PacBio Announces Second Quarter 2025 Financial Results
PacBio (NASDAQ: PACB) reported Q2 2025 financial results with total revenue of $39.8 million, up from $36.0 million in Q2 2024. The quarter showed mixed performance with 15 Revio™ and 38 Vega™ systems placed. Revenue breakdown included $14.2 million from instruments, $18.9 million from consumables, and $6.7 million from service and other revenue.
The company reported a GAAP net loss of $41.9 million ($0.14 per share) compared to $173.3 million ($0.64 per share) in Q2 2024. Non-GAAP net loss improved to $40.0 million ($0.13 per share). Cash position stood at $314.7 million. Notable achievements included publishing the Platinum Pedigree benchmark in Nature Methods and expanding distribution in China through Haorui Gene.
PacBio (NASDAQ: PACB) ha riportato i risultati finanziari del secondo trimestre 2025 con un fatturato totale di 39,8 milioni di dollari, in aumento rispetto ai 36,0 milioni di dollari del secondo trimestre 2024. Il trimestre ha mostrato una performance mista con 15 sistemi Revio™ e 38 sistemi Vega™ venduti. La ripartizione del fatturato includeva 14,2 milioni di dollari provenienti dagli strumenti, 18,9 milioni di dollari dai consumabili e 6,7 milioni di dollari dai servizi e altre entrate.
L'azienda ha registrato una perdita netta GAAP di 41,9 milioni di dollari (0,14 dollari per azione) rispetto a 173,3 milioni di dollari (0,64 dollari per azione) nel secondo trimestre 2024. La perdita netta non GAAP è migliorata a 40,0 milioni di dollari (0,13 dollari per azione). La posizione di cassa si attestava a 314,7 milioni di dollari. Tra i risultati più importanti, la pubblicazione del benchmark Platinum Pedigree su Nature Methods e l'espansione della distribuzione in Cina tramite Haorui Gene.
PacBio (NASDAQ: PACB) informó los resultados financieros del segundo trimestre de 2025 con ingresos totales de 39,8 millones de dólares, frente a los 36,0 millones de dólares del segundo trimestre de 2024. El trimestre mostró un desempeño mixto con la colocación de 15 sistemas Revio™ y 38 sistemas Vega™. La distribución de ingresos incluyó 14,2 millones de dólares por instrumentos, 18,9 millones de dólares por consumibles y 6,7 millones de dólares por servicios y otros ingresos.
La compañía reportó una pérdida neta GAAP de 41,9 millones de dólares (0,14 dólares por acción) en comparación con 173,3 millones de dólares (0,64 dólares por acción) en el segundo trimestre de 2024. La pérdida neta no GAAP mejoró a 40,0 millones de dólares (0,13 dólares por acción). La posición de efectivo se situó en 314,7 millones de dólares. Logros destacados incluyeron la publicación del benchmark Platinum Pedigree en Nature Methods y la expansión de la distribución en China a través de Haorui Gene.
PacBio (NASDAQ: PACB)는 2025년 2분기 재무 실적을 발표했으며, 총 매출은 3,980만 달러로 2024년 2분기의 3,600만 달러에서 증가했습니다. 이번 분기는 15대의 Revio™ 시스템과 38대의 Vega™ 시스템이 설치되며 혼합된 성과를 보였습니다. 매출 구성은 기기에서 1,420만 달러, 소모품에서 1,890만 달러, 서비스 및 기타 수익에서 670만 달러를 기록했습니다.
회사는 GAAP 기준 순손실 4,190만 달러(주당 0.14달러)를 보고했으며, 이는 2024년 2분기의 1억 7,330만 달러(주당 0.64달러)에서 크게 개선된 수치입니다. 비GAAP 순손실은 4,000만 달러(주당 0.13달러)로 개선되었습니다. 현금 보유액은 3억 1,470만 달러였습니다. 주요 성과로는 Nature Methods에 Platinum Pedigree 벤치마크를 발표하고 Haorui Gene을 통한 중국 내 유통 확대가 포함됩니다.
PacBio (NASDAQ : PACB) a publié ses résultats financiers du deuxième trimestre 2025 avec un chiffre d'affaires total de 39,8 millions de dollars, en hausse par rapport à 36,0 millions de dollars au deuxième trimestre 2024. Le trimestre a présenté des performances mitigées avec la mise en place de 15 systèmes Revio™ et 38 systèmes Vega™. La répartition du chiffre d'affaires comprenait 14,2 millions de dollars provenant des instruments, 18,9 millions de dollars des consommables et 6,7 millions de dollars des services et autres revenus.
L'entreprise a déclaré une perte nette GAAP de 41,9 millions de dollars (0,14 dollar par action) contre 173,3 millions de dollars (0,64 dollar par action) au deuxième trimestre 2024. La perte nette non GAAP s'est améliorée à 40,0 millions de dollars (0,13 dollar par action). La trésorerie s'élevait à 314,7 millions de dollars. Parmi les réalisations notables figurent la publication du benchmark Platinum Pedigree dans Nature Methods et l'expansion de la distribution en Chine via Haorui Gene.
PacBio (NASDAQ: PACB) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatz von 39,8 Millionen US-Dollar, gegenüber 36,0 Millionen US-Dollar im zweiten Quartal 2024. Das Quartal zeigte eine gemischte Leistung mit 15 Revio™- und 38 Vega™-Systemen, die platziert wurden. Die Umsatzaufteilung umfasste 14,2 Millionen US-Dollar aus Instrumenten, 18,9 Millionen US-Dollar aus Verbrauchsmaterialien und 6,7 Millionen US-Dollar aus Service- und sonstigen Einnahmen.
Das Unternehmen meldete einen GAAP-Nettogesamtverlust von 41,9 Millionen US-Dollar (0,14 US-Dollar pro Aktie) im Vergleich zu 173,3 Millionen US-Dollar (0,64 US-Dollar pro Aktie) im zweiten Quartal 2024. Der Non-GAAP-Nettogesamtverlust verbesserte sich auf 40,0 Millionen US-Dollar (0,13 US-Dollar pro Aktie). Die Barreserve belief sich auf 314,7 Millionen US-Dollar. Zu den bemerkenswerten Erfolgen gehörten die Veröffentlichung des Platinum Pedigree Benchmark in Nature Methods und die Erweiterung des Vertriebs in China durch Haorui Gene.
- Revenue grew both sequentially and year-over-year to $39.8 million
- Consumable revenue increased to $18.9 million from $17.0 million YoY
- Non-GAAP gross margin improved to 38% from 37% YoY
- Significant reduction in GAAP operating expenses from $181.8M to $59.5M YoY
- Strong cash position of $314.7 million
- Revio system placements declined to 15 units from 24 units YoY
- Revio pull-through decreased to ~$219,000 from ~$251,000 YoY
- Instrument revenue declined to $14.2M from $14.7M YoY
- Cash position decreased from $509.8M to $314.7M YoY
- Continued GAAP net loss of $41.9 million
Insights
PacBio shows mixed Q2 results with revenue growth but declining Revio placements and pull-through, while narrowing losses and reducing expenses.
PacBio's Q2 2025 financial results reveal a 10.6
The most concerning metric is the significant drop in Revio system placements from 24 units in Q2 2024 to just 15 in Q2 2025, a 37.5
On the positive side, GAAP gross profit improved substantially from
This disciplined cost management has substantially narrowed losses. GAAP net loss improved from
However, the cash position has deteriorated significantly, with cash and investments at
The strategic updates show continued scientific advancement and market expansion, particularly in China and the Middle East, which could drive future revenue growth. However, the core business metrics present a mixed picture with declining Revio placements partially offset by Vega adoption and improved operational efficiency.
MENLO PARK, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2025.
Second quarter results:
| Q2 2025 | Q2 2024 | |
| Revenue | ||
| Instrument revenue | ||
| Consumable revenue | ||
| Service and other revenue | ||
| Revio™ systems | 15 | 24 |
| Vega™ systems | 38 | — |
| Annualized Revio pull-through per system | ~ | ~ |
| Cash, cash equivalents, and investments |
Gross margin, operating expenses, net loss, and net loss per share are reported on a GAAP and non-GAAP basis. The non-GAAP measures are described below and reconciled to the corresponding GAAP measures at the end of this release.
GAAP gross profit for the second quarter of 2025 was
GAAP operating expenses totaled
GAAP net loss for the second quarter of 2025 was
GAAP net loss per share for the second quarter of 2025 was
Updates since PacBio's last earnings release
- Published the Platinum Pedigree benchmark in Nature Methods, the most known comprehensive family-based variant dataset to date, developed using PacBio HiFi sequencing. The benchmark improves AI-based variant calling accuracy and establishes a new standard for evaluating complex genomic variation.
- Joined the 1000 Genomes Long Read Project to contribute isoform-level transcriptome sequencing using the Kinnex RNA kit and Revio long-read sequencing system, expanding access to full-length isoform data across diverse populations.
- Expanded distribution in China through a new agreement with Haorui Gene, providing access to clinical lab networks and supporting the use of PacBio HiFi sequencing in clinical and research settings, with a focus on transfusion medicine and hematology.
- HiFi sequencing powered the first Arab human pangenome, enabling a more comprehensive understanding of genetic diversity in Middle Eastern populations and demonstrating the power of PacBio technology in large-scale population genomics.
“PacBio returned to both sequential and year-over-year revenue growth in the second quarter, while also continuing to reduce operating expenses and cash burn,” said Christian Henry, President and Chief Executive Officer. “This performance reflects solid execution across the company, from disciplined cost management to growing adoption of our HiFi sequencing platforms. We’re especially encouraged by Revio’s momentum in clinical settings and Vega’s continued expansion into new markets. With our focus on innovation and operational efficiency, we believe PacBio is well-positioned for sustainable growth.”
Quarterly Conference Call Information
Management will host a quarterly conference call today at 5:00 p.m. Eastern Time to review financial results for the second quarter ended June 30, 2025. Investors can access the call by dialing 1-888-349-0136 (or 1-412-317-0459 for international callers) and requesting to join the “PacBio Q2 Earnings Call". The call will be webcast live and available for replay at PacBio's website at https://investor.pacificbiosciences.com.
About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technologies, which include our HiFi long-read sequencing, address solutions across a broad set of research applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for Research Use Only. Not for use in diagnostic procedures.
Statement regarding use of non‐GAAP financial measures
PacBio reports non‐GAAP results for basic net income and loss per share, net income, net loss, gross margins, gross profit (loss) and operating expenses in addition to, and not as a substitute for, or because it believes that such information is superior to, financial measures calculated in accordance with GAAP. PacBio believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of PacBio’s non-GAAP financial measures as tools for comparison.
PacBio's financial measures under GAAP include substantial charges that are listed in the itemized reconciliations between GAAP and non‐GAAP financial measures included in this press release. PacBio excludes recurring charges from its non-GAAP financial statements, including amortization of intangible assets and changes in fair value of contingent consideration, and further excludes infrequent and limited charges including impairment charges, restructuring related expenses for discrete restructuring events and benefits from income taxes.
Management has excluded the effects of these items in non‐GAAP measures to assist investors in analyzing and assessing past and future operating performance. In addition, management uses non-GAAP measures to compare PacBio’s performance relative to forecasts and strategic plans and to benchmark its performance externally against competitors.
PacBio encourages investors to carefully consider its results under GAAP, as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of PacBio’s non-GAAP financial measures to their most directly comparable financial measure stated in accordance with GAAP has been provided in the financial statement tables included in this press release. PacBio is unable to reconcile future-looking non-GAAP guidance included in this press release without unreasonable effort because certain items that impact this measure are out of PacBio's control and/or cannot be reasonably predicted at this time.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements relating to PacBio’s cost-saving plans and initiatives as well as the expected financial impact and timing of these plans and initiatives; PacBio’s financial guidance and expectations for future periods; continued reception of PacBio’s products and their expansion into new or existing markets; developments affecting our industry and the markets in which we compete, including the impact of new products and technologies and tariffs; anticipated future customer use of our products; and the availability, uses, accuracy, coverage, advantages, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies. Reported results and orders for any instrument system should not be considered an indication of future performance. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results, including, but not limited to, challenges inherent in developing, manufacturing, launching, marketing and selling new products, and achieving anticipated new sales; potential cancellation of existing instrument orders; assumptions, risks and uncertainties related to the ability to attract new customers and retain and grow sales from existing customers; risks related to PacBio's ability to successfully execute and realize the benefits of acquisitions; the impact of new, increased or enhanced tariffs and export restrictions; rapidly changing technologies and extensive competition in genomic sequencing; unanticipated increases in costs or expenses; interruptions or delays in the supply of components or materials for, or manufacturing of, PacBio products and products under development; potential product performance and quality issues and potential delays in development timelines; the possible loss of key employees, customers, or suppliers; customers and prospective customers curtailing or suspending activities using PacBio's products; third-party claims alleging infringement of patents and proprietary rights or seeking to invalidate PacBio's patents or proprietary rights; risks associated with international operations; and other risks associated with general macroeconomic conditions and geopolitical instability. Additional factors that could materially affect actual results can be found in PacBio's most recent filings with the Securities and Exchange Commission, including PacBio's most recent reports on Forms 8-K, 10-K, and 10-Q, and include those listed under the caption “Risk Factors.” These forward-looking statements are based on current expectations and speak only as of the date hereof; except as required by law, PacBio disclaims any obligation to revise or update these forward-looking statements to reflect events or circumstances in the future, even if new information becomes available.
The unaudited condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in PacBio's Quarterly Report on Form 10-Q when filed with the Securities and Exchange Commission.
Contacts
Investors:
Todd Friedman
ir@pacb.com
Media:
pr@pacb.com
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||
| Three Months Ended | |||||||||||
| (in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||
| Revenue: | |||||||||||
| Product revenue | $ | 33,083 | $ | 31,113 | $ | 31,746 | |||||
| Service and other revenue | 6,683 | 6,040 | 4,267 | ||||||||
| Total revenue | 39,766 | 37,153 | 36,013 | ||||||||
| Cost of Revenue: | |||||||||||
| Cost of product revenue (1) | 20,022 | 26,333 | 23,083 | ||||||||
| Cost of service and other revenue | 4,853 | 3,778 | 3,366 | ||||||||
| Amortization of acquired intangible assets | 183 | 4,345 | 2,628 | ||||||||
| Loss on purchase commitment (1) | 24 | 4,068 | 998 | ||||||||
| Total cost of revenue | 25,082 | 38,524 | 30,075 | ||||||||
| Gross profit (loss) | 14,684 | (1,371 | ) | 5,938 | |||||||
| Operating Expense: | |||||||||||
| Research and development (1) | 22,529 | 29,053 | 38,485 | ||||||||
| Sales, general and administrative (1) | 36,175 | 40,168 | 45,877 | ||||||||
| Impairment charges (2) | — | 15,000 | 93,200 | ||||||||
| Amortization of acquired intangible assets (3) | 833 | 362,042 | 4,222 | ||||||||
| Change in fair value of contingent consideration (4) | — | (18,700 | ) | — | |||||||
| Total operating expense | 59,537 | 427,563 | 181,784 | ||||||||
| Operating loss | (44,853 | ) | (428,934 | ) | (175,846 | ) | |||||
| Interest expense | (1,738 | ) | (1,737 | ) | (3,542 | ) | |||||
| Other income, net | 4,696 | 4,294 | 6,069 | ||||||||
| Loss before income taxes | (41,895 | ) | (426,377 | ) | (173,319 | ) | |||||
| Income tax provision (benefit) | 35 | (302 | ) | — | |||||||
| Net loss | $ | (41,930 | ) | $ | (426,075 | ) | $ | (173,319 | ) | ||
| Net loss per share: | |||||||||||
| Basic | $ | (0.14 | ) | $ | (1.44 | ) | $ | (0.64 | ) | ||
| Diluted | $ | (0.14 | ) | $ | (1.44 | ) | $ | (0.64 | ) | ||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||
| Basic | 300,162 | 296,858 | 272,385 | ||||||||
| Diluted | 300,162 | 296,858 | 272,385 | ||||||||
| (1) | Balances include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (2) | In-process research and development ("IPR&D") impairment charge during the three months ended March 31, 2025 was driven primarily by macroeconomic factors and restructuring initiatives, including the focus on long-read innovation, resulting in changes to the timing and amounts of cash flows. Goodwill impairment charge during the three months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (3) | Balance for the three months ended March 31, 2025 includes accelerated amortization of acquired intangible assets related to restructuring initiatives. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (4) | Change in fair value of contingent consideration for the three months ended March 31, 2025 was due to fair value adjustments of a milestone payment payable upon the achievement of a milestone event. |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| (in thousands, except per share amounts) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 33,083 | $ | 31,746 | $ | 64,196 | $ | 66,755 | |||||||
| Service and other revenue | 6,683 | 4,267 | 12,723 | 8,068 | |||||||||||
| Total revenue | 39,766 | 36,013 | 76,919 | 74,823 | |||||||||||
| Cost of Revenue: | |||||||||||||||
| Cost of product revenue (1) | 20,022 | 23,083 | 46,355 | 45,530 | |||||||||||
| Cost of service and other revenue | 4,853 | 3,366 | 8,631 | 7,104 | |||||||||||
| Amortization of acquired intangible assets | 183 | 2,628 | 4,528 | 3,971 | |||||||||||
| Loss on purchase commitment (1) | 24 | 998 | 4,092 | 998 | |||||||||||
| Total cost of revenue | 25,082 | 30,075 | 63,606 | 57,603 | |||||||||||
| Gross profit | 14,684 | 5,938 | 13,313 | 17,220 | |||||||||||
| Operating Expense: | |||||||||||||||
| Research and development (1) | 22,529 | 38,485 | 51,582 | 81,940 | |||||||||||
| Sales, general and administrative (1) | 36,175 | 45,877 | 76,343 | 89,630 | |||||||||||
| Impairment charges (2) | — | 93,200 | 15,000 | 93,200 | |||||||||||
| Amortization of acquired intangible assets (3) | 833 | 4,222 | 362,875 | 9,728 | |||||||||||
| Change in fair value of contingent consideration (4) | — | — | (18,700 | ) | (70 | ) | |||||||||
| Total operating expense | 59,537 | 181,784 | 487,100 | 274,428 | |||||||||||
| Operating loss | (44,853 | ) | (175,846 | ) | (473,787 | ) | (257,208 | ) | |||||||
| Interest expense | (1,738 | ) | (3,542 | ) | (3,475 | ) | (7,117 | ) | |||||||
| Other income, net | 4,696 | 6,069 | 8,990 | 12,828 | |||||||||||
| Loss before income taxes | (41,895 | ) | (173,319 | ) | (468,272 | ) | (251,497 | ) | |||||||
| Income tax provision (benefit) | 35 | — | (267 | ) | — | ||||||||||
| Net loss | $ | (41,930 | ) | $ | (173,319 | ) | $ | (468,005 | ) | $ | (251,497 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic | $ | (0.14 | ) | $ | (0.64 | ) | $ | (1.57 | ) | $ | (0.93 | ) | |||
| Diluted | $ | (0.14 | ) | $ | (0.64 | ) | $ | (1.57 | ) | $ | (0.93 | ) | |||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||||||
| Basic | 300,162 | 272,385 | 298,519 | 270,982 | |||||||||||
| Diluted | 300,162 | 272,385 | 298,519 | 270,982 | |||||||||||
| (1) | Balances include restructuring costs. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (2) | In-process research and development ("IPR&D") impairment charge during the six months ended June 30, 2025 was driven primarily by macroeconomic factors and restructuring initiatives, including the focus on long-read innovation, resulting in changes to the timing and amounts of cash flows. Goodwill impairment charge during the three and six months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (3) | Balance for the six months ended June 30, 2025 includes accelerated amortization of acquired intangible assets related to restructuring initiatives. Refer to the Reconciliation of Non-GAAP Financial Measures table below for additional information on such costs and related amounts. |
| (4) | Change in fair value of contingent consideration during the six months ended June 30, 2025 and 2024 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets | ||||||
| (in thousands) | June 30, 2025 | December 31, 2024 | ||||
| Assets | ||||||
| Cash and investments | $ | 314,735 | $ | 389,931 | ||
| Accounts receivable, net | 32,257 | 27,524 | ||||
| Inventory, net | 53,839 | 58,755 | ||||
| Prepaid expenses and other current assets | 12,266 | 18,781 | ||||
| Property and equipment, net | 23,102 | 30,505 | ||||
| Operating lease right-of-use assets, net | 43,504 | 16,091 | ||||
| Restricted cash | 1,832 | 2,222 | ||||
| Intangible assets, net | 17,163 | 389,572 | ||||
| Goodwill | 317,761 | 317,761 | ||||
| Other long-term assets | 9,011 | 9,305 | ||||
| Total Assets | $ | 825,470 | $ | 1,260,447 | ||
| Liabilities and Stockholders' Equity | ||||||
| Accounts payable | $ | 15,055 | $ | 16,590 | ||
| Accrued expenses | 26,541 | 22,595 | ||||
| Deferred revenue | 20,572 | 19,764 | ||||
| Operating lease liabilities | 52,785 | 24,940 | ||||
| Contingent consideration liability | — | 18,700 | ||||
| Convertible senior notes, net | 646,436 | 647,494 | ||||
| Other liabilities | 2,592 | 3,770 | ||||
| Stockholders' equity | 61,489 | 506,594 | ||||
| Total Liabilities and Stockholders' Equity | $ | 825,470 | $ | 1,260,447 | ||
| Pacific Biosciences of California, Inc. Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||||
| GAAP net loss | $ | (41,930 | ) | $ | (426,075 | ) | $ | (173,319 | ) | $ | (468,005 | ) | $ | (251,497 | ) | |||||
| Change in fair value of contingent consideration (1) | — | (18,700 | ) | — | (18,700 | ) | (70 | ) | ||||||||||||
| Impairment charges (2) | — | — | 93,200 | — | 93,200 | |||||||||||||||
| Amortization of acquired intangible assets | 1,016 | 7,128 | 6,850 | 8,144 | 13,699 | |||||||||||||||
| Income tax benefit (3) | — | (546 | ) | — | (546 | ) | — | |||||||||||||
| Restructuring (4) | 963 | 393,788 | 18,028 | 394,751 | 18,028 | |||||||||||||||
| Non-GAAP net loss | $ | (39,951 | ) | $ | (44,405 | ) | $ | (55,241 | ) | $ | (84,356 | ) | $ | (126,640 | ) | |||||
| GAAP basic net loss per share | $ | (0.14 | ) | $ | (1.44 | ) | $ | (0.64 | ) | $ | (1.57 | ) | $ | (0.93 | ) | |||||
| Change in fair value of contingent consideration (1) | — | (0.06 | ) | — | (0.06 | ) | — | |||||||||||||
| Impairment charges (2) | — | — | 0.34 | — | 0.34 | |||||||||||||||
| Amortization of acquired intangible assets | — | 0.02 | 0.03 | 0.03 | 0.05 | |||||||||||||||
| Restructuring (4) | — | 1.33 | 0.07 | 1.32 | 0.07 | |||||||||||||||
| Other adjustments and rounding differences | 0.01 | — | — | — | — | |||||||||||||||
| Non-GAAP basic net loss per share | $ | (0.13 | ) | $ | (0.15 | ) | $ | (0.20 | ) | $ | (0.28 | ) | $ | (0.47 | ) | |||||
| GAAP gross profit (loss) | $ | 14,684 | $ | (1,371 | ) | $ | 5,938 | $ | 13,313 | $ | 17,220 | |||||||||
| Amortization of acquired intangible assets | 183 | 4,345 | 2,628 | 4,528 | 3,971 | |||||||||||||||
| Restructuring (4) | 348 | 12,027 | 4,650 | 12,375 | 4,650 | |||||||||||||||
| Non-GAAP gross profit | $ | 15,215 | $ | 15,001 | $ | 13,216 | $ | 30,216 | $ | 25,841 | ||||||||||
| GAAP gross profit (loss) % | 37 | % | (4) % | 16 | % | 17 | % | 23 | % | |||||||||||
| Non-GAAP gross profit % | 38 | % | 40 | % | 37 | % | 39 | % | 35 | % | ||||||||||
| GAAP total operating expense | $ | 59,537 | $ | 427,563 | $ | 181,784 | $ | 487,100 | $ | 274,428 | ||||||||||
| Change in fair value of contingent consideration (1) | — | 18,700 | — | 18,700 | 70 | |||||||||||||||
| Impairment charges (2) | — | — | (93,200 | ) | — | (93,200 | ) | |||||||||||||
| Amortization of acquired intangible assets | (833 | ) | (2,783 | ) | (4,222 | ) | (3,616 | ) | (9,728 | ) | ||||||||||
| Restructuring (4) | (615 | ) | (381,761 | ) | (13,378 | ) | (382,376 | ) | (13,378 | ) | ||||||||||
| Non-GAAP total operating expense | $ | 58,089 | $ | 61,719 | $ | 70,984 | $ | 119,808 | $ | 158,192 | ||||||||||
| (1) | Change in fair value of contingent consideration during the three months ended March 31, 2025 and six months ended June 30, 2025 and 2024 was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. |
| (2) | Goodwill impairment charge during the three and six months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. |
| (3) | A deferred income tax benefit during the three months ended March 31, 2025 and six months ended June 30, 2025 is primarily related to the change in the deferred tax liability balance resulting from the accelerated amortization of acquired intangible assets and impairment of IPR&D. |
| (4) | Restructuring costs related to the 2025 plan during the three months ended March 31, 2025 and June 30, 2025 and six months ended June 30, 2025 consist primarily of costs included in cost of revenue related to excess inventory and purchase commitment losses, as well as costs included in operating expenses related to employee separation, accelerated depreciation, IPR&D impairment, and accelerated amortization of acquired intangibles. Restructuring costs related to the 2024 plan during the three and six months ended June 30, 2024 consist primarily of employee separation costs, accelerated amortization and depreciation for right-of-use assets, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office, including charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives during the three months ended June 30, 2024. |
FAQ
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