Company: PACB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001299130-25-000102
Chunk: 395

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 395
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 our technology.

Financial Overview

Key highlights of the three months ended March 31, 2025 consolidated financial results include the following:

Revenue ofGross loss ofOperating loss ofCash, cash equivalents, and investments of$37.2 M$1.4 M$428.9 M$343.1 Mcompared to $38.8 M during the same period of 2024compared to gross profit of $11.3 M during the same period of 2024compared to $81.4 M during the same period of 2024compared to $389.9 M at December 31, 2024

•Revenue was comprised of $11.0 million in instrument revenue, $20.1 million in consumables revenue and $6.0 million in service and other revenue for the first quarter of 2025. Revenue was comprised of $19.0 million in instrument revenue, $16.0 million in consumables revenue and $3.8 million in service and other revenue for the first quarter of 2024. The decrease was primarily due to lower Revio unit sales, which was partially offset by higher Vega unit sales, consumable sales, and service and other revenue.

•We recorded a gross loss for the first quarter of 2025 primarily due to $12.0 million of restructuring charges, which include $7.7 million in inventory adjustments and $3.8 million of losses on purchase commitments, and an increase of $3.0 million in amortization of acquired intangible assets, partially offset by lower per unit costs to manufacture our products. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information. Gross margins may be affected by product mix, manufacturing efficiencies, warranty cost improvements, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials, and tariffs.

Q1 Fiscal 2025 Form 10-Q30

•Loss from operations increased $347.6 million for the first quarter of 2025 compared with the same quarter of 2024. Operating expenses increased $334.9 million primarily due to $381.8 million of costs incurred in connection with the restructuring and strategic shift, which include $359.3 million of accelerated amortization of acquired intangible assets, $15.0 million of impairment charges, and $4.6 million of employee separation costs. The increase was partially offset by an $18.7