PacBio updates, prelims

 Business updates:

• Expanded long-read sequencing portfolio: Launched the Vega system, an innovative benchtop sequencing platform designed to make HiFi long-reads accessible to a broader customer base.
• Enhanced the Revio platform: Launched SPRQ chemistry, unlocking the sub-$500 HiFi long-read human genome and enabling Revio customers to sequence more samples with 4-fold lower DNA input requirements.
• Advanced clinical market strategy: Delivered our first Vega systems to Berry Genomics as part of an early access agreement, supporting their efforts to develop targeted assays for prenatal health and carrier and newborn screening programs in China and other global markets.
• Strengthened financial position: Enhanced our balance sheet by exchanging $459 million in aggregate principal of the 1.5% convertible senior notes due 2028 for $200 million in newly issued 1.5% convertible senior notes due August 2029, along with approximately 20.5 million shares of common stock and $50 million in cash.

Preliminary fourth quarter results:

• Preliminary, unaudited revenue for the fourth quarter of 2024 is expected to be approximately $39.2 million compared with $58.4 million in the prior-year period.
• Preliminary instrument revenue for the fourth quarter of 2024 is expected to be approximately $15.3 million, compared with $35.1 million for the fourth quarter of 2023. Preliminary instrument revenue in the fourth quarter of 2024 included 23 Revio sequencing systems and 7 Vega sequencing systems.
• Preliminary consumables revenue for the fourth quarter of 2024 is expected to be approximately $18.8 million, compared with $18.9 million for the fourth quarter of 2023. Revio annualized pull through in the fourth quarter is expected to be approximately $240,000.
• Preliminary service and other revenue for the fourth quarter of 2024 is expected to be approximately $5.1 million, compared with $4.4 million for the fourth quarter of 2023.
• Total preliminary unrestricted cash, cash equivalents, and investments balance as of December 31, 2024, is expected to be approximately $390 million.
  

PacBio is scheduled to present at the 43rd Annual J.P. Morgan Healthcare Conference on January 14, 2025, at 4:30 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.

https://www.globenewswire.com/news-release/2025/01/14/3009362/16261/en/PacBio-Announces-Preliminary-Fourth-Quarter-and-Full-Year-Revenue.html