Company: PACB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001299130-25-000156
Chunk: 186

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 186
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)(251,497)(216,775)86%Income tax benefit(267)— (267)— Net loss$(468,005)$(251,497)$(216,508)86%

Q2 Fiscal 2025 Form 10-Q34

Revenue

Total Revenue

Total revenue increased $2.1 million, or 3%, during the six months ended June 30, 2025 compared with the same period of 2024.Product revenue decreased $2.6 million, or 4%, primarily due to a decrease of $8.5 million, or 25%, in instrument revenue, partially offset by an increase of $6.0 million, or 18%, in consumable revenue.Service and other revenue increased $4.7 million, or 58%, primarily driven by an increase in Revio service contracts.

Instrument Revenue

Instrument revenue decreased during the six months ended June 30, 2025, primarily due a lower number of Revio systems sold—27 units compared to 52 units in the same period of 2024. This decline primarily reflects variability in customer purchasing behavior resulting from uncertainty surrounding the funding for new capital equipment, particularly among academic and research institutions.The decrease was partially offset by sales of the Vega system, with 66 units sold during the six months ended June 30, 2025 following its commercial launch in the fourth quarter of 2024.We expect that instrument revenue may fluctuate quarter-to-quarter based on timing of customer purchasing decisions, sales mix, and funding dynamics.

Consumables Revenue

The increase in consumables revenue during the six months ended June 30, 2025 was primarily driven by higher Revio consumables sales, reflecting the continued expansion of the Revio instrument installed base.Initial shipments of Vega consumables also contributed modestly during the period, and we anticipate increased contributions as customers begin ramping usage of the Vega platform and the installed base expands.Looking ahead, we expect continued growth in consumables revenue as adoption of the Revio and Vega platforms expands. This anticipated growth reflects increasing instrument placements, improving consumable utilization, and broadening addressable application for our platforms.

Q2 Fiscal 2025 Form 10-Q35

Cost of Revenue and Gross Profit

Total cost of revenue increased $6.0 million, or 10%, during the six months ended June 30, 2025, compared to the same period of 2024 primarily due to an increase in restructuring-related charges. These charges were $12.4 million during the six months