Pacific Biosciences Shares Fall As Q4 Earnings Miss Estimates

Pacific Biosciences of California Inc PACB reported Q4 sales of $36.02 million, +33% Y/Y, missing the consensus of $36.12 million.

  • The company placed 48 Sequel II or IIe instruments in the quarter, bringing the total installed base to 374, compared to 203 a year ago.
  • Of those total sales, product revenues were $31.17 million, up 32% Y/Y, and service & other revenues were $4.85 million, up 38% Y/Y.
  • Product revenue consisted of $16.2 million in instrument revenue and $15 million in consumables revenue.
  • The gross margin expanded to 47% from 42% a year ago.
  • PacBio's adjusted net loss was $(0.30) per share, compared to $(0.12) per share, in the prior-year period, missing the Wall Street estimate of $(0.28).
  • Cash, cash equivalents, and investments, excluding short and long-term restricted cash, at December 31, 2021, totaled $1.04 billion.
  • The company launched the HiFiViral SARS-CoV-2 Kit, a fully kitted end-to-end solution for COVID-19 surveillance to identify new SARS-CoV-2 variants and detect all circulating variants.
  • Price Action: PACB shares traded lower by 10.5% at $10.19 during pre-market trading on Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsHealth CareMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!