PACB · Pacific Biosciences of California, Inc.

PacBio's Q1 2026 results showed revenue stability at $37.2 million, matching prior year, driven by record consumables revenue of $21.8 million (up 9% YoY) amid growing clinical adoption of HiFi sequencing, offset by weaker instrument sales at $9.7 million (down 12% YoY), particularly for Vega systems. Revio placements rose to 15 from 12 YoY, signaling potential pull-through growth, with annualized Revio pull-through at ~$229,000 per system. GAAP gross margin improved sharply to 35% from negative 4%, reflecting absence of prior-year restructuring charges like $7.7 million inventory write-offs; non-GAAP margin dipped to 37% from 40% due to higher computing costs, promotions, and adjustments. Operating expenses plunged to $21.2 million GAAP (from $427.6 million, inflated by $381.8 million restructuring and IPR&D impairments) and $49.9 million non-GAAP (from $61.7 million), aided by a $45.8 million gain on short-read asset disposal yielding $48.1 million net cash, bolstering ending cash to $276.0 million. CEO Christian Henry highlighted SPRQ-Nx beta expansion for Revio consumables boost and Basecamp Research win for large-scale sequencing, alongside EMEA growth. Full-year revenue outlook of $165-175 million underscores focus on long-read momentum despite instrument headwinds.