Company: PACB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001299130-25-000061
Chunk: 97

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1
Chunk 97
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 operations between the years ended December 31, 2023 and December 31, 2022, has been omitted from this Annual Report on Form 10-K but may be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 28, 2024, which is incorporated herein by reference, and is available free of charge on the SEC’s website at www.sec.gov and our corporate website (www.pacb.com).

Comparison of the Years Ended December 31, 2024 and 2023

Years Ended December 31,(in thousands, except per share amounts)20242023$ Change% ChangeRevenue:Product revenue $136,149 $183,872 $(47,723)(26 %)Service and other revenue 17,865 16,649 1,216 7 %Total revenue 154,014 200,521 (46,507)(23 %)Cost of Revenue:Cost of product revenue 92,284 127,568 (35,284)(28 %)Cost of service and other revenue 14,057 14,754 (697)(5 %)Amortization of acquired intangible assets9,393 1,983 7,410 374 %Loss on purchase commitment998 3,436 (2,438)(71 %)Total cost of revenue 116,732 147,741 (31,009)(21 %)Gross profit 37,282 52,780 (15,498)(29 %)Operating Expense:Research and development 134,922 187,170 (52,248)(28 %)Sales, general and administrative 175,017 169,818 5,199 3 %Impairment charges184,500 — 184,500 — Merger-related expenses— 9,042 (9,042)(100)%Change in fair value of contingent consideration(850)15,060 (15,910)(106 %)Amortization of acquired intangible assets18,006 6,157 11,849 192 %Total operating expense 511,595 387,247 124,348 32 %Operating loss (474,313)(334,467)(139,846)42 %Loss on extingu