Thanks for posting that link. A scathing read, but these documents always are. Throughout the whole rush to IPO littany I read a different undercurrent.
IF PACB hadn't pushed to IPO and get their $$$$ to get a head start on building machines, another firm might have upstaged them.
These 2 questions remain----can they get LONG reads and HIGHER accuracy from the current tech or their newer (promised 2014) machines ??
No technology springs perfectly formed from day one. Things evolve, they develop, they grow, and sometimes, also wither and die. The first to market is not always the winner, and the best technology is not always the winner either.
My read is that they had few options other than an IPO. VCs had already sunk$400M into PACB and probably were not about to sink more. At the same time raising another $200M may have led to dilution of existing investors that was deemed unacceptable. One can guess but never know.