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Pacific Biosciences Q1 Revenues Fall 15 Percent

NEW YORK (GenomeWeb) – Pacific Biosciences reported after the close of the market on Friday that its first quarter 2019 revenues declined 15 percent year over year.

For the three months ended March 31, the Menlo Park, California-based company recognized total Q1 revenues of $16.4 million compared to $19.4 million in Q1 2018, missing analysts' average estimate of $21.6 million. Revenues included $13.5 million in product revenue and $3.0 million in service and other revenue.

In a statement, PacBio said that the five customers who were early-access users of its recently launched higher throughput Sequel II instrument have all since purchased the system, along with additional customers, but the firm did not disclose how many systems it sold.

In addition, the firm said it continues to expect its acquisition by Illumina, which was announced last year, will be completed mid-year. Given the pending merger, PacBio said it would not be holding a conference call to discuss its Q1 financial results, nor does it expect to do so in the future.

PacBio's net loss in the quarter was $30.3 million, or $.20 per share, up from $24.2 million, or $.20 per share, in the year ago quarter, missing the Wall Street estimate of a $.15 loss per share.

The firm's R&D expenses in Q1 2019 were $15.5 million, down 5 percent from $16.3 million in Q1 2018. It's SG&A expenses, meantime, climbed 33 percent year over year to $19.8 million from $14.9 million. PacBio's operating expenses included $5.7 million associated with the merger with Illumina.

As of March 31, 2019, the company had $82.9 million in cash and investments.

On Monday, PacBio's stock was down less than 1 percent at $7.39 during mid-morning trading on the Nasdaq.