval and HiFi's role in solving complex genetic disorders.
- **Cost Innovation**: SPRQ-Nx chemistry to reduce genome cost to $300, with multi-use SMRT Cells improving gross margins.
- **Cash Efficiency**: 2025 cash burn reduced by $70 million YoY, targeting breakeven by 2027.
- **Strategic Momentum**: 13 Revio and 32 Vega shipments in Q3, with 75% Revio to new customers and 60% Vega to new PacBio accounts.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $38.4 million, slightly below expectations due to lower-than-expected Vega shipments in Europe. Consumables revenue reached a record $21.3 million, up 15% YoY, driven by SPRQ Chemistry adoption and Revio pull-through of $236,000 per system.
- **Regional Growth**: EMEA grew 18% YoY, led by 50% YoY consumable revenue increase. Americas faced funding challenges, while Asia Pacific saw lower Revio placements but strong utilization rates.
- **Product Updates**: Shipped 13 Revio and 32 Vega systems, with 75% Revio to new customers. SPRQ-Nx chemistry to launch in Q4 with multi-use SMRT Cells, targeting $300 genome cost. PureTarget portfolio expands into carrier screening and clinical research.
- **Clinical Milestones**: Sequel II CNDx approved in China for thalassemia testing. HiFi sequencing demonstrated clinical utility in rare disease diagnosis and large-scale studies (e.g., National Institute on Aging's long-life study).
- **Financial Outlook**: Q4 revenue expected to grow ~10% sequentially, narrowing full-year guidance to $155-160 million. Cash burn improved to $16 million in Q3, targeting $115 million for 2025 and breakeven by 2027.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Instrument revenue $11.3 million (-33% YoY), consumables $21.3 million (+15% YoY), services $5.8 million (+25% YoY). Non-GAAP gross margin 42%, up from 33% YoY, driven by consumables mix and cost reductions.
- **Expense Management**: Operating expenses $53.9 million (-14% YoY), with headcount reduced to 490 from 575. Non-GAAP net loss $36.8 million, or $0.12 per share.
- **Cash Position**: $298.7 million in cash, with $270+ million expected by year-end. SPRQ-Nx launch to further improve gross margins in 2026.

**【Q&A Highlights】**
- **Instrument ASPs**: Revio ASPs temporarily lower in Q3 due to strategic placements, expected to recover in Q4. Vega ASPs stable, with 60% placements to new customers.
- **Vega Shipments**: ~6 units delayed in Europe, now secured with purchase orders. Q4 shipments expected to exceed Q3 levels.
- **SPRQ-Nx Beta Testing**: Over 100 customers signed up, with beta testing starting in November. Early feedback highlights cost efficiency and data fidelity.
- **Clinical Adoption**: PureTarget portfolio driving Revio placements in clinical labs, with carrier screening and rare disease assays as key growth areas.
- **Funding Environment**: 2026 Americas funding expected to remain challenging, but clinical and population-scale programs offsetting academic delays.

Pacific Biosciences of California, Inc. (PACB) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: $39.8M (+10% YoY), with APAC/EMEA up 53%/35%.
- **Clinical Expansion**: 15% of consumables from clinical customers, e.g., Quest Diagnostics' expanded testing.
- **Innovation Impact**: SPRQ chemistry boosts throughput 33%, multi-use SMRT Cells target 50% cost reduction.
- **Financial Discipline**: Operating expenses down 18% YoY; 2025 cash burn improved to $115M.
- **Strategic Momentum**: 60% of Vega shipments to new customers; 2027 cash flow positive target.

**【CEO Summary Section】**
- Q2 2025 revenue of $39.8 million, up 10% YoY, driven by 45% growth in APAC and EMEA regions.
- Consumables revenue $18.9M (+11% YoY), instrument revenue $14.2M (-4% YoY) due to academic funding constraints.
- SPRQ chemistry enables 33% higher throughput, reducing cost per genome and DNA input by 4x.
- Sequencing gigabase output up 66% YoY, with Revio pull-through at $219K/annualized system.
- Clinical adoption growing: 15% of consumables from Dx/LDT labs, e.g., Quest Diagnostics' expanded testing.
- Multi-use SMRT Cells expected to lower cost per genome and improve gross margin.

**【CFO Financial Commentary】**
- Non-GAAP gross margin 38.3%, up from 37% Q2 2024, driven by consumable margin improvements.
- Operating expenses $58.1M (-18% YoY) due to restructuring; headcount reduced to 491 from 581 Q2 2024.
- Narrowed 2025 revenue guidance to $155-165M (midpoint +4%), with mid-teens consumables growth offset by mid-teen instrument decline.
- 2025 non-GAAP gross margin guidance raised to 37-40%, targeting >40% exit rate.
- Cash burn improved to $115M vs. $187M 2024; $315M cash on hand as of Q2.

**【Q&A Key Highlights】**
- **Macro Environment**: U.S. academic funding uncertainty limits instrument sales, but 60% of Q2 Revio placements went to commercial labs. International growth (APAC +53%, EMEA +35%) offsets U.S. weakness.
- **Clinical Adoption**: 15% of consumables from clinical customers, with PureTarget chemistry enabling faster assay validation. Multi-use SMRT Cells could lower cost per genome by 50%.
- **Vega Momentum**: 60% of Vega shipments to new customers, 70% used for non-whole genome apps. Sales cycle 3x faster than Revio, with $169K price point competitive vs. short-read platforms.
- **Tariffs & Supply Chain**: No material tariff impact yet; guidance assumes status quo. SPRQ reagent backlogs resolved, no material Q1/Q2 revenue shift.
- **Long-Term Strategy**: Target 2027 cash flow positive; reusable SMRT Cells and higher-throughput systems to drive scale and gross margin expansion.

Pacific Biosciences of California (PACB)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 2025 Results**: Revenue $37.2M (down 4% YoY), with strong consumables growth (26% YoY) offsetting instrument weakness. Gross margin 40% (vs. 33% YoY).
- **Restructuring Savings**: $45-50M annual expense reduction targets, enabling 2027 cash flow breakeven.
- **Vega Momentum**: 50% of Q1 shipments to new customers; no cannibalization of Revio.
- **Clinical Expansion**: Revio placements in rare disease clinics, PureTarget panels gaining traction in diagnostic labs.
- **Tariff Risks**: China instrument shipments paused; 2025 guidance adjusted to $150-170M.
- **Innovation Focus**: Multi-use SMRT Cells and ultra-high-throughput platform to drive long-read adoption.

**【CEO Summary Section】**
- Q1 2025 revenue: $37.2 million (down 4% YoY), with instrument revenue at $11 million (down 42% YoY) due to academic funding challenges. Consumables revenue reached $20.1 million (26% YoY growth), driven by Revio utilization.
- Shipped 12 Revio and 28 Vega systems, with 50% of Q1 shipments to new customers. Total petabase output up 37% YoY.
- Introduced new metrics: Academic/Research Institute segment accounted for 22% of instrument shipments (lowest since Revio launch), while Hospital/Clinic placements grew.
- Adjusted full-year 2025 revenue guidance to $150-170 million (down $5M from prior range) due to U.S.-China tariffs and NIH budget risks.
- Restructuring to reduce annualized non-GAAP operating expenses by $45-50 million, focusing on long-read innovation (e.g., multi-use SMRT Cells, ultra-high-throughput platform).
- Paused development of high-throughput short-read platform but will continue supporting existing Onso customers.
- Vega adoption strong: 50% of Q1 shipments to new customers, with use cases expanding into clinical and targeted sequencing.
- Spark chemistry adoption exceeded expectations, with 90% of Revio reagent kits using the new chemistry.
- Clinical momentum: Revio placements at Lilly Children's Hospital, Imagine Institute, and University of Zurich for rare disease research.

**【CFO Financial Commentary】**
- Q1 2025 non-GAAP gross margin: 40% (vs. 33% YoY), driven by higher consumables mix (54% of revenue) and cost savings.
- Non-GAAP operating expenses: $61.7 million (29% YoY decline), with headcount reduced to 570 (from 787 in Q1 2024).
- Cash balance: $343.1 million (down $46.8 million QoQ). 2025 cash burn expected at $115 million (improvement of $72 million YoY).
- Guidance: 2025 non-GAAP gross margin 35-40%, operating expenses $240-250 million (14-17% YoY decline). 2027 target: cash flow positive.

**【Q&A Highlights】**
- **Clinical Growth**: PureTarget panels expanding into diagnostic labs (e.g., Quest, Myriad), with Revio placements in rare disease clinics. Net Promoter Score >50.
- **Vega vs. Revio**: No cannibalization; 50% of Vega shipments to new customers. Revio placements delayed due to funding, but Vega serves as entry point.
- **Tariffs Impact**: China instrument shipments paused post-April 10; reagent imports unaffected. Guidance assumes limited 2025 impact but monitors U.S.-China trade policy.
- **Long-Read Innovation**: Multi-use SMRT Cells and ultra-high-throughput platform expected to reduce sequencing costs and expand market share.
- **Short-Read Strategy**: Paused high-throughput platform development but exploring monetization options for Onso technology.
- **Free Cash Flow Path**: Requires top-line growth (consumables, clinical adoption) + gross margin expansion + expense discipline. 2025 cash burn improvement of $72 million YoY.

Pacific Biosciences of California, Inc. (PACB) Q1 2025 Earnings Call Transcript

- **Revenue Resilience**: Q4 2024 revenue $39.2 million, with 23 Revio shipments and 7 Vega units. Full-year growth 6% YoY to $154 million.
- **Vega Breakthrough**: 7 units shipped in Q4, 70%+ new customers in sales funnel. Berry Genomics commits to 50 units for clinical sequencing.
- **Clinical Expansion**: 15% of 2024 revenue from clinical, up 56% YoY in application kit sales. Radboud to sequence 5,000 genomes in rare disease.
- **Gross Margin Ambition**: Target 35-40% in 2025, >40% by year-end. Revio COGS down 16-22% in 2024; Vega scaling to drive margin expansion.
- **Cash Flow Roadmap**: $390 million cash as of Q4; targeting cash flow positive by end-2027 with $130 million 2025 cash burn.

**【CEO Summary Section】**
- **Q4 2024 Revenue**: $39.2 million, driven by 23 Revio system shipments and 7 Vega units shipped ahead of schedule. Full-year revenue reached $154 million with 97 Revio shipments.
- **Customer Expansion**: Revio installed at nearly 200 customers, with 45% of 2024 shipments to new customers. 125 Sequel II/IIe users remain upgrade candidates.
- **2025 Guidance**: Revenue $155-170 million (6% YoY growth), reflecting macroeconomic challenges and NIH funding uncertainty. Gross margin target: 35%-40%.
- **Product Momentum**: Vega adoption in clinical (Berry Genomics, 50 units) and research (biodiversity sequencing). SPRQ chemistry enables $500/genome human sequencing at 2,500 genomes/year.
- **Financial Health**: $390 million cash as of Q4, targeting cash flow positive by end-2027. Debt maturity extended to August 2029.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Non-GAAP net loss $55.3 million, gross margin 31% (up from 19% YoY). Operating expenses down 23% to $68.6 million.
- **Key Metrics**: Revio pull-through $240,000/unit (flat YoY). Cash burn improvement to $130 million in 2025 vs. $187 million in 2024.
- **Impairment Charges**: $90 million non-cash goodwill and IPRD write-downs due to macroeconomic headwinds.

**【Q&A Highlights】**
- **NIH Impact**: 20% of revenue exposed to NIH; guidance reflects funding freeze uncertainty. Americas revenue down 41% YoY in Q4.
- **Vega Scaling**: 7 units shipped in Q4 at ~$160k/ASP. Full production line to launch H2 2025, targeting $260 million cash flow breakeven by 2027.
- **Clinical Growth**: 15% of 2024 revenue from clinical (e.g., Radboud 5,000 genomes). PureTarget kit revenue +56% YoY.
- **Competitive Landscape**: No direct long-read alternatives in China; Illumina export restrictions unlikely to impact PacBio.
- **Gross Margin Path**: Revio COGS down 16-22% in 2024; Vega COGS to improve with scale. Target >40% gross margin by year-end 2025.


Pacific Biosciences of California, Inc. (PACB) Q4 2024 Earnings Call Transcript

Actual											0.01	-0.15	-0.14	0.37	-0.45	-0.21	0.08	-0.31	-0.37	-0.32	-0.34	-0.37	-0.36	-0.28	-0.26	-0.31	-0.29	-0.64	-0.22	0.01	-1.44	-0.14	-0.13	-0.13
Forecast											-0.1575	-0.18	-0.134	0.4247	-0.4588	-0.206	-0.222	-0.2833	-0.3201	-0.3383	-0.3317	-0.3603	-0.3318	-0.32	-0.2893	-0.2869	-0.2755	-0.233	-0.2207	-0.1927	-0.1914	-0.1728	-0.1512	-0.1437
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+106.35%	+16.67%	-4.48%	-12.88%	+1.92%	-1.94%	+136.04%	-9.42%	-15.59%	+5.41%	-2.50%	-2.69%	-8.50%	+12.50%	+10.13%	-8.05%	-5.26%	-174.68%	+0.32%	+105.19%	-652.35%	+18.98%	+14.02%	+9.53%

PACB

PACB fundamentals

PACB Q4 2025 Earnings

Earnings Call

You can ask Aime

PACB

PACB fundamentals

PACB Q4 2025 Earnings

Earnings Call

PACB Earnings Call Summary for Q4/20255:00 PM on Feb 12, 2026

PACB Earnings Call Summary for Q3/20254:30 PM on Nov 5, 2025

PACB Earnings Call Summary for Q2/20255:00 PM on Aug 7, 2025

PACB Earnings Call Summary for Q1/20254:30 PM on May 8, 2025

PACB Earnings Call Summary for Q4/20244:30 PM on Feb 13, 2025

You can ask Aime