Company: PACB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001299130-25-000156
Chunk: 45

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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702)(21)%Impairment charges— 93,200 (93,200)(100)%Amortization of acquired intangible assets833 4,222 (3,389)(80)%Total operating expense 59,537 181,784 (122,247)(67%)Operating loss (44,853)(175,846)130,993 (74)%Interest expense (1,738)(3,542)1,804 (51)%Other income, net 4,696 6,069 (1,373)(23%)Loss before income taxes(41,895)(173,319)131,424 (76%)Income tax provision35 — 35 — Net loss$(41,930)$(173,319)$131,389 (76%)

Q2 Fiscal 2025 Form 10-Q30

Revenue

Total Revenue

Total revenue increased $3.8 million, or 10%, for the second quarter of 2025 compared with the same quarter of 2024.Product revenue increased $1.3 million, or 4%, primarily due to an increase of $1.9 million, or 11%, in consumable revenue, partially offset by a decrease of $0.5 million, or 4%, in instrument revenue.Service and other revenue increased $2.4 million, or 57%, primarily driven by an increase in Revio service contracts.

Instrument Revenue

Instrument revenue decreased for the second quarter of 2025, primarily due to a lower number of Revio systems sold—15 units compared to 24 units in the same quarter 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 38 units sold during the second quarter of 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 for the second quarter of 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