Pacific Biosciences of California PACB incurred first-quarter 2019 adjusted loss of 20 cents per share, wider than the Zacks Consensus Estimate of a loss of 17 cents. The company had incurred a loss of 20 cents in the year-ago quarter.
Revenues totaled $16.4 million, which missed the Zacks Consensus Estimate of $22 million and declined 15.2% from the year-ago quarter’s tally.
The stock carries a Zacks Rank #4 (Sell).
Pacific Biosciences of California, Inc. Price, Consensus and EPS Surprise
Pacific Biosciences of California, Inc. Price, Consensus and EPS Surprise | Pacific Biosciences of California, Inc. Quote
Product Revenue: At this segment, revenues amounted to $16.4 million, down 17.4% from the prior-year quarter’s tally.
Service and Other Revenue: At this segment, revenues came in at $3 million, down 3.6% year over year.
Gross profit in the first quarter of 2019 was $5.1 million, down 29.9% on a year-over-year basis. Gross margin was 31.2% of total revenues, significantly lower than 37.7% of net revenues as reported in the year-ago quarter.
Research and Development expenses fell 5.1% to $15.5 million in the quarter. Also, sales, general and administrative expenses rose 32.4% to $19.8 million.
Operating expenses totaled $35.3 million, up 12.8% year over year.
About the Illumina & Pacific Biosciences Merger
Illumina ILMN has confirmed its merger with Pacific Biosciences. Per management, the total value of the deal is approximately $1.2 billion. The agreement is expected to close by mid-2019.
Earnings of MedTech Majors at a Glance
Some better-ranked stocks which reported solid results this earning season are Stryker Corporation SYK and CONMED Corporation CNMD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .
Stryker delivered first-quarter 2019 adjusted earnings per share of $1.88, beating the Zacks Consensus Estimate by 2.2%. Revenues of $3.52 billion were in line with the consensus estimate.
CONMED posted first-quarter 2019 adjusted earnings per share of 57 cents, which exceeded the Zacks Consensus Estimate of 54 cents. Revenues of $218.4 million outpaced the consensus estimate of $213 million.
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