Pacific Biosciences of California, Inc. (PACB) Wednesday reported preliminary revenue of $36.9 million for the first quarter, lower than $38.8 million in the previous year.
The company also announced its decision to reduce workforce across all functions. It now expects to reduce its annualized non-GAAP operating expense run-rate by $45 million to $50 million by year end. This compares with the previous guidance of $270 million to $280 million.
"Our preliminary revenue for the first quarter met our expectations despite impacts from ongoing uncertainty in NIH funding in the United States and broader economic headwinds affecting the industry," the company said in a statement.
For the full year, PacBio continues to expect revenue in the range of $155 million to $170 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.