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PacBio Q3 Revenues Decline 6 Percent

NEW YORK (GenomeWeb) – Pacific Biosciences reported after the close of the market on Thursday that its third quarter 2017 revenues fell 6 year over year, due to the absence of $3.6 million in contractual revenue that it recognized in the prior year period.

The single-molecule sequencing firm reported total Q3 2017 revenues of $23.5 million, down from $25.1 million in Q3 2016. It missed analysts' average estimate of $28.6 million.

Total revenue included $20.3 million in product revenue and $3.2 million in service and other revenue. Instrument revenue in the quarter was down 16 percent year over year to $9.7 million from $11.5 million in Q3 2016, while consumable revenue was up 62 percent to $10.6 million from $6.5 million.

PacBio CEO Mike Hunkapiller said during a conference call discussing the firm's Q3 performance that there are around 200 Sequel systems in customers' hands. Sales to European customers in Q3 in particular, lagged, and as a result the firm lowered its total 2017 revenue forecast.

Ben Gong, PacBio's vice president of finance and treasurer, said that the firm now expects total 2017 revenues to be $90 million. At the end of Q2, Gong had forecasted product and services revenue of $106.1 million to $114.0 million.

Hunkapiller also said during the call that the firm had hired Kathy Ordoñez to serve as chief commercial officer. Ordoñez has been on PacBio's board of directors since 2014 and will continue her role on the board. She was previously senior vice president of Quest Diagnostics, where she led R&D and oversaw the commercialization of several diagnostic products and testing services. PacBio's net loss grew to $22.0 million, or $.19 per share, from $17.5 million, or $.19 per share, in Q3 2016. Analysts, on average, estimated a loss per share of $.20.

The firm's R&D expenses were down to $15.8 million, from $17.5 million in the previous year's quarter. SG&A expenses, however, were up to $14.0 million, from $11.9 million.

PacBio ended the quarter with $84.0 million in cash and investments.

The company's stock was down 13 percent to $3.49 in Friday morning trading.

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