Company: PACB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001299130-25-000168
Chunk: 89

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 (3,018)(94%)Loss on purchase commitment75 — 75 — Total cost of revenue 22,540 29,963 (7,423)(25%)Gross profit15,901 10,004 5,897 59%Operating Expense:Research and development 22,846 25,516 (2,670)(10)%Sales, general and administrative 31,099 43,746 (12,647)(29)%Amortization of acquired intangible assets833 3,649 (2,816)(77)%Change in fair value of contingent consideration— 1,170 (1,170)(100)%Total operating expense 54,778 74,081 (19,303)(26%)Operating loss (38,877)(64,077)25,200 (39)%Interest expense (1,739)(3,538)1,799 (51)%Other income, net 2,999 6,890 (3,891)(56%)Loss before income taxes(37,617)(60,725)23,108 (38%)Income tax provision383 — 383 — Net loss$(38,000)$(60,725)$22,725 (37%)

Q3 Fiscal 2025 Form 10-Q30

Revenue

Total Revenue

Total revenue decreased $1.6 million, or 4%, for the third quarter of 2025 compared with the same quarter of 2024.Product revenue decreased $2.7 million, or 8%, primarily due to a decrease of $5.5 million, or 33%, in instrument revenue, partially offset by an increase of $2.8 million, or 15%, in consumable revenue.Service and other revenue increased $1.1 million, or 25%, primarily driven by an increase in Revio service contracts.

Instrument Revenue

Instrument revenue decreased for the third quarter of 2025, primarily due to a lower number of Revio systems sold—13 units compared to 22 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 32 units sold during the third 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