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Pacific Biosciences of California Inc. (PACB-6.69%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in revenue to $154 million from $200.5 million in the prior year, attributed primarily to lower Revio system sales and average selling prices, partially offset by increased consumable sales.
Gross profit for the year was $37 million, down from $52.8 million in 2023, with a gross margin of 24%. The decline was due to decreased revenue, restructuring charges, and increased amortization of acquired intangible assets.
Operating loss increased to $474.3 million from $334.5 million in the previous year. This was driven by impairment charges of $184.5 million, restructuring charges, and increased amortization expenses.
Cash, cash equivalents, and investments totaled $390 million at the end of 2024, a 38% decrease from $631 million in 2023. The decrease was partly due to $50.2 million in payments related to a convertible notes exchange transaction.
Research and development expenses decreased by 28% to $134.9 million, reflecting reduced personnel costs and restructuring activities.
Sales, general, and administrative expenses rose by 3% to $175 million, influenced by restructuring charges despite a decrease in personnel expenses.
The company reported a gain of $154.4 million from a debt restructuring transaction involving the exchange of convertible notes.
Pacific Biosciences continues to focus on expanding its market reach with new product launches, including the Vega benchtop platform and enhancements to existing products like the Revio system.
The company faces risks related to market acceptance of its products, competition, and potential regulatory changes, as outlined in the risk factors section of the filing.
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. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.