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PacBio Reports Preliminary Q4 Revenues Above Wall Street Estimate

NEW YORK – Pacific Biosciences on Monday said that it expects to report fourth quarter revenues of around $27 million, representing a sequential quarterly increase of 41 percent but a slight decline from the $27.9 million revenues reported for Q4 2019.

The preliminary revenues surpass the consensus Wall Street estimate for revenues of $23.7 million. Despite the beat, in early Monday trade on the Nasdaq, shares of PacBio were down around 3 percent at $33.51

PacBio said that it anticipated reporting instrument revenue of $13.5 million in the quarter compared to $7.7 million for the third quarter of 2020 and $15.3 million for Q4 2019. Preliminary consumables revenue is expected to be approximately $10 million compared to $8 million in Q3 2020 and $9.3 million in Q4 2019. Preliminary service and other revenue are anticipated to be around $3.5 million, up from $3.3 million in the third quarter of 2020 and $3.4 million in Q4 2019.

PacBio said that it placed 35 Sequel II/IIe Systems in Q4 2020, bringing its total installed base to 203 as of the end of the year. The Sequel IIe system, the latest iteration of its SMRT sequencing technology, was launched just a few months ago.

Last week the UK's Wellcome Sanger Institute announced it would purchase seven Sequel IIe instruments and upgrade five existing Sequel II instruments so researchers could generate more HiFi reads to support several sequencing projects, including the Darwin Tree of Life and the aquatic symbiosis genomics programs.

PacBio also recently appointed Mark Van Oene to the newly created role of chief operating officer and Peter Fromen as chief commercial officer. Both formerly served in management roles at Illumina.

The Menlo Park, California-based firm will report its Q4 and FY 2020 results on Feb. 10.