Pacific Biosciences of California Inc. (PACB), a life sciences technology company, on Thursday announced the first quarter financial results and provided updates on its business.
The company designs, develops and manufactures gene sequencing technology, including sequencing systems, consumable products, long-read and short-read sequencing services, and kits to improve workflow. Additionally, the company provides Revio, Vega, and Sequel instruments which conduct, monitor, and analyze single-molecule biochemical reactions on single molecule real time (SMRT) cell microchips.
Q1 2026:
The company recorded net revenues of $37.18 million in Q1 2026, relatively stable compared to the $37.15 million reported a year ago.
On a GAAP basis, net losses were $8.27 million, or $0.03 per share, while in Q1 2025, losses were $426.07 million, or $1.44 per share. Non-GAAP net loss for the first quarter of 2026 narrowed to $35.9 million or $0.12 per share from $44.4 million or $0.15 per share for the first quarter of 2025.
Research and development expenses (R&D) were $19.61 million, compared to $29.01 million in the previous year.
Cash, cash equivalents, and marketable securities held by the company on March 31, 2026, amounted to $275.96 million.
2026 Outlook:
The company forecasts total revenues of $165 million to $175 million in 2026, while in 2025, full-year revenues amounted to $160 million.
Business Updates:
The recorded sale of short-read assets resulted in net cash proceeds of approximately $48.10 million. There were 15 new system placements of the Revio instrument and 12 placements of Vega.
Revenue from the European, Middle East, and Africa (EMEA) region increased by 17%.
The company also announced a collaboration with DNAstack and was selected by Basecamp Research to power the Trillion Gene Atlas and sequence over 100,000 samples across 31 countries.
PACB closed Thursday at $1.65, down 3.51%. In the pre-market, shares are trading at $1.57, down 7.27%.
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