Q2 2024 Pacific Biosciences of California Inc Earnings Call Transcript
Key Points
- Successfully initiated a significant restructuring, expected to reduce non-GAAP operating expenses by over $75 million annually.
- Consumable revenue grew 24% year-over-year and 7% sequentially, with notable strength in EMEA.
- Several large projects, such as the University of Tartu and the Estonian Biobank, are scaling up, indicating future growth in consumables.
- Revio continues to be the fastest-growing instrument in the company's history, with new customers accounting for nearly half of total shipments.
- Significant progress in research and development, including new Revio consumables expected to increase throughput and decrease DNA input requirements.
- Total revenue in Q2 was $36 million, below expectations due to a shortfall in instrument placements.
- Ongoing impact of a difficult macro backdrop and elongated customer purchasing cycles affecting revenue.
- Revenue from the Asia Pacific region decreased 36% year-over-year, driven mainly by lower revenue in China.
- Non-GAAP net loss was $55.2 million, representing $0.20 per share in Q2 2024.
- Full-year revenue is now expected to be around the low end of the previously guided range of $170 million to $200 million.
Good day, and welcome to the PacBio second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Todd Friedman, Senior Director of Investor Relations. Please go ahead.
Good afternoon, and welcome to PacBio's second quarter 2024 earnings conference call. Earlier today, we issued a press release outlining the financial results we will be discussing on today's call, a copy of which is available on the Investors section of our website at www.pacb.com or as furnished on Form 8-K available on the Securities and Exchange Commission website at www.sec.gov. A copy of our earnings presentation is also available on the Investors section of our website. With me today are Christian Henry, President and Chief Executive Officer; and Susan Kim, Chief Financial Officer. On today's call, we will be making
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