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.