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Pacific Biosciences of California, Inc. reports developments in long-read sequencing systems and genomic-analysis workflows. The company designs, develops, and manufactures sequencing solutions, including HiFi long-read sequencing technology, for research applications such as human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, rare disease research, metagenomics, and reproductive genetics.
Recurring PACB updates include quarterly financial results, Revio system adoption, chemistry and library-preparation workflows, partner integrations for bioinformatics and sample preparation, research consortia using HiFi whole genome data, and governance changes. Company releases also reflect its focus on long-read sequencing following the completed disposition of short-read sequencing assets.
Pacific Biosciences of California (NASDAQ: PACB) plans to offer $150.0 million in common stock through an underwritten public offering, with an additional $22.5 million option for underwriters. Proceeds will support research and development, expand commercial infrastructure, and cover general corporate expenses. The offering is subject to market conditions and is filed under a shelf registration statement with the SEC. Notably, there are no current commitments for additional acquisitions despite the potential for investing in complementary businesses and technologies.
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PacBio announced strong demand for its Revio system, with orders for 76 units in Q4 2022, marking a record for the company. Despite this, the preliminary revenue for the quarter is expected to be approximately $27.3 million, a 24% decline from Q4 2021. The full year 2022 revenues are projected at $128.2 million, down 2%. The company also reported significant growth in consumable sales with $59.9 million expected. The Revio system allows for up to 1,300 human genomes to be sequenced annually at low costs, while the Onso system is in beta testing with promising feedback.
PacBio (NASDAQ: PACB) has partnered with the University of Tokyo, Graduate School of Medicine, to explore the application of long-read sequencing and bioinformatics techniques aimed at identifying the genetic roots of rare diseases in the Japanese population. This collaboration will enhance the understanding of complex genetic regions and variants, benefiting ongoing research in Japan. Notably, PacBio's software tools like the Tandem Repeat Genotyping Tool will aid researchers in uncovering disease-associated variants, particularly structural variants.
PacBio (NASDAQ: PACB) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference. The company will host a panel discussion on January 10, 2023, at 5:15 PM PT, focused on Multiomics. Additionally, a company presentation and Q&A session will take place on January 11, 2023, at 1:30 PM PT. Live webcasts will be available on PacBio's investors page, with replays accessible for 30 days post-event. PacBio specializes in advanced sequencing solutions aimed at resolving complex genetic problems.
PacBio has announced a collaboration with Boston Children's Hospital for a pilot project utilizing its HiFi sequencing technology to investigate genetic variants in rare pediatric diseases. This initiative, part of the Children's Rare Disease Cohorts Initiative (CRDC), will analyze previously undiagnosed samples using HiFi whole-genome sequencing. The study aims to uncover genetic mutations and epigenetic variants, potentially aiding in the understanding of various conditions, including brain malformations and congenital hearing loss. The CRDC has sequenced nearly 10,000 patients across 48 rare disease cohorts.
PacBio (NASDAQ: PACB) announced participation in three upcoming investor conferences. The events include:
- Canaccord Genuity MedTech Forum on November 17, 2022, at 10:00 AM ET in New York.
- Evercore ISI 5th Annual HealthCONx Conference on November 29, 2022, at 4:20 PM ET (virtual).
- Piper Sandler 34th Annual Healthcare Conference on December 1, 2022, at 8:00 AM ET in New York.
Live webcasts will be available on the company's investor page, with replays for 30 days post-presentation.
PacBio (NASDAQ: PACB) reported Q3 2022 financial results with a revenue of $32.3 million, down 7% from $34.9 million year-over-year. Instrument revenue decreased to $11.4 million, while consumables revenue rose to $16.1 million. The net loss for the quarter was $77.0 million, a decline from a net income of $16.5 million in Q3 2021. Cash reserves fell to $834.3 million compared to $1,044.4 million at the end of 2021. The company launched new products, including Revio and Onso, expected to ship in 2023, and withdrew prior financial guidance.
PacBio (NASDAQ: PACB) has established a new Scientific Advisory Board (SAB)/b) to enhance its research and development efforts. The SAB will provide strategic guidance, critical feedback, and expertise in areas vital to advancing . Notable members include Euan Ashley, M.D., Ph.D., and Joseph Puglisi, Ph.D., both from Stanford University, and Jay Shendure, Ph.D., from the University of Washington. The board aims to support PacBio’s innovation in sequencing technologies while highlighting the importance of genomics in health.
PacBio announced the launch of its Revio long-read sequencing system, designed to significantly enhance throughput and affordability of HiFi sequencing. Revio allows sequencing of up to 1,300 human genomes annually at 30-fold coverage for under $1,000 per genome. The system features a new SMRT Cell design with three-fold higher density, NVIDIA GPUs for enhanced computing power, and reduced consumable requirements. With a list price of $779,000, PacBio aims to deliver Revio in early 2023, empowering large studies across human genetics and agricultural genomics.