Company: PACB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001299130-25-000102
Chunk: 240

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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 expense (1,737)(3,575)1,838 (51)%Other income, net 4,294 6,759 (2,465)(36 %)Loss before benefit from income taxes(426,377)(78,178)(348,199)445 %Income tax benefit(302)— (302)— Net loss$(426,075)$(78,178)$(347,897)445 %

Q1 Fiscal 2025 Form 10-Q32

Revenue

Total Revenue

Total revenue decreased $1.7 million, or 4%, for the first quarter of 2025 compared with the same quarter of 2024.Product revenue decreased $3.9 million, or 11%, primarily due to a decrease of $8.0 million, or 42%, in instrument revenue, partially offset by an increase of $4.1 million, or 26%, in consumable revenue.Service and other revenue increased $2.2 million, or 59%, primarily driven by an increase in Revio service contracts.

Instrument Revenue

Instrument revenue decreased primarily due to the sale of 12 Revio systems in the first quarter of 2025 compared to 28 Revio systems in the first quarter of 2024, partially offset by the sale of 28 Vega systems in the first quarter of 2025.

Consumables Revenue

Consumables revenue increased primarily due to higher Revio consumables sales attributable to the growth in the Revio instrument installed base, partially offset by a decline in Sequel® II and IIe consumables as customers transition to Revio. We expect Revio consumable sales to increase as the installed base grows. While we expect to see a decline in Sequel II and IIe consumable sales resulting from the product transition, there is uncertainty as to the rate at which these sales will decline.

Q1 Fiscal 2025 Form 10-Q33

Cost of Revenue and Gross (Loss) Profit

Total cost of revenue increased $11.0 million, or 40% due to an increase in cost of product revenue, $3.8 million of restructuring costs relating to loss on purchase commitments which is based on an estimate of future excess inventory related to supply agreements for which we do not expect to have related sales, and an increase of $3.0 million in amortization attributable to acquired intangible assets that are related to sales generating activities. Cost of product revenue increased $3.9 million, or 17%, for the first quarter of