Company: PACB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001299130-25-000156
Chunk: 93

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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 of $93.2 million during the second quarter of 2024. This charge was primarily attributable to a sustained decline in our stock price and revisions to the timing of expected future cash flows relative to our initial long-term plan, reflecting the continued impact of longer-than-anticipated median sales cycles and other contributing factors. These developments indicated that the fair value of the reporting unit may have been less than its carrying amount, prompting the performance of an interim goodwill impairment test. The results of the test confirmed that the carrying amount of the reporting unit exceeded its estimated fair value.

Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets included in operating expenses for the second quarter of 2025 and 2024 consists of amortization expense attributable to acquired intangible assets that are not directly related to sales generating activities.

Q2 Fiscal 2025 Form 10-Q32

Interest Expense

Interest expense for the second quarter of 2025 and 2024 was primarily comprised of interest on the convertible senior notes. The decrease was due to lower convertible notes balances as a result of the notes exchange transaction in November 2024. See Note 4. Convertible Senior Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Other Income, Net

Other income, net for the second quarter of 2025 decreased compared to the same quarter of 2024 primarily driven by lower investment income due to lower cash and investment balances.

Q2 Fiscal 2025 Form 10-Q33

Comparison of the Six Months Ended June 30, 2025 and 2024

Six Months Ended June 30,(In thousands, except percentages)20252024$ Change% ChangeRevenue:Product revenue $64,196 $66,755 $(2,559)(4%)Service and other revenue 12,723 8,068 4,655 58%Total revenue 76,919 74,823 2,096 3%Cost of Revenue:Cost of product revenue 46,355 45,530 825 2%Cost of service and other revenue 8,631 7,104 1,527 21%Amortization of acquired intangible assets4,528 3,971 557 14%Loss on purchase commitment4,092 998 3,094 310%Total cost of revenue 63,606 57,603 6,003 10%Gross profit13,313