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Pacific Biosciences of California, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $39,967,000 for the quarter, compared to $55,691,000 in the same quarter the previous year. This decline is attributed primarily to a reduction in instrument sales, with Revio system sales dropping from 52 units in the previous year to 22 units in the current quarter.
Consumables revenue increased by 10% to $18,508,000, driven by higher sales of Revio consumables. However, service and other revenue saw a modest increase of 13% to $4,671,000.
Cost of revenue decreased to $29,963,000 from $37,789,000, reflecting lower sales volume. Gross profit for the quarter was $10,004,000, down from $17,902,000 in the previous year, with a gross margin of 25% compared to 32% in the prior year.
Research and development expenses decreased by 46% to $25,516,000, primarily due to restructuring activities and the transition of products from development to commercialization.
Sales, general, and administrative expenses remained relatively flat at $43,746,000, with restructuring charges offsetting decreases in personnel expenses.
The company reported an operating loss of $64,077,000, an improvement from the $82,492,000 loss in the prior year. Net loss for the quarter was $60,725,000, compared to $66,869,000 in the previous year.
Pacific Biosciences continues to focus on improving commercial execution and reducing annualized run-rate operating expenses, with strategic objectives including the development of new platforms and improving gross margins.
Cash, cash equivalents, and short-term investments totaled $471,147,000 as of September 30, 2024, down from $631,416,000 at the end of 2023. The company believes these resources are sufficient to fund projected operating requirements beyond the next 12 months.
The filing also discusses ongoing legal proceedings, including patent infringement cases, and highlights the potential impact of geopolitical tensions and regulatory changes on the company's operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pacific Biosciences of California Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.