PacBio announces record growth in 2023

Ships a record number of PacBio sequencers in 2023, including 173 Revio™ systems, and announces record fourth quarter preliminary consumable revenue of $18.9 million as demand for long-read sequencing grows and increased capacity from the Revio system drives sample elasticity

PacBio, a leading developer of high-quality, highly accurate sequencing solutions, announced preliminary unaudited revenue for the fourth quarter 2023 and full year 2023 of $58.4 million and $200.5 million representing year-over-year growth of 113% and 56%, respectively.

“2023 was a landmark year for PacBio. The launch of the Revio system for scalable, accurate, long read sequencing and Onso, a short read sequencer with groundbreaking accuracy enabled PacBio to reach more customers than ever before and, in the process, achieve record financial results,” said Christian Henry, President and CEO of PacBio. “Our new platforms are enabling researchers to reimagine the study of genomics, increasing their ability to see more of, and deeper into, the genome. In 2024, I am excited to see how our customers leverage the power of our platforms, particularly as new large-scale genomics projects are initiated leveraging the power and economics of the Revio platform and as customers realize Onso’s extraordinary accuracy in a broad range of short-read applications.”

Business Updates:

  • Announced that the GREGoR (Genomics Research to Elucidate the Genetics of Rare Diseases) consortium, in collaboration with the University of California Irvine, plans to sequence thousands of genomes utilizing HiFi technology to improve our understanding of genetics in rare disease.
  • Released SMRT Link 13.0 software on the Revio system which includes the adaptive loading feature for consistent run performance, run preview for improved lab efficiency, and expanded application support with functionality to sequence shorter and longer fragments of DNA.
  • Commenced shipment of Kinnex RNA kits enabling scalable, cost-effective full-length RNA sequencing on PacBio Revio and Sequel IIe and received orders from over 70 customers through December 31.
  • Expect fourth quarter 2023 and annual consumable revenue of approximately $18.9 million and $63.4 million, respectively, with approximately 67% of consumable revenue from Revio in the fourth quarter for an annualized pull-through of approximately $385 thousand.
  • Shipped 44 Revio sequencing systems for revenue during the fourth quarter of 2023, bringing the Revio installed base to 173 systems as of December 31, 2023. Shipped 20 Sequel IIe systems for revenue for the full year 2023, bringing the cumulative systems shipped to 532 as of December 31, 2023.

PacBio reported preliminary, unaudited revenue of approximately $58.4 million for its fourth quarter ended December 31, 2023. Preliminary instrument revenue for the fourth quarter of 2023 is expected to be approximately $35.1 million, compared with $6.1 million for the fourth quarter of 2022. Preliminary consumables revenue for the fourth quarter of 2023 is expected to be approximately $18.9 million, compared with $16.7 million for the fourth quarter of 2022. Preliminary service and other revenue for the fourth quarter of 2023 is expected to be approximately $4.4 million, compared with $4.6 million for the fourth quarter of 2022.

Total preliminary cash, cash equivalents, and investments balance as of December 31, 2023, is expected to be approximately $631 million.

PacBio is scheduled to present at the 42nd Annual J.P. Morgan Healthcare Conference on January 10, 2024, at 1:30 p.m. Pacific Time. PacBio plans to make the presentation available on the Events & Presentations Section of PacBio’s website at investor.pacificbiosciences.com. The information posted on or that can be accessed through PacBio’s website, including PacBio’s updated corporate presentation, is not incorporated by reference into this press release, and the inclusion of PacBio’s website address is an inactive textual reference only.

The preliminary unaudited financial information set forth above is subject to revision and is anticipated to be finalized in February 2024. PacBio’s final, audited financial results could differ materially from the preliminary estimates above, which are not a comprehensive statement of PacBio’s financial results and are not necessarily indicative of the results to be expected as of or for the fiscal period ended December 31, 2023, or any future period. Accordingly, you should not place undue reliance on these preliminary estimates. PacBio expects to report its fourth quarter 2023 results during a conference call in February, at which point it will discuss its 2023 financial results in more detail.

Guidance

PacBio continues to target compound annual revenue growth of 40% to 50% through 2026 based on a 2022 revenue base of $128.3 million, representing a 2026 revenue target of over $500 million.  PacBio expects to share 2024 guidance on its fourth-quarter earnings conference call in February 2024.

SourcePR Newswire

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