PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing platforms, today announced unaudited preliminary revenue of approximately $36.0 million for its fourth quarter ended December 31, 2021. The Company's full financial results for the fourth quarter and the fiscal year ended December 31, 2021, are not yet available.
Business Updates:
· | Expect preliminary fourth quarter revenue of approximately $36.0 million, representing an increase of approximately 33% compared with $27.1 million for the fourth quarter of 2020. As a result, preliminary annual 2021 revenue is expected to be $130.5 million, representing a growth of approximately 65% from 2020. |
· | Placed a record of 48 Sequel II/IIe systems during the fourth quarter compared to 35 Sequel II/IIe systems placed in the prior year quarter. Sequel II/IIe installed base was, therefore, 374 units as of December 31, 2021, compared with 203 as of December 31, 2020. |
· | Announced plans to launch new library prep and sequencing kits for the Sequel II/IIe platform in the first half of 2022. The new kits will lower DNA input requirements by 40% which will enable customers to access more samples than ever before. Additionally, the new kits will simplify users' workflow with >60% reduction in hands-on time and >30% fewer tubes. |
· | Developed significant improvements to the Sequel II/IIe platform that will be released in first half of 2022, including on-instrument methylation calling, standardized gene editing QC workflows, and high throughput setup capabilities, including automation scripts for liquid handling. |
· | Finalized expansion of collaboration with Invitae Corporation to include PacBio's proprietary, Sequencing by Binding, short-read sequencing platform. The collaboration will initially focus on precision oncology with an emphasis on liquid biopsy and minimal residual disease (MRD). |
· | Collaborated with Twist Bioscience to deliver optimized, HiFi-enabled target capture workflows and help our customers obtain high-quality phased data for clinically important targets at lower per sample costs. |
Preliminary instrument revenue for the fourth quarter of 2021 is expected to be approximately $16.2 million, compared with $15.9 million for the third quarter of 2021, and compared with $13.6 million for the fourth quarter of 2020. Preliminary consumables revenue for the fourth quarter of 2021 is expected to be approximately $15.0 million, compared with $14.6 million for the third quarter of 2021, and compared with $10.0 million for the fourth quarter of 2020. Preliminary service and other revenue for the fourth quarter of 2021 is expected to be approximately $4.8 million, compared with $4.4 million for the third quarter of 2021, and compared with $3.5 million for the fourth quarter of 2020.
"2021 was a transformational year for PacBio. We dramatically expanded our leadership team, achieved record revenues and Sequel II/IIe installations, and completed the first two acquisitions in company history, enabling us to become the only company with leading long and short-read sequencing technologies. Importantly, we are also collaborating with more customers than ever before to help us demonstrate the power of HiFi sequencing in numerous applications," said Christian Henry, CEO and President of PacBio. "The fourth quarter represented sustained execution on our goals as we achieved record revenue, record Sequel II/IIe placements, and launched our COVID surveillance solution, HiFi Viral, which is PacBio's first kitted sequencing solution. In addition, we made significant progress in developing our highly accurate short-read sequencing platform by implementing a new clustering method to facilitate a more robust workflow. As a result of this early success, we remain on track to launch our new short-read, Sequencing by Binding (SBB) technology, in 2023. I expect 2022 to be an exciting year for the company as we leverage the foundation that we've built in 2021 and enter the late stages of development for multiple new sequencing platforms."
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