Pacific Biosciences (PACB) Incurs Loss in Q1, Revenues Fall
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
Segmental Analysis
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.
Margin Analysis
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.
Radical New Technology Creates $12.3 Trillion Opportunity
Imagine buying Microsoft stock in the early days of personal computers… or Motorola after it released the world’s first cell phone. These technologies changed our lives and created massive profits for investors.
Today, we’re on the brink of the next quantum leap in technology. 7 innovative companies are leading this “4th Industrial Revolution” - and early investors stand to earn the biggest profits.
See the 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pacific Biosciences of California, Inc. (PACB) : Free Stock Analysis Report
Stryker Corporation (SYK) : Free Stock Analysis Report
Illumina, Inc. (ILMN) : Free Stock Analysis Report
CONMED Corporation (CNMD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
