- PacBio (PACB, Financial) reports preliminary Q1 2025 revenue of $36.9 million, a 4.9% decline year-over-year.
- Record consumable revenue reached $20.1 million, marking a 25.6% increase from Q1 2024.
- The company plans to cut annual operating expenses by $45-50 million to manage market uncertainties.
PacBio (PACB) has announced its preliminary earnings for the first quarter of 2025, reporting revenues of $36.9 million, a decrease from $38.8 million in the same quarter of the previous year. This marks a 4.9% year-over-year decline primarily due to reduced instrument revenues, which fell significantly by 43.2% to $10.8 million.
Despite the decline in overall revenue, PacBio achieved record consumable revenue of $20.1 million, representing a 25.6% increase compared to Q1 2024. Service revenues also saw considerable growth, rising 57.9% to $6.0 million.
The company shipped 12 Revio systems and 28 Vega systems during this period, with the latter seeing robust demand, suggesting a shift in consumer preference towards more cost-effective solutions amid economic constraints.
To address ongoing market challenges, including uncertainty in NIH funding and broader economic conditions, PacBio has outlined plans to reduce its annual operating expenses by $45-50 million by the year's end. The savings are part of a strategy to align with its financial forecast of $155-170 million in revenue for 2025 and to maintain non-GAAP gross margins between 35% and 40%.
PacBio remains committed to focusing on high-impact areas such as accelerating the adoption of HiFi sequencing, improving gross margins, and advancing long-read sequencing innovations. The company also anticipates that these measures will help it achieve positive cash flow by the end of 2027.
