Pacific Biosciences of California, Inc. (PACB) announced a narrowed loss for the third quarter, surpassing Wall Street expectations. The net loss for the company stood at $60.73 million, or $0.22 per share, a considerable improvement from the loss of $173.32 million or $0.64 per share reported in the same quarter last year.
After adjusting for special items, the company disclosed a loss of $46.0 million or $0.17 per share for this period. According to data from Thomson Reuters, analysts had anticipated an earnings loss of $0.22 per share, typically excluding extraordinary items.
Revenue for the quarter increased by 11% to $39.97 million, compared to $36.01 million in the prior year.
In summary, Pacific Biosciences of California, Inc.'s financial performance for the third quarter is as follows under GAAP:
- Earnings: A loss of $60.73 million compared to last year's $173.32 million loss.
- Earnings per Share (EPS): A loss of $0.22 against $0.64 last year.
- Revenue: Increased to $39.97 million from $36.01 million a year ago.
