Pacific Biosciences of California Inc (PACB) Reports Q3 2023 Earnings: Revenue Up 72% YoY
Revenue for Q3 2023 reached $55.7 million, a 72% increase from $32.3 million in Q3 2022.
Instrument revenue rose to $34.7 million, compared to $11.4 million in the prior-year period.
Net loss for Q3 2023 was $66.9 million, a decrease from a net loss of $77.0 million in Q3 2022.
Cash, cash equivalents, and investments totaled $767.8 million as of September 30, 2023.
On October 30, 2023, Pacific Biosciences of California Inc (NASDAQ:PACB) announced its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in revenue and a decrease in net loss compared to the same period last year.
Financial Highlights
PACB's Q3 2023 revenue was $55.7 million, marking a 72% increase from $32.3 million in Q3 2022. The company's instrument revenue saw a significant rise to $34.7 million, compared to $11.4 million in the prior-year period. This increase included revenue recognized from 52 RevioTM sequencing systems.
Meanwhile, consumables revenue was $16.9 million, slightly up from $16.1 million in Q3 2022. Service and other revenue, however, decreased to $4.1 million from $4.8 million in the same period last year.
The company's gross profit for Q3 2023 was $17.9 million, representing a 32% increase from $13.5 million in Q3 2022. The gross margin for the quarter was 32%, compared to 42% in the prior-year period.
Operating expenses totaled $100.4 million for Q3 2023, up from $88.2 million in Q3 2022. The net loss for the quarter was $66.9 million, a decrease from a net loss of $77.0 million in Q3 2022.
Company Updates and Commentary
Christian Henry, President and Chief Executive Officer, commented on the company's performance, stating,
PacBio had another successful quarter as we continued to drive Revio adoption and exceeded $50 million in quarterly revenue for the first time in company history."
He also highlighted the company's record consumable revenue in the quarter and the positive customer reception of the new Onso systems and the Sequencing by Binding chemistry.
Financial Tables Summary
The company's unaudited condensed consolidated statement of operations showed a total revenue of $55.7 million for the quarter ended September 30, 2023, compared to $32.3 million for the same period in 2022. The total operating expense for the quarter was $100.4 million, compared to $88.2 million in Q3 2022.
The net loss for the quarter was $66.9 million, a decrease from a net loss of $77.0 million in Q3 2022. The net loss per share for Q3 2023 was $0.26, compared to a net loss per share of $0.34 for Q3 2022.
As of September 30, 2023, the company's cash, cash equivalents, and investments, excluding short- and long-term restricted cash, totaled $767.8 million, compared to $772.3 million at the end of 2022.
Overall, Pacific Biosciences of California Inc (NASDAQ:PACB) demonstrated a strong financial performance in Q3 2023, with significant growth in revenue and a decrease in net loss compared to the same period last year.
Explore the complete 8-K earnings release (here) from Pacific Biosciences of California Inc for further details.
This article first appeared on GuruFocus.
